Market Morning Trends: After nine days of gains, equity benchmark indexes slumped in the opening hours of trade on April 17, 2023, pulled down by index heavyweight Infosys, which dropped close to 12% following lower-than-anticipated revenue growth guidance for FY24.

The benchmark was driven lower by weak trends in other IT counters as well.
Early trading saw the 30-share BSE Sensex plunge 677.86 points to 59,753.14. The NSE Nifty, a wider index, dropped 200 points to 17,628. 

The biggest laggard among the Sensex companies was Infosys, which dropped nearly 12% after the company reported weaker-than-expected growth in the fourth quarter net profit and gave a weak 4-7% revenue growth guidance for FY24 amid clients' cutting back on IT spending in response to a crisis in the U.S. banking sector.

The other underperformers included Tech Mahindra, HCL Technologies, Tata Consultancy Services, Wipro, HDFC, and HDFC Bank. Among the winners were Power Grid, IndusInd Bank, UltraTech Cement, Nestle, Titan, and Hindustan Unilever.

In Asian markets, Shanghai and Hong Kong were trading higher while Seoul and Japan were trading lower.

On April 13, the Sensex increased marginally by 38.23 points, or 0.06%, to close at 60,431. The Nifty finished at 17,828 after increasing 15.60 points, or 0.09%.

Brent crude, the benchmark for all crude oil, increased 0.07% to  USD 86.37 per barrel.

According to exchange data, foreign portfolio investors (FPIs) purchased shares of stock on April 13 totaling 221.85 crore.

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