Indian equity indices closed flat on Wednesday as gains from index heavyweights Reliance Industries, SBI and Axis Bank were offset by Infosys, TCS, and HDFC Bank.
Information technology stocks dropped after global major Cognizant’s quarterly results and commentary reaffirmed weakness in client spending.
The 30-share BSE benchmark Sensex fell 34 points or 0.05% to settle at 72,152. The broader NSE Nifty rose 0.01% to end at 17,930.
From the Sensex stocks, SBI was the top gainer, rising over 4%. JSW Steel, Bajaj Finance, Nestle, Axis Bank, and Asian Paints also closed higher, while Tech Mahindra, Power Grid, Infosys, TCS, and HDFC Bank closed in the red.
Nestle India shares closed nearly 2% higher after the FMCG major reported a net profit of Rs 656 crore for the quarter ended December 2023, up 4% year-on-year (YoY) from Rs 628 crore posted in the same quarter last year.
YES Bank and Suryoday Small Finance Bank shares closed 17% and 7% higher, respectively, after the Reserve Bank of India’s (RBI’s) nod to HDFC Bank for acquiring up to 9.50% of the paid-up share capital or voting rights of the banks.
