Market Closing: Sensex, Nifty tank 1% on sell-off in IT stocks; Nifty below 19,800; RIL, Infosys, HUL drag | Mint
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Business News/ Markets / Stock Markets/  Market Closing: Sensex, Nifty tank 1% on sell-off in IT stocks; Nifty below 19,800; RIL, Infosys, HUL drag
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Market Closing: Sensex, Nifty tank 1% on sell-off in IT stocks; Nifty below 19,800; RIL, Infosys, HUL drag

Share Market Closing: Benchmark equity indices slumped on Friday amid massive sell-off in IT stocks. Infosys plunged as it slashed its revenue growth guidance. RIL, TCS, HUL, Wipro are the other major laggards

Markets ended deep in red on FridayPremium
Markets ended deep in red on Friday

Benchmark equity indices, Sensex and Nifty, sank over 1% on Friday, snapping six days' rally dragged by the IT pack which cracked over 3%. Infosys nosedived after it slashed its revenue guidance and slipped in ADR trade. Shares were mixed in Europe and Asia with Tokyo, and Shanghai seeing a decline. 

21 Jul 2023, 03:33:40 PM IST

Share Market Close: Sensex, Nifty snap 6-day rally, drop 1% as IT pack drags following Infosys guidance cut

Benchmark equity indices slumped over 1% on Friday, ending six days of gaining streak, amid sell-off in IT stocks. Sensex ended 888 points lower to close at 66,684.26 while the Nifty ended with a loss of 234 points at 19,745. Infosys was the biggest laggard through the day, ending around 8% lower after the company cut its revenue guidance. Tech Mahindra, HCL Technologies, HUL and Reliance Industries were the other biggest losers on the indices.

BSE
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BSE
21 Jul 2023, 03:23:05 PM IST

Share Market Live updates: Infy, Reliance, TCS biggest contributors to the slump in Sensex

BSE
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BSE
21 Jul 2023, 03:17:26 PM IST

Share Market Live updates: ICICI Bank Q1FY24 result preview by Shreyansh Shah, Research Analyst, Stoxbox

One of the leading private sector banks, ICICI Bank, will be posting Q1FY24 results tomorrow. We expect the bank to post strong all-round performance this quarter. Overall, the business will reflect a double-digit growth for the bank. We expect the bank to have a double-digit growth in gross advances as well. Also, due to its strong base in the retail segment, deposits will reflect a substantial growth this quarter. We may see some NIM compression, however in absolute terms, there will be decent growth in the net interest income as the yield on advances has increased. The asset quality of the bank is expected to remain intact due to the bank’s prudent risk management.

21 Jul 2023, 03:02:17 PM IST

Share Market Live updates: Sensex at day's low, slumps 1,000 points amid weakness in IT stocks, profit booking

BSE
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BSE
21 Jul 2023, 02:53:34 PM IST

Share Market Live updates: Hindustan Zinc down 2% as Q1 net profit falls 36% to ₹1,964 cr on weak metal prices

21 Jul 2023, 02:38:17 PM IST

Share Market Live updates: Glenmark Life Sciences June quarter net profit rises 24% on year, revenue up 18%

21 Jul 2023, 02:24:52 PM IST

Market Live updates: Crude oil prices rise on the back of China's economic stimulus, decreasing US inventories

Oil prices saw a modest increase, supported by the economic stimulus in the slowly recovering Chinese economy and declining inventories in the US. Brent futures climbed 65 cents to $80.29 a barrel, while U.S. West Texas Intermediate (WTI) crude advanced 64 cents to $76.29 a barrel. Prices had marginally increased at the close of trade on Thursday.

