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The S&P BSE Sensex opened 100 points lower, but is hovering around 59,637 levels, down 321 points or 0.5 per cent. The Nifty50, meanwhile, was below 17,800 levels.
The benchmarks were bogged down by HCL Tech shares which fell 2 per cent. It reported a net profit of Rs 4,096 crore for Q3FY23, an increase of 18.8 per cent year-on-year. However, the company brought down its higher end of revenue guidance for the 2023 fiscal year.
Infosys share, meanwhile, dipped 0.15 per cent post their December quarter performance. The Bengaluru-based IT firm beat Street estimates on both net profit and revenue in Q3FY23. It also raised its revenue guidance for 2022-23 (FY23) to 16-16.5 per cent.
Other buzzing stocks on the Nifty50 were Ultratech Cement, AdTata Steel, Hindalco, JSW Steel, Power Grid, IndusInd Bank, and UPL on the upside, and L&T, Eicher Motors, Tech M, Sun Pharma, Apollo Hospitals, and RIL on the downside.
In the broader markets, the Nifty MidCap fell 0.12 per cent, and the SmallCap edged 0.13 per cent higher.
Eighteen companies are slated to report their December quarter results, including L&T Housing Finance, Just Dial, and Wipro. The IT major is expected to register revenue growth up to 3 per cent quarter-on-quarter (QoQ) to Rs 23,497 crore. Higher furloughs and two-month wage hike impact, however, is likely to keep margins flattish at 15.1 per cent in Q3FY23. READ PREVIEW HERE
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