Benchmark stock market indices ended the trading session flat as investors turned cautious amid weaker-than-expected Q4 company results. With this, domestic markets snapped a 3-week winning streak.
The S&P BSE Sensex ended 22.71 points higher at 59,655.06, while the NSE Nifty 50 ended 0.40 points higher at 17,624.05. It may be noted that both indices lost over 1 per cent this week, following a sharp decline in IT stocks.Nifty Media was the top gainer among sectoral indices, rising 1.33 per cent. Nifty IT, Nifty FMCG, and Nifty Pharma also ended the day in positive territory. However, financial services, bank, and auto stocks fell sharply.
IT shares rose after HCL Tech posted better Q4 results in comparison to its larger rivals, Infosys and Tata Consultancy Services. However, investors remain cautious as the company has forecast lower-than-expected revenue growth in the ongoing financial year due to spending cuts and project ramp-downs.
The focus now shifts to Reliance Industries Limited, which will report its Q4FY23 results after market hours today.
The top five gainers on the Nifty 50 index were ITC, TCS, Britannia, Wipro and Cipla, while HDFC Life, Tech Mahindra, Adani Enterprises, SBI Life and Tata Steel were the top drags.