21 Jul 2023, 02:10:21 PM IST

Share Market Live updates: UltraTech Cement net profit rises 6.6% on year in Q1 to ₹1,688.45 crore

21 Jul 2023, 01:55:31 PM IST

Share Market Live updates: Atul Auto up 2.5% even as net proft drops in June quarter

21 Jul 2023, 01:40:51 PM IST

Share Market Live updates: Broad market indices in the red as Nifty 50 down nearly 1%

NSE
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NSE
21 Jul 2023, 01:25:19 PM IST

Share Market Live updates: Havells India’s June quarter is a tale of two halves

Havells India Ltd. put up a robust revenue performance in the quarter ended June (Q1FY24), but the same could not be said about its margin performance. The stock valuation appears expensive. Despite hitting a new 52-week high on Thursday, the stock has declined over 3% in the past two days. (Read more)

21 Jul 2023, 01:13:45 PM IST

Share Market Live updates: JSW Steel Q1 profit soars 179% on year to ₹ ₹2,338 crore; shares up 2%

Sequentially, however, consolidated net profit was down 36%. The company's consolidated total revenue from operations rose 10.8% on year to 42,213 crores during the quarter ended June.

21 Jul 2023, 01:00:14 PM IST

Share Market Live updates: Mphasis Q1FY24 result review by Dhruv Mudaraddi, research analyst, Stoxbox

Bengaluru-based IT solutions provider specializing in cloud and cognitive services, reported a weak performance in Q1FY24 in line with market expectations. The revenue declined 3.5% QoQ and 3.5% YoY in Q1FY24, with net profit declining 2.3% QoQ and 1.5% YoY to Rs. 3,961 million in Q1FY24. However, the company managed to have a record-breaking TCV of USD 707 million, as well as large deal wins in Q1FY24, which was aided by the newly launched Mphasis.ai Business Unit. Although the management sees revenue growth to pick up from the coming quarters of FY24 on the basis of improved visibility driven by deal wins, we remain cautious about the IT company. Going forward, the focus will be on whether the company will be able to improve its profitability.

21 Jul 2023, 12:45:22 PM IST

Share Market Live updates: HUL slips 3% as company reported muted volumes in June quarter

21 Jul 2023, 12:33:17 PM IST

Share Market Live updates: Coforge retains FY24 guidance, but investors are hardly excited

The tier-2 IT services company reported a 2.7% sequential revenue increase in constant currency in the June quarter, boosted by broad-based growth. However, softer operational performance and an adjusted Ebitda margin (excluding employee stock ownership plan costs and acquisition-related outlays) decline of about 360 basis points quarter-on-quarter to 16% led to the company falling short of analyst expectations. (Read more)

21 Jul 2023, 12:18:49 PM IST

Sensex Today live updates: Noon update: tanks 1.2% to 66,750 in mid market trade; Infy, Reliance biggest laggards

BSE
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BSE
21 Jul 2023, 12:08:50 PM IST

Share Market Live updates: L&T Construction bags order worth over ₹7,000 crore for Mumbai-Ahmedabad high-speed rail project; shares up 3%

21 Jul 2023, 11:54:22 AM IST

Share Market Live updates: Ashok Leyland Q1 net profit jumps 747% to ₹576 crore; revenue rises 13% YoY;  stock jumps 4%

21 Jul 2023, 11:40:02 AM IST

Share Market Live updates: Top 5 Cash-Rich Smallcap Stocks to Add to Your Watchlist

Small-cap stocks are often overlooked by mainstream investors due to their relatively lower market capitalisation and lower visibility.

However, these companies can hold tremendous growth potential, especially when backed by solid financial foundations. (Read more)

21 Jul 2023, 11:25:38 AM IST

Share Market Live updates: View on Finolex Industries - Praveen Sahay - Research Analyst, Prabhudas Lilladher 

FNXP reported robust volume growth of 28% in its seasonally strong quarter. The company indicated 15% volume growth guidance for rest of the year from agri/non agri pipes and fittings segment, with additional improvement from newly commissioned facility. However, the PVC-EDC spread, which was USD 468/MT in Q1FY24, had an impact on FNXP's margin (EBIT/Kg was 12.5). The spread has since increased to USD 540/MT in Jul-23 and management expects EBIT per Kg of 14-15 for FY24. Considering decent volume growth guidance and lower EBIT per Kg guidance, we have downwardly revised our FY24 earnings by 6.3% and made minor adjustments for FY25. We now estimate Revenue/EBITDA/PAT CAGR of 9.2%/64.8%/51.7% for FY23-25E with P&F volume CAGR of 13.2% and EBITDA margin of 14.2%/15.2% for FY24E/FY25E. As a result of our adjustments, we have tweaked the TP to Rs197 (Rs194 earlier), based on 18x FY25E EPS plus 50% discount to Finolex Cables’ stake. Maintain ‘Accumulate’ rating.

