Key Points
Indian markets closed in red on Wednesday ahead of IT earnings for the first quarter of FY24 and major macroeconomic data like CPI and IIP..
IT stocks were top laggards with a substantial drop also seen in banking and consumer durables shares..
Talking about the current market performance, Vinod Nair, Head of Research at Geojit Financial Services, said, "The range-bound movement in the Indian indices was influenced by the likelihood of subdued IT earnings..
While optimism about moderation in US inflation supported the broad index." . Further, Nair added, "An uptick in domestic food inflation on the back of higher mandi prices trending above MSP and muted Kharif sowing forced the investors to be cautious..
Top gainers: Zen Technologies, Premier Explosives, Nitco Limited, and Ashoka Metcast shares settled at 20% upper circuit each..
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