The March quarter earnings for IT companies have been disappointing, while the banking and finance sector has shown strong numbers. This week several significant companies such as Tata Motors, L&T, Asian Paints, DLF, Vedanta and Avenue Supermarts are releasing their March quarter report cards. On May 11, Eicher Motors, Aditya Birla Capital and ITI are set to release their reports. Meanwhile, Larsen & Toubro, Godrej Consumer Products and Dr Reddy's Laboratories will release theirs on May 10. Avenue Supermarts is set to release its report on May 13.

Companies are diverting all stock to these markets when summer demand in the overall North is yet to reach its peak. For most companies, sales in the heatwave markets are 2-3 times of last year even when last summer was a bumper one.

"One word that describes our economy and equity market for FY23 is ‘resilience. We were able to face the tough situation with minimal damage. Indias robust macroeconomic position is a result of multi-year structural policy reforms that enabled growth and high government expenditure in the budget over the last few years," the MarketSmith India report said.

Sameet believes traders can find ample opportunities in the beaten spaces and for investors, this decline would provide opportunity to accumulate quality stocks in a staggered manner.

Great Eastern Shipping Company shares rose nearly 4 percent to Rs 624 and formed long bullish candlestick pattern on the daily timeframe with above average volumes.

Cyient is clearly one of the rank outperformers as we can see a series higher highs higher lows in daily time frame chart.

​Nifty is below all its significant averages. 16,750 will be a crucial support zone. If breached, the index could witness further selling towards 16,600-16,550. On the upside, 17,150-17,190 will act as immediate hurdle. A surge above could witness short covering towards 17,380-17,450 levels.

For NIfty, the immediate support on the downside is at 16,850-16,800, while the immediate hurdle is at 17,100. As long as the index moves in this range, it will remain sideways

BHEL shares gained more than 4 percent to close at Rs 78 and formed long bullish candle on the daily charts after two-day consolidation, with above average volumes. It traded above all key moving averages (9, 50, 100 and 200-day EMA - exponential moving average).

Mazagon Dock Shipbuilders topped the list of gainers with 178 percent returns while Adani Power rose 144 percent; Indian Bank, Varun Beverages, Swan Energy, RHI Magnesita India and Adani Total Gas were among the stocks that doubled.

Sectoral analysis of the winners of 2022 shows that Nifty PSU Bank index and Nifty CPSE index have been the top two gainers of the year with an upside of 65% and 19.5%, respectively, so far. On the other hand, the IT index has been the top wealth eroder and has so far lost over one-fourth of its value.

S&P BSE Sensex closed with gains of over 400 points while Nifty50 reclaimed 18,600 levels on Tuesday.

Vedanta has fixed November 30 as the record date to determine shareholders eligibility for the dividend. So far in FY23, the company has declared a total dividend of Rs 51 per share, in two interim dividends of Rs 19.5 and Rs 31.5 per share. Earlier in FY22, the miner announced Rs 45 per share dividend. At the current price, this amounts to a dividend yield of 14.55%. Since 2001, the company has announced a total of 36 dividends, Trendlyne data showed.

The thematic fund that gained 13.65 per cent in August is betting on JSW Energy in a big way as it is its biggest holding with a weightage of 9.78 per cent. Other top holdings include Titagarh Wagons, Time Technoplast, J Kumar Infraprojects and SP Apparels.

Stocks which were in focus included GE Shipping which rose more than 6 per cent, Kalyan Jewellers which gained nearly 10 per cent, and Deepak Fertilisers which rose 5 per cent.

Abbott India, United Breweries, Zydus Lifesciences, Cummins India, The Ramco Cements, Cholamandalam Financial Holdings, Sobha, Ingersoll-Rand (India), S H Kelkar & Company, Pricol, Ramco Industries and Ramco Systems will have their annual general meetings (AGM) today.

The company had reported a consolidated net profit of Rs 12.36 crore in the first quarter of the previous year.

RIL (Rs 2,585 crore), ICICI Bank (Rs 1,694 crore), Infosys (Rs 1,179 crore), Tata Steel (Rs 951 crore), HDFC Bank (Rs 707 crore), and UltraTech Cement (Rs 584 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with highest trading turnovers in the day.

Anand James, Chief Market Strategist at Geojit Financial Services, said that while major falls are not expected unless 16,485 gives away, the prospects of the same in the next week may rise should Nifty find unable to push beyond the 16,690-710 region.

Shares of Brightcom Group soared 26 per cent for the week to Rs 55.70. The exchanges sought clarification from the company regarding volumes and the price movement, to which the company replied there is no impending announcement by the company which in its opinion needs to be disclosed.

Stocks in focus included names like GE Shipping, which closed with gains of over 2 per cent, and is trading near its 52-week high, Vedanta, which rose more than 6 per cent, and Wipro, which added over 1 per cent ahead of results due after market hours on Wednesday.

Stocks that were in focus include names like Tube Investments which rallied more than 12 per cent, GE Shipping which closed with gains of nearly 7 per cent, and Pidilite Industries which made higher highs and higher lows -- a bullish sign.

Ajit Mishra, VP - Research, Religare Broking, said the recent bounce in laggards like IT and metal has further eased the pressure. "We maintain our positive yet cautious stance and prefer sectors like auto, FMCG and banking for long opportunities."

In the Nifty 50 index, 29 stocks were trading in the green, while 21 stocks were trading in the red.

The Nifty IT index was trading 0.21 per cent up at 27380.5.

The Nifty Auto index was trading 0.79 per cent up at 12507.3.

HDFC Life, Nestle India, SBI Life, Tata Consumer and Infosys were among the top losers on NSE.

The Nifty Bank index was trading 0.21 per cent up at 35432.0.

Atlas Integrated Finance's midcap fund, which gave a marginally negative return of 0.23 per cent last month, was seen betting heavily on Honeywell Automation, Dixon Technologies, Relaxo Footwears and Whirlpool India. It also chose to invest about 22 per cent of its holdings in a liquid fund.