SENSEX DROPS 689 PTS, IT SHARES TUMBLE

The benchmark indices traded with steep losses in morning trade. The Nifty slipped below the 19,850 mark. IT shares extended losses for the third consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 688.69 points or 1.02% to 66,883.21. The Nifty 50 index declined 164.45 points or 0.82% to 19,814.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% while the S&P BSE Small-Cap index added 0.5%.

The market breadth was positive. On the BSE, 1,553 shares rose and 1,502 shares fell. A total of 154 shares were unchanged.

Results Today:

Reliance Industries (down 2.25%), HDFC Life Insurance Company (down 0.85%), JSW Steel (down 0.14%), UltraTech Cement (down 1.31%), Vedanta (down 0.67%), One 97 Communications (down 1.22%), Aarti Drugs (down 0.21%), Ashok Leyland (up 0.20%), CMS Info Systems (up 0.03%), CreditAccess Grameen (up 0.68%), Cyient DLM (down 1.31%), DLF (down 0.77%), Dodla Dairy (up 3.30%), Glenmark Life Sciences (down 0.34%), Hindustan Zinc (down 1.44%), Ramkrishna Forgings (down 0.51%), and Tejas Networks (down 0.60%) will announce their quarterly earnings later today.

ICICI Bank (down 0.40%), Kotak Mahindra Bank (down 0.04%), RBL Bank (down 0.96%), AU Small Finance Bank (down 0.55%), Yes Bank (up 2.48%), Sportking India (down 1.51%), Thirumalai Chemicals (up 0.47%) and Titagarh Rail Systems (down 1.73%) will announce their quarterly earnings on Saturday, 22 July 2023.

New Listing:

Shares of Utkarsh Small Finance Bank were currently trading at Rs 45.56 at 10:26 IST on the BSE, representing a premium of 82.24% compared with the issue price of Rs 25.

The scrip was listed at a price of Rs 39.95, at a premium of 59.8% as compared to the issue price.

So far, the stock has hit a high of 46.69 and a low of 37.25. On the BSE, over 88.88 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index slipped 2.99% to 30,214.85. The index dropped 3.69% in three trading sessions.

Infosys (down 7.22%), Tech Mahindra (down 3.68%), Persistent Systems (down 2.6%), Wipro (down 2.2%), HCL Technologies (down 1.49%), Tata Consultancy Services (down 1.01%) and LTIMindtree (down 0.09%) tumbled.

On the other hand, Mphasis (up 1.18%), Coforge (up 0.69%) and L&T Technology Services (up 0.15%) edged higher.

Infosys tumbled 7.22% after the IT major lowered its FY24 revenue guidance from the previous quarter`s projection of 4% - 7% to 1% - 3.5% in constant currency, while maintaining the operating margin guidance at 20% - 22% for the same fiscal year.

The IT giant reported 3% decline in consolidated net profit to Rs 5,945 crore on a 1.3% increase in revenues to Rs 37,933 crore in Q1 FY24 over Q4 FY23. On a year on year basis, the company`s net profit and revenues are higher by 10.9% and 10%, respectively as compared with Q1 FY23.

Persistent Systems declined 2.6% after the company`s consolidated net profit fell 9.04% to Rs 228.77 crore in Q1 FY24 as compared with Rs 251.51 crore in Q4 FY23. Revenue from operations increased by 2.96% to Rs 2,321.18 crore in Q1 FY24 as compared with Rs 2,254.47 crore posted in preceding quarter.

Stocks in Spotlight:

IndiaMART InterMESH surged 8.07% after the company reported 78% jump in consolidated net profit to Rs 83 crore on a 26% rise in revenue from operations to Rs 282 crore in Q1 FY24 as compared with Q1 FY23.

Hindustan Aeronautics rose 0.86%. The company said that it has signed a letter of intent (Lol) with the Ministry of Defence of The Republic of Argentina for productive cooperation and acquisition of light and medium utility helicopters for Argentinian armed forces.

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