Revenues flat with 0.9% de-growth YoY; Adj. PAT up by 7.7% YoY: FNXP revenue came in at Rs11.8bn (down 0.9% YoY), 7.6% above our estimate (PLe: Rs11bn). The P&F business posted revenue of Rs11.5bn (up 2% YoY) with 28.1% YoY volume growth. The realizations stood at Rs125 per Kg down 20.4% YoY (PLe: Rs123.5 per Kg). PVC resin segment posted revenue of Rs3.6bn (down 54.2% YoY), volume down by 26.6% YoY to 46,074 MT. The external sales vol. were down 41% YoY and external realization were down 26.5% YoY resulting into 57% decline in PVC resin external sales. Gross margin expanded by 100bps YoY to 33.8%. FNXP posted EBITDA of Rs1.5bn (up 21.1% YoY), 5.7% above our est. of Rs1.4bn with EBITDA margin of 12.9% (up 230bps YoY) against our est. of 13.2% as the PVC-EDC/PVC-VCM spread for Q1FY24 was USD 468/USD133 per MT as against USD 785/USD279 per MT in Q1FY23. P&F business reported EBIT of Rs1.3bn (up 197% YoY) and EBIT margin of 11%. PVC resin EBIT stood at Rs31.2mn (down 96% YoY) with EBIT margin of 0.9%. Reported adj. PAT of Rs1.1bn up 7.7% YoY, (PLe: Rs1.05bn).

Con call highlights: 1) Mgmt. has guided for a 15% volume for coming years, 2) P&F segment has a agri:non-agri mix of 70:30 in volume terms which will improve to 50:50 in next 4-5 years, 3) Major focus will be on retail branding going forward, 4) PVC resin segment underperformed due to correction in PVC prices in last few months, 5) PVC resin production target for FY24 is at 230kMT, 6) Increase in other income is mainly attributed with improvement in yields and increase cash, 7) Mgmt. has guided for Rs2-2.5bn capex in FY24 and on similar lines for FY25 as well which will mainly be used as maintenance capex for PVC resin plants and molds production for P&F business, 8) Mgmt. is targeting EBIT/kg to be at Rs14-Rs15 per Kg with improved volume growth and reduction in fuel costs, 9) New fittings’ plant started in March’23 with Rs1bn investment, is expected to reach its peak capacity by end of July’23, 10) In Q1FY24, there was no inventory loss reported, primarily because the company held lower inventory levels during that period.

21 Jul 2023, 11:11:19 AM IST

Share Market Live updates: Dalmia Bharat slips 3% as profit down 29.7% at ₹144 crore in June quarter

21 Jul 2023, 10:56:44 AM IST

Share Market Live updates: L&T jumps 2.5%; board will meet on 25 July to consider share buyback

21 Jul 2023, 10:41:19 AM IST

Share Market Live updates: PSU Banks outperform broader market led by Union Bank, PSB

NSE
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NSE
21 Jul 2023, 10:27:07 AM IST

Share Market Live updates: Utkarsh Small Finance Bank makes blockbuster debut, lists at 60% premium to issue price

Shares of Utkarsh Small Finance Bank Ltd listed on the bourses at a premium on Friday. On the NSE, the stock listed at 40 per share, 60% higher than the issue price, and on the BSE, the stock was listed at 39.95 per share.

21 Jul 2023, 10:11:42 AM IST

Stock market today: Reliance slips over 1% ahead of Apr-Jun results

21 Jul 2023, 09:56:03 AM IST

Share Market Live updates: Nifty IT tanks over 3%  in early deals with Infosys plunging almost 8% post revenue guidance cut

NSE
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NSE
21 Jul 2023, 09:40:17 AM IST

Share Market Live updates: Nifty slips below 19,850 dragged by Infosys, HCL Tech; L&T, Kotak Bank outperform

NSE
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NSE
21 Jul 2023, 09:27:46 AM IST

Share Market Live updates: Infosys nosedives 10% at opening as revenue growth guidance cut, ADR slumps

Infosys shares may see a gap down opening on Indian stock markets as the company has cut its revenue growth guidance to 1-3.5%. Following the disappointing guidance, Infosys ADR, listed on NYSE, ended down 8.4% at $16.22.

