On Friday, Indian stock markets opened lower after some big companies released their quarterly results. The two main indexes, Sensex and Nifty50, dropped, mainly because shares of Infosys and Axis Bank fell after they announced their earnings.
At around 9:21 am, the BSE Sensex was down by 419 points, which is about 0.55%, sitting at 76,615. The Nifty50 was also down by 128 points, around 0.55%, and was trading at 23,184.
Infosys, a big IT company, saw its shares drop by more than 4% even though it reported an 11% yearly growth in profits. The company also raised its revenue expectations and mentioned that its clients in the US are starting to spend more money.
Axis Bank, another big player, also saw a drop of over 4% because it missed its profit target this quarter due to slower loan growth and higher bad loan costs.
On a more positive note, shares of Reliance Industries surged by 4% after the company reported better profits than expected for the third quarter.
In terms of market trends, several sectors, including banks, automobiles, financial services, IT, healthcare, and consumer goods, saw declines of up to 2%.
Market experts pointed out two positive signs: the dollar index is dropping, and US bond yields are also low. Plus, both Reliance and Infosys had better-than-expected results. These could help the market recover a bit, though selling pressure from foreign investors remains strong.
Analysts suggest that after the market opened negatively, the Nifty may find support around 23,200, dropping further to 23,000 and 22,800 if needed. On the rise, 23,350, 23,450, and 23,550 are key resistance levels.
Global markets took a hit on Friday, following losses on Wall Street. Asian shares fell, despite some positive news from China about its economy growing more than expected. Japan’s stock market decreased by 1.1%, and overall, Asian stocks were down by 0.4%.
In terms of buying and selling, foreign investors sold stocks worth Rs 4,341 crore, while domestic investors bought shares worth Rs 2,928 crore on the same day.
Stay tuned for more updates!
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