Equity benchmark indices started Thursday’s trading session on a negative note as the global mood turned cautious
Equity benchmark indices started Thursday’s trading session on a negative note as the global mood turned cautious following lower-than-expected revenue guidance by Meta.
Back home, the futures & options monthly expiry is likely to guide market trading sentiment.
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The S&P BSE Sensex opened 280 points and was seen quoting around 73,650 levels. The NSE Nifty 50 was hovering close to 22,300 levels.
Among the Sensex 30 shares, Axis Bank gained 3 per cent on reporting profit of Rs 7,129 crore in Q4 as against a loss in the corresponding quarter a year ago. HCL Technologies, HDFC Bank and ITC were the other notable gainers.
Kotak Bank plunged over 9 per cent to Rs 1,673 after the Reserve Bank of India (RBI) barred the private lender from issuing new credit cards. Analysts have now turned bearish on the Kotak Bank stock.
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Hindustan Unilver, Titan, Bajaj Finserv and Asian Paints were the other notable losers.
Expert Take: Dr. V K Vijayakumar, Geojit Financial
The overarching trend of this market is its bullishness despite negative triggers. The rising bond yields in the US ( the 10-yr continues above 4.6%) and geopolitical tensions are not impacting the market at all. During the last seven days FIIs sold equity worth a massive Rs 25853 crores. But the DII buying overwhelmed this FII selling and the market continued its upward momentum. There are reports of Israel striking some sites linked to Hezbollah, but these will be ignored by the market unless it causes serious rector tensions.
Read More: Stocks to Watch: Axis Bank, HUL, TechM, Nestle, Bajaj Finance, RVNL, ITC, and Others
Global Cues
Overnight, in US market ended on a flat note, but futures declined up to 1 per cent in post market trade as Meta stock plunged 16 per cent on weaker-than-expected revenue guidance.
Tonight, apart from the big tech earnings, US investors will also seek direction the GDP numbers.
Near home this morning, Nikkei, Straits Times, Taiwan and Kospi were down around 1 per cent each.