21 Jul 2023, 09:16:14 AM IST

Share Market Live updates: Indices slip at open; Infosys, HUL, RIL in focus

BSE
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BSE
21 Jul 2023, 09:10:41 AM IST

Market Today Live: Indian Rupee falls 3 paise to open at 82.01 against the US dollar

21 Jul 2023, 09:04:52 AM IST

Market Today Live: Sensex slumps in preopening session tracking weak Asia markets; Infy in focus

21 Jul 2023, 08:58:09 AM IST

Sensex Today Live: Chandra moves to raise Dish TV stake

Media mogul Subhash Chandra is in talks with JC Flowers Asset Reconstruction Co. (ARC) to buy back his family’s shares in Dish TV India Ltd, marking another twist in the two-year-old battle between the minority investor and the promoter for control of India’s third-largest satellite TV operator. (Read more)

21 Jul 2023, 08:47:43 AM IST

Sensex Today Live: Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, on markets today

Nifty Outlook: "Nifty produced a strong positive candle almost touching the psychological zone of 20,000 level continuing with the upward journey to gain almost 1,300 points in the last one month. The chances of some breather with profit booking after the long bull run cannot be ruled out with near term support being placed near 19,600 to 19,650 zone." Support for Nifty is placed at 19,850 levels while the resistance is seen at 20,100.

"Bank Nifty has indicated a strong close breaching above the crucial resistance zone of 46900 levels to strengthen the bias further and can expect for next targets of 47,000 to 47,500 in the coming days as mentioned earlier. The major frontline banking stocks like Kotak Bank, ICICI Bank, Axis Bank, SBI and HDFC Bank are well placed with positive bias to pull the index to new heights." Bank Nifty range is seen at 45,900 to 46,700 levels.

21 Jul 2023, 08:32:28 AM IST

Sensex Today Live: Infosys may see gap-down opening as revenue growth guidance cut; ADR ends down 8.4%

Infosys shares may see a gap down opening on Indian stock markets as the company has cut its revenue growth guidance to 1-3.5%. Following the disappointing guidance, Infosys ADR, listed on NYSE, ended down 8.4% at $16.22.

21 Jul 2023, 08:17:07 AM IST

Sensex Today Live: JSW Steel, HDFC Life Insurance, Hindustan Zinc, Ashok Leyland among companies that will announce results

JSW Steel, HDFC Life Insurance Company, Hindustan Zinc, Ashok Leyland, CreditAccess Grameen, Atul, Glenmark Life Sciences, PNB Gilts, 20 Microns, UltraTech Cement, Tejas Networks, and Ramkrishna Forgings are some of the companies that will declare their earnings today

21 Jul 2023, 08:00:52 AM IST

Sensex Today Live: Stocks to Watch: Infosys, HUL, L&T, IndusInd Bank, M&M, IndiaMart

Infosys, HUL, L&T, IndusInd Bank, M&M, IndiaMart, Persistent Systems, HAL, Jindal Stainless, and Union Bank of India are among the stocks that are likely to be in news on Friday.

21 Jul 2023, 07:49:04 AM IST

Sensex Today Live: Asian shares decline as US tech giants falter

Asian stocks declined on Friday as US tech shares, specifically Tesla and Netflix, took a hit following their earnings reports. The dollar and Treasury yields maintained their gains in anticipation of a potentially eventful week, which might signal the end of the US tightening cycle.

Early Friday, Japan's inflation rate remained above the central bank's 2% target for the 15th consecutive month in June, with gains aligning with the median market prediction. The MSCI's broadest index of Asia-Pacific shares outside Japan dipped by 0.5%, steering towards a weekly loss of 1.8%. Meanwhile, Japan's Nikkei saw a decrease of 0.3%.

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