Stock Market Update: Sensex down over 600 points, Nifty at 19,850; Infosys down 9% – News18

Last Update: July 21, 2023, 09:43 AM IST

Sensex today: The S&P BSE Sensex fell 670 points to 66,900 in early deals, while the Nifty 50 fell 175 points to 19,800. Infosys’ weak Q1FY24 results pulled down benchmark indices on Friday, maintaining the strong rally seen in the last few sessions.

Besides, HCL Tech, Wipro, Tech M, TCS, HUL, UltraTech Cement, Reliance Industries, Bharti Airtel and HDFC Bank were the other top losers, falling up to 3.6 per cent.

However, L&T, SBI, Kotak Bank, Power Grid, Axis Bank and Tata Motors rose up to 2.6 per cent, providing some support to frontline indices.

In the broader market, the BSE Midcap and Smallcap indices fell 0.3 per cent and 0.07 per cent, respectively.

Among sectors, Nifty IT index fell 4.5 per cent, followed by Nifty Pharma and FMCG indices (down 0.3 per cent).

Infosys shares fell 8 per cent in early deals after the IT major cut its forecast for FY24 to 1-3.5 per cent in constant currency from 4-7 per cent in the previous quarter. Thus, the company was invited to downgrade by various brokerages as they feel that the company is performing poorly in the industry in FY2014.

global signal

Asian shares declined on Friday after Tesla and Netflix pressured US tech stocks after their earnings reports, while the dollar and Treasury yields held their gains ahead of an action-packed week that could mark the end of a US tightening cycle.

Tokyo shares opened lower on Friday after a selloff in Tesla and Netflix dragged US high-tech stocks, while the Dow climbed for a ninth straight session. The benchmark Nikkei 225 index was down 0.64 per cent, or 208.31 points, at 32,282.21 in early trade. , while the broader Topix index fell 0.21 percent, or 4.85 points, to 2,256.05.

The S&P 500 and Nasdaq fell on Thursday, pulled by losses in Tesla and Netflix after their quarterly results, but gains in Johnson & Johnson after a strong annual forecast pushed the Dow ahead for a ninth day in a row.