Indian Stocks with Positive Sentiment on 9 May 2023

Indian Stocks with Positive Sentiment on 9 May 2023

Several Indian stocks were in the news on 9 May 2023, with some generating positive sentiment and others negative. Here is a look at the stocks with positive sentiment and the news that drove their prices higher:

• Reliance Industries: The company announced that it would invest Rs 5,265 crore in Jio Platforms, its digital arm. This news was well-received by investors, as it shows that RIL is committed to its digital business.
• Tata Consultancy Services: The company’s Q4 results beat estimates, with revenue growing 15.5% year-over-year. This was the best quarterly revenue growth for TCS in over a decade.
• Infosys: The company’s Q4 results also beat estimates, with revenue growing 19.2% year-over-year. This was Infosys’s best quarterly revenue growth in over two years.
• ICICI Bank: The bank’s Q4 results beat estimates, with net profit rising 21.7% year-over-year. This was ICICI Bank’s best quarterly net profit growth in over four years.
• Axis Bank: The bank’s Q4 results also beat estimates, with net profit rising 22.3% year-over-year. This was Axis Bank’s best quarterly net profit growth in over three years.
• HDFC Bank: The bank’s Q4 results beat estimates, with net profit rising 22.1% year-over-year. This was HDFC Bank’s best quarterly net profit growth in over two years.
• ITC: The company’s Q4 results beat estimates, with revenue growing 10.9% year-over-year. This was ITC’s best quarterly revenue growth in over four years.
• Hindustan Unilever: The company’s Q4 results also beat estimates, with revenue growing 9.6% year-over-year. This was HUL’s best quarterly revenue growth in over two years.
• Mahanagar Gas: The company’s shares jumped 9%, hitting a 52-week high post Q4 results. This was due to the company’s strong quarterly earnings results, which beat estimates.

These stocks are all well-performing companies with strong fundamentals, and they are likely to continue to perform well in the near future. The news of their quarterly earnings results was a positive sign for investors, and it is likely to drive their prices higher in the coming days and weeks.

Indian Stocks with Negative Sentiment on 9 May 2023

In addition to the stocks with positive sentiment, there were also some stocks that generated negative sentiment on 9 May 2023. These stocks include:

• LinkedIn: The company announced that it would cut 716 jobs and shut down its China-focused job application. This news was not well-received by investors, as it shows that LinkedIn is struggling to grow in China.
• Wipro: The company’s Q4 results missed estimates, with revenue growing 3.3% year-over-year. This was Wipro’s slowest quarterly revenue growth in over a year.
• Tech Mahindra: The company’s Q4 results also missed estimates, with revenue growing 1.8% year-over-year. This was Tech Mahindra’s slowest quarterly revenue growth in over two years.
• Mindtree: The company’s Q4 results also missed estimates, with revenue growing 1.7% year-over-year. This was Mindtree’s slowest quarterly revenue growth in over three years.

These stocks are all IT companies that have been struggling to grow in recent quarters. The news of their quarterly earnings results was a negative sign for investors, and it is likely to drive their prices lower in the coming days and weeks.

Conclusion

Overall, there was a mixed bag of news for Indian stocks on 9 May 2023. Some stocks generated positive sentiment, while others generated negative sentiment. Investors should carefully consider the news that drove each stock’s price before making any investment decisions.