Domestic macro data continues to remain positive and support the uptrend. Weak numbers from TCS and Infosys would keep the technology sector under pressure. The market would also react to HDFC Bank numbers released on Saturday.
The Q4 earnings reports, primarily from the IT and banking sectors, will influence market trends this week. HDFC Bank, Infosys, Vedanta, Angel One among stocks to watch on Monday.
HDFC Bank Ltd on Saturday reported that its net interest income grew by 24%, while there was almost a 20% year-on-year (YoY) rise in net profit for the January-March quarter of FY2023. The bank's board has approved a final dividend of Rs 19 a share.
Infosys reported a 7.8% year-on-year (YoY) rise in consolidated net profit at Rs 6,128 crore for the March quarter on a 16% YoY jump in consolidated sales at Rs 37,441 crore. The IT firm reported margin at 21%, down 50 basis points on both YoY and QoQ basis.
Angel One is scheduled to report its Q4FY23 earnings on April 17, 2023, Monday. Angel One's client base grew 3.3% on a monthly basis to nearly 137.8 lakh customers in March, as compared to 133 lakh customers in February.
Bodhi Tree, a joint venture between James Murdoch and a former Star India executive, has reduced its planned investment in Reliance's broadcast venture Viacom18 by 70% and will now pump in Rs 4,306 crore ($527.84 million), Viacom18 said.
Vedanta Limited has reportedly asked Barclays Bank Plc to syndicate a Rs 1,500 crore loan that it will use to repay existing debt among other things. The loan will be used for certain business purposes such as repayment of existing debt, capex, general corporate purposes as well as related expenses.
“The overall chart pattern of Nifty continues to be positive. The next upside targets to be watched around 18,200 levels in the coming weeks. Immediate support is at 17,700 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty remains in buy mode and will likely move towards 42,440-42,680 levels on the upside. On the lower end, Bank Nifty has support at 41,800; as long as this support is not breached, the trend remains positive,” said Rupak De, Senior Technical Analyst at LKP Securities.
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