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The stock traded at a P/E multiple of 33.56, while the price-to-book value ratio stood at 6.89.

The rupee depreciated 12 paise to 81.97 against the US dollar in early trade on Monday, weighed down by firm crude oil prices and a negative trend in domestic equities. Forex traders said the strengthening of the American currency in the overseas market also weighed on the local unit.

The Fed is seen on track to increase its benchmark rate in May by another 25 basis points, as Fed Governor Christopher Waller said higher borrowing costs are needed to make better progress on the inflation fight.

Tech is not a mature business in that sense that you will not see growth, again we are talking at a trough of a cycle in terms of the economies which they cater to. So, I do not think that is the thing that demand is going to dry up for IT.

The Nifty Realty index was trading 0.18 per cent up at 425.95.

The HDFC Bank share prices followed the overall weakness in the stock markets triggered by the rout in Infosys, which fell nearly 12% at 10 am. The 50-stock Nifty50 was trading at 17,613.95, down by 214.05 points or 1.2%.

The stock quoted a 52-week high of Rs 7377.6 and a 52-week low of Rs 4299.8.

Analyst Sandip Sabharwal believes that the bad news from management on large IT stocks has been priced in, so investors should consider buying in on dips of around 15-20%. While there could be further cuts in earnings, ahead after the first quarter, Sabharwal noted it would be key when to take positions in these companies.

Closer to home, while the RBI has paused the rate hikes it is still not done with the fight with inflation. The possibility of a “below-normal” monsoon is going to stoke inflation further.

Equity markets have rallied for the past few days on the back of short-covering by FIIs and firm global trends. Going forward, stock-specific action would remain high on Dalal Street, with fourth-quarter earnings underway.