Sensex drops 888pts, Nifty below 19,750; Infy sinks 8%, HUL, RIL up to 3.5%

Closing Bell on July 21, 2023: The benchmarks snapped their 6-day winning run. Among sectoral indices, the Nifty IT index shed 4 per cent, followed by the Nifty FMCG index (down 1 per cent)

4:07 PM

COMMENT:: Weak guidance from Infy cash a shadow on IT sector

"The weak guidance from Infosys cast a shadow over the outlook of the Indian IT sector, causing a delay in Nifty's pursuit of the 20,000 mark. While the heavyweights surrendered to the bears, the small caps demonstrated resilience. Global markets presented a mixed picture, with the US market struggling due to weak earnings, while UK retail sales exceeded expectations with a 0.7 per cent MoM growth."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:05 PM

Bears crush Nifty's 20,000-mark dream, send Sensex 888 pts down; here's why

The S&P BSE Sensex crashed 888 points or 1.3 per cent, while Nifty50 fell 234 points to 19,745. READ MORE

4:03 PM

ICICI Bank Q1FY24 preview: Muted QoQ performance likely on high provisions

Net profit is estimated to come in the range of Rs 8,654.9 crore to Rs 9,200 crore, down up to 5 per cent QoQ. READ MORE

4:01 PM

L&T rallies 4%; hits new high as board to mull buyback, special dividend

The civil construction major announced its board will meet on July 25 to consider share buyback and special dividend. READ MORE

4:00 PM

More downside seen to Infosys earnings estimate; stock to derate: Analysts

Infosys Q1 result review: Brokerages have unanimously reduced FY24 EPS estimates for the company in the range of 2-4 per cent, though the Street is likely fearing even further downside, they say. READ MORE

3:59 PM

United Spirits rallies 6%; hits record high on healthy Q1 performance

In Q1FY24, the company's EBITDA jumped 84 per cent YoY to Rs 385 crore, margins expanded 638 bps to 17.7 per cent.

3:58 PM

Print media shares in focus; DB Corp, HT Media, Jagran rally up to 17%

The print sector has been on the uptrend over the past few months and this is likely to continue on the back of strong advertising revenues, driven by elections, government spending etc. READ MORE

3:56 PM

Utkarsh Small Finance Bank makes solid debut, ends Day 1 with a 92% gain

Shares of Utkarsh Small Finance Bank listed at Rs 40, a 60 per cent premium over its issue price of Rs 25 per share on the National Stock Exchange (NSE) on Friday. READ MORE

3:56 PM

Utkarsh Small Finance Bank makes solid debut, ends Day 1 with a 92% gain

Shares of Utkarsh Small Finance Bank listed at Rs 40, a 60 per cent premium over its issue price of Rs 25 per share on the National Stock Exchange (NSE) on Friday. READ MORE

3:53 PM

Market breadth was marginally negative; Nearly 1,800 stocks declined as against 1,600-odd gainers on the BSE

3:51 PM

BSE Smallcap Heatmap:: DB Corp zooms 17%; OAL, Tanla rally over 13%; QuickHeal tanks 7%

3:49 PM

BSE Midcap Heatmap:: IRFC, Mphasis shine; Delhivery, PolicyBazaar whine

3:47 PM

Nifty IT index plunges over 4%; Infy, Persistent Systems top losers

3:44 PM

Broader indices end on a mixed note; India VIX dips 2.5%

3:42 PM

Nifty 50 Losers:: Infosys slumps 8%; HUL 4% post Q1 results

3:41 PM

Nifty 50 Gainers:: L&T soars 4%; ONGC other major gainer, up 2%

3:39 PM

Sensex 30 Heatmap:: 10 Gainers v/s 30 Losers

3:37 PM

CLOSING BELL:: NSE Nifty50 tumbles 234 pts to 19,745

3:35 PM

CLOSING BELL:: S&P BSE benchmark snaps winning streak; ends 888 points lower at 66,684

3:22 PM

ALERT:: Ramkrishna Forgings Q1 net soars 63%; stock up 2%

3:14 PM

Telcos to pay fee for activities covered under scope of licence, says DoT

In September 2021, the government had notified that non-telecom revenue would be excluded from the definition of AGR from October 1, 2021. READ MORE

3:05 PM

Print media shares in focus; DB Corp, HT Media, Jagran rally up to 18%

The print sector has been on the uptrend over the past few months and this is likely to continue on the back of strong advertising revenues, driven by elections, government spending etc. READ MORE

2:54 PM

Stock Alert:: Bandhan Bank up 2% on heavy volume

The counter has seen trades of around 1.1 million shares so far on the BSE as against the two-week average traded volume of around 7 lakh shares.

2:43 PM

ALERT:: Hindustan Zinc Q1 net dips 36%; stock down 2%

Hindustan Zinc reported a 36.5 per cent decline in net profit at Rs 1,964 crore for the quarter ended June 2023, as against Rs 3,092 crore in the quarter ended June 2022. Total income dropped 22 per cent to Rs 7,564 crore from Rs 9,697 crore. 

2:33 PM

ALERT:: HDFC Life Q1 net flat at Rs 212 cr; stock slips 1%

HDFC Life posted a net profit of Rs 211.79 crore for the first quarter ended June 2023, when compared with Rs 210 crore in the corresponding quarter a year ago. Net premium income rose by 16.6 per cent YoY to Rs 11,480 crore.

2:23 PM

Bears crush Nifty's 20,000-mark dream, send Sensex 900 pts down; here's why

The S&P BSE Sensex crashed 922 points or 1.3 per cent to hit day's low of 66,649 levels, while Nifty50 crashed 247 points or 1.2 per cent to day's low of 19,732 levels. READ MORE

2:13 PM

Radhakishan Damani buys retail chain Health and Glow for Rs 750 crore

Radhakishan Damani, billionaire investor and founder of Avenue Supermarts which runs D-Mart chain, has acquired Health and Glow, a Bangalore-based beauty and personal care retail chain for Rs 700-750 crore. READ MORE

2:04 PM

ALERT:: UltraTech Cement Q1 net up 7%; stock marginally down

UltraTech Cement today posted a 6.8 per cent growth in Q1 consolidated net profit at Rs 1,690.22 crore for the quarter ended June 2023, when compared with Rs 1,582.02 crore in the corresponding quarter a year ago. Total income rose by 17.3 per cent from Rs 15,273 crore to Rs 17,911 crore.

1:54 PM

ALERT:: Atul Q1 net rises 38%; stock soars 5%

Atul reported a 38.1 per cent year-on-year growth in Q1 net profit at Rs 102.1 crore for the quarter ended June 2023, backed by a 19.9 per cent rise in total income at Rs 1,182 crore.

1:44 PM

COMMENT: Some cool-off was likely on the cards post the recent runup

The revised revenue growth guidance of INFY for FY24 led to some pessimism in the counter which tanked nearly 9 percent in the day and dampened the overall sentiments. The Nifty IT index plunged nearly 4 percent, which is a major cause for the correction in Nifty50 in today's trading session.

 

The technical structure remains buoyant for Nifty50 as some cool-off was likely on the cards post the recent runup. Considering the overbought scenario in markets, we may expect a price-wise correction anytime soon in the near period. However, since the undertone is strongly bullish, one may refrain from creating shorts at this point in time.

 

The pragmatic approach would be to take some money off the table from aggressive bullish bets. As far as levels are concerned, 19,700-19,600 is likely to cushion any blip, while strong support lies around the 19,500 zone. On the higher end, the 20K mark is likely to act as a sturdy wall in the comparable period. The mentioned range breakout would dictate the near-term trend for the market.

 

- Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One