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The rupee finished the session at 81.55 per dollar to recoup mild losses, versus its previous close of 81.5750. The currency had gained 1.40% over the past three sessions after four weeks of range-bound movement.

“For India, it will be a balancing effect. Today, the consensus is looking at something like a 15% earnings growth by FY23. This is going to be closer to 10% rather than 15%. We will still achieve 10% more because of this margin normalisation. We will still manage a double digit growth which will be very good in a global context ”

At the close, Nifty ended with a cut of 38 points at 0.21%, while Sensex also inched lower by 147 points to close at 59,958. SBI Life Insurance, UltraTech Cement, L&T, HCL Technologies and Cipla were the top Nifty gainers.

“Coming to financials, banks which have a stronger retail liability franchise and a larger share of CASA or low cost deposits on their overall liability franchise are better placed in this sort of an environment. We believe the sector continues to remain strong. In banks, slowly and steadily the focus is shifting away from loan growth margins to liabilities and deposit franchise. ”

HCL Tech further reduced its constant currency revenue growth guidance for the current financial year to 13.5-14.0% from 13.5-14.5% earlier.

For seven straight quarters, FIIs have trimmed their holdings in HCL Technologies. From 24.92% in the quarter ended December of 2020, FIIs’ holding in the company came down to 17.2% in the quarter ended September of 2022.

"The outlook improved with 18%, 15%, and 5% falls in steel, bitumen, and diesel prices, raising the prospect of faster execution with visible margins in 2023. Business visibility (BTB 3x), order pick-up, and margin visibility are rerating catalysts. We adjust earnings and raise our target prices for our E&C coverage," it added.

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"We expect a relatively short recession in the US in 2Q23 and 3Q23 but the recovery is unlikely to be rapid with GDP growth still subdued at 1.6% in 2024. We forecast that the Eurozone QoQ GDP growth will be negative in 1Q23 before turning positive in the second quarter," Fitch said.

BSE data showed that a large block deal took place in the second half of the day leading to a spurt in volume by over 19.25 times