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HUL has clocked an EBITDA (earnings before interest, tax, depreciation and amortization) of Rs 3,521 crore, up 8% YoY in the June quarter. ​Meanwhile, EBITDA margins improved by 40 basis points to 23.6% in the reporting period.

Brokerage firm CLSA downgraded Tata Communication to outperform, Macquarie maintained an outperform rating on ABB India, and Jefferies retained a buy on Infosys while it downgraded HUL to hold.

“There is a time when you need to ignore a particular sector, focus on others and this is that time. One has to ignore the IT sector now. In fact, I would say that the latest guidance from Infosys is too aggressive. I do not think they will have any growth.”

Led by a 10% crash in shares of Infosys, Sensex plunged 750 points to slip below the 67,000 mark while Nifty cracked 1% to the sub-19,800 level. On the back of a Rs 1.15 lakh crore push from FIIs, Sensex and Nifty have seen a 10% rally so far in the calendar year 2023 to all-time high levels.

IndiaMart board has approved a proposal for a buyback of 12.5 lakh equity shares for an amount not exceeding Rs 500 crore. The buyback price is fixed at Rs 4,000, which is a 37% premium from the current levels.

Gold August futures have support at Rs 59,350 - Rs 59,200 and resistance at Rs 59,750 - 60,060. Meanwhile, Silver September futures have support at Rs 75,000 - Rs 74,500 and resistance at Rs 75,900 - Rs 77,000, Khare said.

As inflows dominate and the Reserve Bank of India (RBI) continues to hold US dollar near 81.90, the rupee is likely to remain range-bound, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Additionally, strong return ratios, healthy working capital cycle and asset monetisation remains key positive.

Its revenue from operations during the reporting quarter surged 13.5% YoY to Rs 8,152 crore as against Rs 7,189.3 crore in the same quarter a year ago.

The stock with a market capitalization of more than Rs 3,100 crore on the BSE rose from Rs 219 as of 11th July to Rs 250 recorded on 18th July 2023 which translates into an upside of over 14%.