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)

Stock market highlights: Bears slaughtered bulls on Friday as a weak Q1FY24 report card by IT bellwether Infosys triggered a rout in the IT stocks. That apart, profit booking in Reliance Industries, HUL, and private banks weighed on the sentiment. Investors lost nearly Rs 2 trillion in wealth today.

The S&P BSE Sensex plunged 888 points, or 1.3 per cent, to settle the session at 66,684. In the intra-day trade, it tanked over 1,000 points to hit a low of 66,534. On the NSE, the Nifty50 closed at 19,745, sinking 234 points or 1.17 per cent, It touched a low of 19,700 during the day.

Shares of Infosys crashed as much as 7.7 per cent as the company’s sharp downward revision in its growth guidance took most brokerages by surprise. In line with the cut in its FY24 revenue guidance (cc) to 1-3.5 per cent, 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

That apart, shares of HCL Tech, HUL, Reliance Industries, Wipro TCS, Tech M, JSW Steel, Ultratech Cement, IndusInd Bank, and M&M declined between 1 per cent and 3.5 per cent. On the upside, only eight stocks managed to eke out gains on the Sensex, led by L&T (up 4 per cent), NTPC, SBI, and Tata Motors. 

The BSE MidCap index dropped 0.26 per cent, while the BSE SmallCap index added 0.13 per cent.

Among sectoral indices, the Nifty IT index shed 4 per cent, followed by the Nifty FMCG index (down 1 per cent). On the other hand, the Nifty PSU Bank, Media, and Auto indices were the only gainers, gaining up to 0.5 per cent. 

New Listing :: Utkarsh Small Finance Bank

Utkarsh Small Finance Bank (SFB) made a strong stock market debut on Friday, with its shares getting listed at Rs 40 apiece, a staggering 60 per cent premium over its issue price of Rs 25 per share on the National Stock Exchange (NSE). The stock opened at Rs 39.95 on the BSE. At close, Utkarsh SFB was locked at the 20 per cent upper circuit at Rs 47.95, a solid 92 per cent premium to the issue price on the NSE and BSE. The stock hit a low of Rs 37.20 in the intra-day trade. READ MORE

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