Indian indices opened flat with positive bias on April 21 amid weak global cues.
Sensex today: Indian indices opened flat with positive bias on April 21 amid weak global cues. In early deals, the S&P BSE Sensex rose over 100 points to quote at 59,750, while the Nifty50 tested 17,650.
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In the broader market, the BSE MidCap dipped marginally, while the SmallCap index added 0.14 per cent.
HCL Technologies shares climbed over 2 per cent as the IT company reported better than expected results for Q4FY23. The company posted a net profit of Rs 3,983 crore for the quarter. This was up 10.8 per cent year-on-year (YoY).
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Cyient surged 7 per cent as it posted a net profit of Rs 163 crore in Q4FY23, up 5.5 per cent YoY. The net profit was up 4.5 per cent sequentially. The revenue from operations in Q4 climbed 30 per cent YoY to Rs 1,751.4 crore.
Vodafone Idea shares also surged over 5 per cent as , after a hiatus of nearly 2 years from the company, Aditya Birla Group (ABG) chairman Kumar Mangalam Birla has been inducted back as a non-independent and non-executive additional director, subject to shareholder approval.
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Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The Q4 results season, so far, has been a mixed bag with IT disappointing and banking giving early indications of continuing strength. Broadly, this trend is likely to sustain. But there can be occasional pull backs in IT from the sharp correction after the Infosys results. HCL Tech results have not disappointed; some IT midcaps may beat market expectations. Even then, a strong and sustainable rebound in IT is difficult, given the weak global cues. Results of RIL today and ICICI Bank tomorrow can have mild impact on the market. RIL is likely to post good numbers in their Oil and chemicals segment and retail segment. But a sharp spurt in aggregate profitability is unlikely. On the other hand, ICICI Bank is likely to post numbers ahead of market expectations, thereby giving further resilience to Bank Nifty. The Nifty range of 17600-17800 is likely to hold in the near-term.”
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Global Cues
Asian stocks slid toward their worst week in a month-and-a-half on Friday and oil nursed losses, while bonds enjoyed their best bid in weeks as U.S. data and earnings showed signs of weakness. Overnight figures showed more Americans filing claims for jobless benefits and manufacturing activity in the mid-Atlantic region slumping to its lowest level in nearly three years.
Tokyo stocks opened lower on Friday, tracking falls on Wall Street, where auto sector woes pressured the market.The benchmark Nikkei 225 index was down 0.24 percent, or 68.01 points, at 28,589.56 in early trade, while the broader Topix index lost 0.35 percent, or 7.11 points, to 2,032.62.
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Major US stock indexes ended lower on Thursday after disappointing quarterly reports from companies including Tesla and AT&T, while investors sought clarity on the path of interest rates.
