Sensex snaps 6-day winning streak;IT stocks drag; Infosys tanks 8%

Sensex snaps 6-day winning streak;IT stocks drag; Infosys tanks 8%

Ira Singh
21 July’23

The Indian equity market indices snapped a six-day winning run and ended on a weaker note on Friday amid weakness in the Information Technology and FMCG stocks, post weak Q1 earnings.

At close, the Sensex was down 887.64 points or 1.31 percent at 66,684.26, and the Nifty was down 234.20 points or 1.17 percent at 19,745.

Stocks and Sectors

Hindustan Unilever posted a standalone net profit of Rs 2,472 crore for the June quarter of FY24, registering a growth of 8 percent from Rs 2,289 crore in the same quarter of the previous financial year, according to sources.

Infosys was the top Nifty 50 loser, and lost market capitalisation of Rs 51,000 crore . IT stocks dragged the indices lower.

The biggest losers for the day on the Nifty included Infosys, Tech Mahindra, HCL Technologies, HUL and Reliance Industries, while gainers were L&T, ONGC, NTPC, SBI and BPCL.

On the sectoral front,IT was down 4 percent, FMCG shed 1 percent, Metal was down nearly 1 percent, while the Capital Goods index was up 1.7 percent, according to sources.

The BSE Midcap and Smallcap indices ended with marginal change. However,for the week, BSE Sensex and Nifty50 gained 1 percent each.

On 21stJuly’23,the Indian rupee ended falls 4 paise to close at 81.97 against the US dollar amid broader strength in the greenback nd firm crude oil prices in global markets.

Experts Take:
Market experts have recommended following stocks for buying on Friday -Grasim Industries, Aurobindo Pharma, IOB, HDFC Life, and M&MFIN.