Sensex Today Tanks 500 Points Amid Iran-Israel Tensions

Asian markets traded lower on Friday tracking overnight losses on Wall Street and inflation data from Japan.

Japan's Nikkei 225 fell 1.9%, while the Topix declined 1.3%. South Korea's Kospi dropped 1.8%

The US stock market ended mixed on Thursday as investors shifted focus on the latest corporate earnings. The S&P 500 saw its fifth straight session of declines, marking the longest for the benchmark S&P index since October.

Here's a table showing how US stocks performed on Thursday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 157.46 0.58 0.37% 158.49 156.21 161.7 103.27
Apple 167.04 -0.96 -0.57% 168.64 166.55 199.62 162.8
Meta 501.8 7.63 1.54% 512.21 499.04 531.49 207.13
Tesla 149.93 -5.52 -3.55% 152.2 148.7 299.29 148.7
Netflix 611.15 -2.54 -0.41% 621.33 605.43 639 315.62
Amazon 179.17 -2.11 -1.16% 182.39 178.65 189.77 101.15
Microsoft 404.33 -7.51 -1.82% 411.89 403.95 430.82 275.37
Dow Jones 37775.38 22.07 0.06% 38083.76 37681.52 39889.05 32327.2
Nasdaq 17394.31 -99.31 -0.57% 17590.81 17376.49 18464.7 12724.24

Data Source: Equitymaster

At present, the BSE Sensex is trading 500 points lower and NSE Nifty is trading 151 points lower.

ONGC, ITC and ICICI Bank are among the top gainers today.

BPCL, Bajaj Auto and Infosys the other hand are among the top losers today.

Broader markets are trading on positive note. The BSE Midcap index is trading 1.4% lower and the BSE Small Cap index are trading 1.1% lower.

Sectoral indices are trading negative, with socks in realty sector, auto sector and IT sector witnessing selling pressure.

The rupee is trading at Rs 83.5 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 72,866 per 10 grams today.

Meanwhile, silver prices are trading 0.3% higher at Rs 83,486 per 1 kg.

Bajaj Auto Q4 Results

Bajaj Auto reported a consolidated net profit of Rs 20.1 bn for the fourth quarter of FY2023-24. The Pune-based company's profit was up by 18% from Rs 17 bn reported during the same period last year.

The homegrown two- and three-wheeler manufacturer posted revenue of Rs 112.5 bn for the January-March quarter this year, up by 30% from Rs 86.6 bn during the same period last year.

The company's total income for Q4 was Rs 119.1 bn, up 29.6% from Rs 91.9 bn during the same period last year.

The automaker's board also approved a dividend at the rate of Rs 80 per share (800%) of face value of Rs 10 each on equity shares for the financial year ended 31 March 2024.

Bajaj Auto also noted that commercial vehicles had stepped up their sales trajectory, and electric three-wheelers were continuing to grow in volumes.

The maker of Pulsar motorcycles also claimed that it registered its highest earnings before interest, taxes, depreciation, and amortisation (EBITDA) at Rs 88.3 bn, which is a 35% yearly growth.

Bajaj Auto stated that the robust financial figures are underpinned by the strong volume-led growth across all businesses and market share gains - buoyant domestic motorcycles, a significant uptick on premium motorcycles with an expanded portfolio, acceleration in 3W sales, and quadrupling of Electric Vehicles (EVs).


Infosys revenue Guidance

India's second-largest IT company Infosys slashed its revenue guidance for the fiscal 2025 to 1-3%, below analyst estimates, as weakness continued in discretionary and digital projects.

On the headcount front, Infosys' headcount for the financial year 2024 declined by 25,994. This is also the first time in at least 23 years that the company's headcount has decreased.

The Bengaluru-based company has revised its annual revenue growth guidance five times in the previous five quarters, amid an uncertain demand environment.

In January, it narrowed its revenue growth guidance for the full year to 1.5-2% for the full year. The move came after it had previously slashed revenue guidance in September to 1-2.5% from 1-3.5%.

Before that, the company had reduced its revenue guidance for the fiscal to 1-3.5% from 4-7%, amid an increasingly challenging demand environment.

Its revenue grew by 1.4% for the fiscal year 2024 and was flat for the fourth quarter year-on-year, in constant currency terms. The weak guidance stands in stark contrast to its deal wins, which increased by US$ 4.5 bn in the fourth quarter. For FY24, Infosys won over US$ 17 bn.

Parekh said that while the deal pipeline continues to be robust, discretionary spending is still not out of the woods.

The total headcount for the FY24 stood at 317,240, this is a 7.5% decrease from the previous year's numbers.

Quarterly, too, Infosys added 5,423 fewer employees, a drop for the fifth consecutive quarter.

The Salil Parekh-led company maintained its operating margin guidance at 20-22% for FY25, similar to the previous fiscal year.


Rail Vikas Nigam Ltd (RVNL) has signed a memorandum of understanding (MoU) with Turkish Engineering Consulting and Contracting-TUMAS India Pvt Ltd.

The contract is for partnership and collaboration in public transportation projects and infrastructure projects in India.

The state-owned rail firm had emerged as the lowest (L1) bidder for three orders in late March. Before that in mid-March, it received a Letter of Award (LoA) for a project worth Rs 1.1 bn in Madhya Pradesh.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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