Benchmark indices remained flat, concluding the day with marginal gains. On Thursday, the BSE Sensex experienced a modest uptick of 63 points, settling at 71,721. Meanwhile, the Nifty50, after erasing a significant portion of the earlier gains, ended the day marginally higher at 21,647, reflecting an increase of approximately 28 points.
Nifty IT witnessed a sharp decline of nearly 100 points, concluding the day at 34,735, attributed to below-expectation earnings in Q3FY24. Infosys reported a de-growth in quarterly earnings, while TCS witnessed muted profits.
"In anticipation of inflation data from the US, the Indian market exhibited range-bound trade. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations. Selling pressure on IT stocks stemmed from weak earnings estimates," said Vinod Nair, Head of Research, Geojit Financial Services.
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Here are the top stocks to watch out, for on Friday-
1. Reliance- The company's shares reached their 52-week high, concluding the trading day at the Rs 2,718 price level, reflecting a 2.58 per cent increase on the BSE. The company chairman, Mukesh Ambani, attracted attention anew as he regained his position as the wealthiest individual in Asia, joining the exclusive group of billionaires with a net worth surpassing $100 billion.
2. HCL- The shares of the IT giant concluded the trading day on a bearish note, settling at Rs 1,486 price level, representing a decrease of 0.41 per cent. HCL Technologies will be under the spotlight on Friday as the company is scheduled to announce its earnings for Q3FY24.
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3. Bank of Baroda- The shares of the banking firm will be in the spotlight on Friday. Bank of Baroda (BoB) experienced a surge of nearly a per cent, concluding the day at the Rs 226 price level. The state-owned lender announced in an exchange filing that the Reserve Bank of India (RBI) has opted to waive the previously imposed penalty of Rs 5 crore.
4. Infosys- The company's shares remained flat on Thursday. Infosys disclosed a consolidated net profit of Rs 6,106 crore for Q3FY24, marking a 7 per cent decline compared to the Rs 6,586 crore reported in the corresponding quarter of the previous year. The consolidated revenue showed marginal growth, increasing by only 1.3 per cent YoY.
5. HDFC Life- The shares of the insurance company witnessed a decline of 0.15 per cent, concluding the day at Rs 644 price level. The shares of HDFC Life Insurance company will be in focus on Friday as the company will be announcing its earnings for Q3FY24.
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