Stock Market Today: Nifty, Sensex Extend Rally To Seventh Week; Infosys, ITC, Lead Friday's Gains

• The local currency closed flat at 83.66 against the US dollar.

• It closed at 83.66 on Thursday.

Source: Bloomberg

India's benchmark stock indices declined on Friday, weighed down by Reliance Industries Ltd. and Tata Steel Ltd. However, shortly after open, the NSE Nifty 50 had risen 0.22% to a life high of 24,854.80., led by gains in Tata Consultancy Services Ltd. and Infosys Ltd.

Gains in Friday's Nifty 50 and BSE Sensex indices were led by Infosys Ltd. and ITC Ltd.

The NSE Nifty 50 ended 275.25 points or 1.11% lower at 24,800.85, and the S&P BSE Sensex settled 738.81 points or 0.91% lower to arrive at 81343.46 .

Intraday, the Nifty 50 declined 1.18% to 24,508.15, and the Sensex declined 1.04% to 80,499.10

India's benchmark stock indices rallied for seven straight weeks for the second consecutive consecutive session since 11 Dec, 2023.

The Nifty 50 plunged amid global selloff. Broader market witnessed sharper selling pressure and fell more than 2%, said Siddhartha Khemka, head, Retail Research at Motilal Oswal Financial Services Ltd.

"All the sectors ended in red with Metals being the biggest loser which fell 4%. However IT sector was quiet resilient post better than expected results posted by Infosys. Investors also shifted towards defensive sector like FMCG which is witnessing demand revival with increasing rural recovery," Khemka said.

"Overall markets got impacted due to new tensions between US and China which resulted in global profit booking. In addition, Microsoft outage impacted lot of large organizations, airlines, stock exchanges globally. Investors are also cautious ahead of Union Budget next week on 23rd July which will provide next set of direction to the market. Earnings season will also pick up pace which will result in stock specific actions. Apart from Budget, US Core PCE data and PMI data will be key events to monitor," Khemka added.

On weekly basis, the benchmarks have held its best stretch of gains in over seven months as it has risen for straight seven weeks. The Nifty 50 has gained 0.12% and the Sensex has gained 0.11% in the week ended on July 19.

Reliance Industries Ltd., HDFC Bank Ltd., Tata Steel Ltd., NTPC Ltd., and Mahindra & Mahindra Ltd. weighed on the index.

Infosys Ltd., ITC Ltd., Asian Paints Ltd., and Britannia Industries Ltd. limited lossed in the index.

This week, six sectors declined, four advanced, and two remained flat out of 12. The NSE Nifty Media declined the most, and the NSE Nifty IT rose the most.

Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap were 2.31% and 2.22% lower, respectively.

On BSE, all 20 sectors ended lower with the S&P BSE Metal emerging as the worst performing sector.

Market breadth was skewed in favour of sellers. Around 3,005 stocks declined, 906 stocks advanced, and 90 stocks remained unchanged on BSE.

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Source: Exchange filing

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• Net profit at Rs 3,015 crore vs Rs 4,224 crore

• Revenue at Rs 1.13 lakh crore vs Rs 1.16 lakh crore

• Ebitda fell 39% at Rs 5,650 crore vs Rs 9,213 crore

• Ebitda margin at 5% vs 8%