July 19, 2024
New Delhi, India
Stock Market Weekend Wrap
Today the Indian stock market witnessed a significant decline, with the Sensex plummeting 750 points and the Nifty closing below 24,550. Profit booking and caution ahead of the Union Budget 2024 contributed to the downturn. Despite the overall market slump, Infosys managed to post gains, lifted by strong quarterly results.
Market Overview: The BSE Sensex closed at 80,604.65, down by 739 points or 0.91%, while the NSE Nifty ended at 24,530.90, down by 270 points or 1.09%. A total of 756 shares advanced, 2,618 shares declined, and 74 shares remained unchanged. The market’s decline was led by sectors including metals, realty, and oil and gas, while the IT sector showed resilience.
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Top Gainers and Losers:
- Gainers: Infosys (up 3.2%), ITC, LTIMindtree, Asian Paints, and SBI were among the top gainers on the Nifty.
- Losers: Tata Steel, JSW Steel, Hindalco, BPCL, and Tech Mahindra were the top losers, with JSW Steel dropping by 5%.
Sectoral Performance:
- Nifty IT: The only sectoral index in the green, up by 0.65%.
- Nifty Metals, Realty, Oil and Gas: The worst performers, each down by over 2%.
- Nifty Mid-Cap 50 and Small-Cap 50: Both indices declined by around 2%.
Market Sentiment: The anticipation of the Union Budget 2024, set to be tabled on July 23, caused caution among investors, triggering strong profit booking across various sectors. This led to a pullback from record highs reached earlier in the day.
Company Highlights:
- Infosys: The IT giant saw a 2% rise, boosted by strong Q1 earnings and an upward revision of its annual revenue forecast.
- Ultratech and BPCL: Both companies experienced a decline of 3-4%, impacted by their Q1 results.
Infosys Q1 Results: Profit Up 7.12% YoY, Revenue Grows 3.64% YoY
Closing Summary: The Indian stock market ended the week on a negative note, with significant losses across most sectors. The Sensex and Nifty both experienced substantial declines due to profit booking and cautious sentiment ahead of the upcoming Union Budget. While the market saw a general downturn, Infosys stood out as a top performer, driven by positive quarterly results.
Currency Market Update July 19, 2024
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