Markets flat with Sensex up 50 points at 59,618 and Nifty just above 17,600

After being in red territory for three days straight, Sensex started the day marginally up by 50 points at 59,618 points. Nifty Also opened on a flat note at 17,628, as underwhelming January to March quarter earnings bogged down the indices.

All eyes are on HCL Tech after earnings data for Infosys and TCS missed market expectations, amidst uncertainty about orders from global markets as a recession looms.

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Sensex tanks 159 points to end at 59,567, Nifty settles below 17,650 as IT stocks slide

Shadow of interest rates and banking crisis

• The banking crisis in the US, triggered by the Silicon Valley Bank's collapse, continued to show effects on its corporate results.

• Among gainers, Titan, Ultratech and Asian Paints led the pack to pull markets towards the green, and ICICI Securities took a plunge after a dip in consolidated profit.

• On the other hand, a rise in quarterly profit helped Tata Communications and Mastek start the day on a positive note.

• With investors remaining cautious about the US Federal Reserve's next rate hike, Asian markets opened lower on Thursday after gains in the past week.

• Netflix shares countered gains by their weakness, despite higher engagement in India, which prompted the platform to lower subscription rates in 116 countries.