Thread by @scripbox

Last week the latest #SalmanKhan starrer arrived in theatres, and the reviews seem mixed, depending whether one is a #Bhai fan or a critic. Meanwhile, what is the review on the market’s performance last week? Let’s break out the popcorn and watch. (1/8)

#Sensex and #Nifty dropped by over 1.1%. #RBI representatives remained optimistic about India’s #domesticgrowth during the monetary policy committee meeting, despite concerns about uneven growth in the economy & weak demand from outside India. (2/8)

Another big reason for the drop was the weak performance of #Infosys during Q4FY23. The #BSE tech & #IT indices dropped over 5%, as overall IT results were on the weaker side. (3/8)

Concerns about the US #banking crisis affecting domestic IT companies also drove the selling of Indian tech stocks. A big chunk of IT revenue is linked to the global financial industry, and we all know how things are looking for #globalbanks. (4/8)

#DowJones & #NASDAQ were down 0.2% & 0.4%, respectively. Employment data from last week showed some weakening. Data also showed growth of US industrial production being at a 2-yr low. Experts wonder if this means slow #ratehikes or if it portends recession. (5/8)

On the flip side, the weak US economic data led to a fall in #crude oil prices by 5% as the #dollar gained in value. The fall in crude oil prices was of course a relief for India, which is largely dependent on oil #imports for its needs. (6/8)

While IT results were weak, the banking giants #ICICI & #HDFC had good Q4FY23 results. HDFC's profit after tax (PAT) was up 20% YoY, while ICICI saw its PAT go up 32% from last year. Oil & natural gas giant #RelianceIndustries saw a 19% growth in PAT, YoY. (7/8)

Despite concerns about a recession in the Western and its impact on India, most key sectors here (other than IT) are showing strength. It’s best to be cautious, but we can be confident that India’s economy has what it takes to pull through tough times globally. (8/8)