MARKET LIVE: Sensex down 200 pts; IT stocks bleed post TCS Q4; FMCGs gain

Stock market live updates: Tech M, HCL Tech, Infosys, Wipro, and TCS led the losses on the Sensex, dropping up to 3 per cent

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Apple store opening in India will not impact Redington much: Analysts

Apple, according to Redington India, contributed one-third (30 per cent) of their December 2022 (Q3FY23) revenues with iPhone's contribution at 24 per cent. READ

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TCS in focus :: IT giant posts weaker-than-expected performance

Slower recovery in Tata Consultancy Services’ (TCS’) largest business region — North America — pulled down the fourth quarter (Q4) of 2022-23 (FY23) performance of India’s largest information technology (IT) services player.

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North America played-out weaker than expected in Q4 and, against the

anticipation of a recovery, actually weakened further (-0.7% QoQ CC). Growth momentum sustained in the UK in Q4, while growth further moderated in Continental Europe.

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Q4FY23 order-book ($10bn) was above the regular $7-9bn quarterly run

Q4FY23 order-book ($10bn) was above the regular $7-9bn quarterly run-rate. Management emphasised project suspension is restricted to discretionary small-scale projects and clients' decision-making on large deals is unaffected by the recent global banking turmoil.

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US Fed minutes point to a recession later this year due to the banking crisis

The US economy is likely to fall into a recession later this year as a result of the banking crisis in the country, according to the minutes from the latest policy meeting of the US Federal Reserve.

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financial and economic effects of recent banking

financial and economic effects of recent banking-sector developments and of the cumulative tightening of monetary policy’ - this would give global equity market a breather. 

 

Given that banking sector developments are likely to result in tighter credit condition - Fed staff projected a mild recession starting later in 2023.

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US Fed minutes :: Reading the fine print

Fed’s meeting came amidst intense economic turbulence where data on inflation and the labor market came in stronger than expected however, out of the blue banking crisis indicated severe broader economic weakness.       

 

FOMC minutes suggests that the collapse of banks and the likely tremors led officials to reconsider a bigger jump in interest rate and begin considering the needed pause. It also mentioned that several officials noted whether to pause the rates which “would allow more time to assess the

 

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Chart check: Buy the dips in Nifty Pharma, Sell the rallies in Nifty FMCG

The near-term trend is displaying a bullish bias for the Nifty Pharma index, says Ravi Nathani. READ

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Stocks to Watch: TCS, Infosys, Karnataka Bank, FRL, Jindal Stainless

Stocks to Watch today: Analysts expect Infosys to report muted quarter-on-quarter (QoQ) revenue growth between 0.1-0.7 per cent in constant currency (cc). READ

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AU Small Finance Bank leaps 10% as RBI extends MD's tenure

The RBI has approved re-appointment of Sanjay Agarwal as Managing Director & CEO for a period of three years w.e.f. April 19, 2023 till April 18, 2026. 

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Anand Rathi Wealth rises 1% on healthy Q4 results; PAT up 23% YoY, revenue 28%

The Anand Rathi Group company, on Wednesday, reported a 23 per cent jump in its profit after tax at Rs 42.7 crore during the three months ended March 2023. Total revenue rose by 28 per cent to Rs 146.8 crore during the period under review. The board of directors have declared a final dividend of Rs 7 per equity share and dividend for FY23 stood at Rs 12 per equity share.