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The bottomline was far ahead of an ETNow poll of Rs 16,759 crore. The revenue was tad lower than the estimated Rs 2.22 lakh crore.

As India celebrates Akshaya Tritiya, a day when people buy gold for religious reasons, investors are questioning the prudence of putting their money into gold due to its record high prices. A Kotak Securities report suggests that Indian jewellery demand may falter as a result of these high prices, but that demand for gold from central banks and through exchange-traded funds (ETFs) may remain steady. Some experts expect gold to remain bullish, with prices potentially rising until the next Akshaya Tritiya festival, while others expect volatility on the MCX over the rest of 2023.

Senior Technical & Derivative analyst at LKP Securities, Kunal Shah, has said the range of the Indian markets for the expiry week is 17,500-17,800, and a move outside of this range would be decisive. Shah added that if the Nifty50 retains 17,500, the upward trend would resume, possibly towards 18,000-18,200. In terms of the IT industry, Shah suggested avoiding the sector and capitalising on any pullback rallies to exit or establish new short positions.

Good thing would be if the US market bottoms out, that will help emerging markets and India to get flows back and we could then see a rally happening but a lot will depend on how the US market ultimately performs, according to independent market expert Ajay Bagga.

FPIs purchased shares worth Rs 8767 crore ($1.07 billion) on a net basis in the first half of April.

Ace investor Rekha Rakesh Jhunjhunwala added 1.94% stake worth INR122 crore ($16.78m) in Sun Pharma Advanced Research Company, a biopharmaceutical company, and 5.23% stake valued at INR53.2 crore in Raghav Productivity Enhancers in the March quarter, according to data from Trendlyne. Jhunjhunwala also increased her stake to 5.29% from 5.17% in Titan Company Limited, with her total holding valued at INR12,057.1 crore.

For traders looking for fresh trades, a decent support level for Nifty could be around 17500. We have been maintaining this stance throughout the week. If the index dips back to those levels, it could be a good point to consider fresh buying. As for Bank Nifty, a support level could be around 41800-41850 for traders looking to build up long positions.

After a correction of nearly 10% from all-time highs, Indian broader market indices which were trading at exorbitant premiums have started to trade at reasonable valuations. Additionally, a sharp rally in EM peers coupled with a corresponding surge in earnings has eliminated the premium, prompting FIIs to flock back to India.

The stocks which have given multibagger returns include Apar Industries, Fertilisers And Chemicals Travancore Limited (FACT), Mazagon Dock Shipbuilders Ltd, UCO Bank, Rail Vikas Nigam Limited (RVNL), Finolex Cables Limited, Punjab & Sind Bank and Indian Bank Limited.

The week was dull for index heavyweights as 18 stocks from the 30 share Sensex pack ended in the red, with Infosys being the top loser. The scrip has lost as much as 11% during the week, following its poor fourth quarter numbers as weak guidance for FY24.