Informist, Friday, Jul 21, 2023
By Akshata Gorde
MUMBAI – Benchmark equity indices closed lower today, snapping a six-day winning streak due to weakness in information technology stocks, as well as in heavyweights Reliance Industries and Hindustan Unilever.
Both the benchmark indices shed almost all their gains from the past two sessions, majorly due to profit booking, analysts said. The Nifty 50 lost 234.15 points or 1.2% and closed at 19745 points. The 30-stock Sensex shed 887.64 points or 1.3% to end at 66684.26 points.
While shares of Reliance Industries closed 3.1% lower ahead of the announcement of the company’s Apr-Jun earnings later today, in anticipation of a decline in profits. Shares of Hindustan Unilever tanked 3.7% today as the company’s Apr-Jun earnings missed expectations on all key parameters.
Brokerage firm Macquarie downgraded the Reliance Industries stock to “underperform” while maintaining a target price of 2,100 rupees. Most brokerage firms downgraded their rating on shares of Hindustan Unilever and slashed their target price for the stock. Towards the end of the session, shares of ITC beat HUL to become the largest packaged consumer goods company by market capitalisation.
Shares of Infosys–the biggest loser among Nifty 50 stocks–closed 8.1% lower, a day after the company slashed its 2023-24 (Apr-Mar) revenue growth guidance to 1.0-3.5% from 4-7% it had guided three months ago.
The losses in Infosys rubbed off on most technology stocks, except Mphasis. Shares of major IT companies such as Tech Mahindra, Persistent Systems, HCL Technologies and Coforge were under pressure throughout the session, and all closed in the red today.
Shares of JSW Steel hit a lifetime high of 823.35 rupees following better-than-expected earnings for Apr-Jun, but closed 1.6% lower because of the overall weak market sentiment. Similarly, shares of Ultratech Cement rose after the company announced its earnings, before closing lower. Meanwhile, shares of HDFC Life Insurance Co fell further after its earnings, and closed 2.1% lower.
Shares of United Spirits closed 6.6% higher after hitting an all-time high of 1,044 rupees during the session, a day after the alcoholic beverages company’s net profit for Apr-Jun rose 22.2% on year to 2.38 bln rupees. Viraj Vyas, technical and derivatives analyst at Ashika Stock Broking, said he was positive on alcohol companies and expects them to do well in the near term.
Meanwhile, the broader markets traded mixed, with small-cap indices outperforming benchmark indices today.
Analysts see immediate support for the Nifty 50 at 19600 points, and resistance at 19900 points.
They expect today’s consolidation to continue in the coming sessions. “We expect Nifty to spend some time around the current levels, to digest the recent surge, and it would be healthy,” said Ajit Mishra, senior vice-president of technical research at Religare Broking Ltd.
* Of the Nifty 50 stocks, 12 rose and 38 fell
* Of the Sensex stocks, 8 rose, 21 fell, and 1 was unchanged
* On the BSE, 1,615 stocks rose, 1,772 fell, and 127 were unchanged
* Nifty Media: Up 0.5%; Nifty FMCG: Down 1%; Nifty IT: Down 4.1%
BSE NSE
Sensex: 66684.26, down 887.64 pts or 1.3% Nifty 50: 19745, down 234.15 pts or 1.2%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67619.17 (Jul 20, 2023) : Lifetime High: 19991.85 (Jul 20, 2023)
Record Close High: 67571.90 (Jul 20, 2023) : Record Close High: 19979.15 (Jul 20, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 65785.64 (Jul 06) : 2023 Closing High: 19497.30 (Jul 06)
2023 Closing Low: 59288.35(Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 66064.21 (Jul 13) : 2023 High (intraday): 19567.00 (Jul 13)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Avishek Dutta
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