Nifty snapped their six-day winning streak on Friday, July 21, dragged by strong losses in index heavyweights including Infosys, Reliance Industries, TCS and Hindustan Unilever (HUL). Shares of Infosys and HUL fell a day after their June quarter results while those of Reliance Industries declined ahead of its Q1FY24 earnings. Infosys shares suffered strong losses after the IT behemoth reported its weakest June quarter revenue growth since FY21 and sharply trimmed its FY24 revenue guidance to 1-3.5 per cent, down from 4-7 per cent. Investors were spooked by a significant downward revision in the company's revenue guidance, leading to a sharp selloff in the stock.
The decline also had a negative impact on other IT stocks, with the Nifty IT index plunging 4 per cent by the end of the session. Sensex saw a gap-down opening and extended losses cracking 1,038 points to the intraday low of 66,533.74. The index closed with a loss of 888 points, or 1.31 per cent, at 66,684.26 while the Nifty ended with a loss of 234 points, or 1.17 per cent, at 19,745 on Friday.
However, domestic markets witnessed a robust innings till July 20 (Thursday) as the sentiment remained upbeat due to the the momentum by Q1FY24 results and foreign capital inflow on India's healthy macroeconomic outlook even amid mixed global cues. On Thursday, the BSE benchmark had jumped 474.46 points or 0.71 per cent to settle at its fresh all-time closing high of 67,571.90 on Thursday.
During the day, it rallied 521.73 points or 0.77 per cent to hit its lifetime intra-day peak of 67,619.17. The Nifty had climbed 146 points or 0.74 per cent to end at its record closing high of 19,979.15.
Read more on livemint.com