Sensex, Nifty snap 6-day winning streak; investors lose nearly ₹2 lakh crore
Domestic market benchmarks the Sensex and the Nifty snapped their six-day winning streak on strong losses in index heavyweights including Infosys, Reliance Industries, TCS and Hindustan Unilever (HUL) on Friday (July 21).
Shares of Infosys and HUL fell a day after their June quarter results while those of Reliance Industries declined ahead of its Q1FY24 earnings.
Shares of Infosys suffered strong losses after the company reported its weakest June quarter revenue growth since FY21 and slashed its annual sales forecast for the current fiscal year. Infosys revised its FY24 revenue growth guidance to 1-3.5 per cent, down from 4-7 per cent given at its FY23 earnings conference on 13 April.
Shares of Reliance Industries declined as Street is expecting a softer set of numbers due to the subdued performance of the O2C (oil to chemicals) segment. However, the retail and telecom segment is likely to show healthy growth which could offset the weakness in the company’s O2C business.
Read more: Reliance Q1 results tomorrow; O2C segment may be weak; telecom, retail to lend support
Weak global cues also added to the negative sentiment. “Global stocks were subdued after earnings reports from Tesla and Netflix failed to dazzle and ahead of an action-packed week for central bank interest rate decisions,” reported Reuters.
Sensex suffered a loss of 888 points, or 1.31 per cent, to close at 66,684.26 while the Nifty ended with a loss of 234 points, or 1.17 per cent, at 19,745.
(More to come)
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 21 Jul 2023, 03:48 PM IST
