Nifty 50, Sensex Decline Ahead of Q4 Results from Corporate Giants Like TCS, Infosys, Reliance, HUL, ICICI Bank and HDFC Bank

The Indian stock markets remain closed today, 14th April 2024, but are set for high anticipation when trading resumes on Tuesday, April 16th,  following another holiday on Monday, April 15th. Investors are eagerly awaiting major corporate earnings announcements in the coming week, including reports from industry giants like Infosys, Wipro, Jio Financial, Tata Communications, and Reliance Industries.

The NIFTY 50 index closed at 22,519.40 on Friday, down 1.03%, 234.40 points for the day. The index records a 52-week range of 17,553.95 to 22,775.70. Meanwhile, the BSE SENSEX ended at 74,244.90, dipping 1.06%. The SENSEX's 52-week range is 59,412.81 to 75,124.28. Despite the day's losses, both indices have shown resilience in recent months, supported by strong economic growth projections and positive corporate earnings.

Nifty 50 Chart. Investing.com

Tata Consultancy Services (TCS)

TCS, India's largest IT services company, reported its financial results for the quarter and full year ended March 31, 2024 (Q4 FY24 and FY24) on April 12th. For Q4, TCS reported revenue of Rs 61,237 crore, up 3.5% year-over-year, and net profit of Rs 12,434 crore, a 9.1% increase from the same period last year. For the full fiscal year, TCS posted revenue of Rs 2,40,893 crore, up 6.8% year-over-year, and net profit of Rs 46,585 crore, a 10.5% increase from FY23.

The IT Company declined 0.48% to Rs 4,003.80 and has traded in a range of Rs 3,070.25 to Rs 4,254.75 over the past 52 weeks, with a market cap of Rs 14.50 trillion.

Infosys

Infosys, the second-largest Indian IT company after TCS, is set to announce its Q4 FY24 results in the coming week, April 18th. As of the last trading day, Infosys shares were priced at Rs 1,484.85, a 1.46% drop with a 52-week range of Rs 1,185.30 to Rs 1,733.00 and a market capitalization of Rs 6.15 trillion.

ICICI Bank

ICICI Bank, one of India's leading private sector banks, closed at Rs 1,103.00, a 0.58% drop. The bank's shares have traded between Rs 880.30 and Rs 1,116.55 over the past year, and its current market capitalization stands at Rs 7.75 trillion.

Reliance Industries

Reliance Industries, India's largest company by market cap and revenue, ended the session at Rs 2,937.15, a 0.74% drop. The conglomerate's shares have a 52-week range of Rs 2,111.68 to Rs 3,024.90, and its market cap is Rs 19.86 trillion. Also, Reliance Industries is the country's biggest private sector taxpayer and the largest exporter in India, accounting for 7% of the country's total commodities exports and is also set to announce its Q4 FY24 results next week, 18th April.

HDFC Bank

HDFC Bank, India's largest private bank, experienced a 1.31% stock dip, closing at Rs 1,516.25 on the last trading day. After merging with parent HDFC, the combined entity now ranks as the world's sixth-largest bank by market capitalization, standing at around Rs 11.54 trillion. HDFC Bank's shares have fluctuated between Rs 1,363.55 and Rs 1,757.50 over the past year. Notably, HDFC, another major player, is set to unveil its Q4 FY24 earnings report on April 20th, adding to the anticipation surrounding the upcoming earnings season.

Life Insurance Corporation of India (LIC)

LIC, India's largest insurance company and institutional investor ended the day at Rs 972.80, a 0.42% drop. The company's shares have a 52-week range of Rs 543.00 to Rs 1,175.00 and its market cap is Rs 6.14 trillion.

As these corporate giants unveil their latest financial scorecards next week, they bring India economic trajectory and potential investment opportunities as this earnings season is expected to be a significant catalyst for market movements in the coming days.