On July 21, the Nifty fell over 1%, breaking a streak of seven consecutive sessions of gains and ending its record-high run. Today's fall was primarily driven by a significant drop in technology stocks, with Infosys being the main contributor. The company's quarterly earnings report prompted a reduction in its full-year revenue growth forecast, which had a notable impact on the overall market sentiment, leading to the downward trend in the index.
NIFTY: The index opened 179 points lower at 19,800 and made a high of 19,887 before closing at 19,745. Nifty has formed a bearish candlestick pattern on the daily chart for the first time in a couple of weeks. Its immediate resistance level is now placed at 20,000 while immediate support is at 19,700.
BANK NIFTY: The index opened 123 points lower at 46,063 and closed at 46,075. Bank Nifty formed a Doji kind of candlestick pattern on the daily chart, indicating indecisiveness among bulls and bears about future market trend. Its immediate resistance level is now placed at 46,300 while support is at 45,800.
Stocks in Spotlight
▪ PVR Inox Ltd: Stock gained nearly 4% as the company launched its 12-screen cinema theatre in South Bengaluru.
▪ Persistent Systems Ltd: Stock fell nearly 6%, a day after the Pune-based IT company reported 9% sequential fall in net profit at Rs 228.8 crore for the quarter ended June.
▪ Larsen & Toubro Ltd: Stock gained nearly 4% after the company announced its first share buyback in its history.
▪ Pan-European Stoxx 600 was unchanged by early afternoon. Mining stocks shed 1.6% while oil and gas stocks added 0.7%.
▪ Gold prices advanced to their highest level in about two months on Thursday, driven by US dollar’s weakness and growing expectations that the Federal Reserve would conclude its aggressive rate-hiking cycle at its meeting next week.
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