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Retaining its price target, Macquarie, in a note, said that it did not ascribe value accretion from JFSL (erstwhile Reliance Strategic Investments). With the key tactical catalyst in the form of demerger behind now, Macquarie sees RIL shares underperforming on the likelihood of lower earnings going ahead, it said, estimating the FY24-25E net profit at 15%-20% below the visible alpha consensus.

Hindustan Unilever on Thursday reported 6.9 per cent rise in consolidated profit after tax at Rs 2,556 crore for June quarter 2023-24 riding on a gradual recovery in the FMCG industry despite operating in challenging environment.

A total of 25,876 shares changed hands on the counter till 12:26PM (IST).

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.