Wipro's revenue from its IT business fell by 1 per cent and stood at Rs 22,151 crore, while its earnings before interest and tax margin for its IT business stood at 16 per cent.
The stock rose by 4.21 per cent to Rs 3,893.70 on the BSE and 4.24 per cent to Rs 3,894 per share on the NSE. The company's revenue rose by 4 per cent to Rs 60,583 crore, with strong double-digit growth in emerging markets for the third quarter.
The second-largest IT services company in the country reported a 7.3 per cent decrease in net profit for the December quarter, citing sluggish client demand as the primary factor.
Investor sentiment was impacted by the upcoming release of US inflation data and domestic macroeconomic figures, leading to a cautious approach in the market.
In a notable reversal, India's benchmark indices, Sensex and Nifty, rallied in the closing hours on Wednesday, driven by substantial buying in major players like Reliance Industries, ICICI Bank, and HDFC Bank.
The bearish trend in the market reflects the prevailing economic dynamics and investor sentiments.
The domestic rupee appreciated by 8 paise to close at 83.22 (provisional) against the US dollar on Thursday, following a closing rate of 83.30 against the greenback a day earlier.
The primary factor contributing to the dip was the significant fall in information technology (IT) stocks, reflecting a broader slide in global markets.
The BSE gauge eked out a modest gain of 31.68 points or 0.04 per cent to settle at 72,271.94 after a muted beginning on Monday.
Among the Sensex firms, Kotak Mahindra Bank, Titan, State Bank of India, Power Grid, Reliance Industries, Infosys, and NTPC were the major laggards.
The subsequent market movements will be closely watched for insights into investor sentiment and potential shifts in the financial landscape.
The SME, starting on December 21 and closing on December 27, will see its equity shares listed on the NSE's SME exchange platform. Priced at Rs 180 per share, the IPO has a total issue size of 3,480,000 shares.
In Asian markets, Seoul, Tokyo, and Hong Kong experienced positive trends, while Shanghai traded lower. Meanwhile, the US markets closed in the green on Tuesday.
The real estate and agro-industry player's IPO features a fixed price issue with a price band set at Rs 180 per share. The issue size, comprising 3,480,000 shares, amounts to Rs 62.64 crores, and the lot size is 800 shares, ensuring accessibility for a diverse range of investors.
The early trading session showcased remarkable momentum in banking stocks, with notable gains in stocks like Tech Mahindra, Axis Bank, HDFC Bank, SBI, and others contributing to the impressive surge.
As the trading day commences, the Sensex has a bearish start, opening at 69,518 points, while the Nifty records a slump, touching 20,906 points.
These positive movements were attributed to gains observed in banking, IT, and metal shares, contributing to the overall buoyancy in the stock market.
The surge was primarily fueled by the Reserve Bank's announcement, triggering substantial buying activities, especially in banking and other rate-sensitive stocks.
This shift reflects the dynamic nature of the financial markets, responding to various factors influencing investor sentiment.
The Sensex, representing the Bombay Stock Exchange, demonstrated its bullish momentum by achieving an impressive rise of 303.25 points. This surge propelled the Sensex to attain a fresh peak, reaching an impressive level of 69,599.39.
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