Stock markets on April 11, 2023: Indices trim gains, Nifty slips below 17,700; IT stocks drop

Stock markets at noon, April 11, 2023: Benchmark indices trimmed some of the early gains but were still trading in the positive territory in the afternoon trade on April 11 (Tuesday). At 12:47 am,  the S&P BSE Sensex was trading 141.58 points or 0.24 per cent higher at  59,988.09 levels while the NSE's Nifty50 slipped below the 17,700 level to quote at 17,675.05, up 51 points or 0.29 per cent.

Of 30 stocks on the benchmark index Sensex, 21 stocks were in the green while nine were in the red. Kotak Mahindra Bank (up nearly 4.5 per cent) was the top gainer on the index, followed by ICICI Bank and SBI. On the other hand, Infosys was the top loser. 

In the broader market, small-cap stocks outperformed the headline indices. The S&P BSE SmallCap was up 0.42 per cent at 27,887.79 levels. On the other hand, the S&P BSE MidCap index quoted at 24,473.17, up 0.12 per cent.

On the sectoral front, IT stocks slipped the most. At the time of writing this report, the S&P BSE Information Technology index was trading 1.35 per cent lower at 28,406.15 levels. Infosys, TCS, and L&T Tech, all were down 2 per cent. 

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Among individual stocks, Shilpa Medicare zoomed nearly 12 per cent to Rs 260.65 apiece in morning trade after the company, in its exchange filing, said it has received the US Food and Drug Administration's (US FDA) final approval for its ANDA, Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis. 

Global Markets

Asian stocks put in a strong showing on their return to full trading globally after the Easter break, with Australian investors coming back to a 1.3 per cent rally in their equity benchmark. In Japan, where it had been trading as usual over the holiday period, the Nikkei jumped 1.4 per cent after new Bank of Japan Governor Kazuo Ueda signalled overnight he would stick to ultra-easy stimulus for now, knocking down the yen. The market got an additional boost after Warren Buffett said he plans to add to Japanese investments, Reuters reported.