On Friday, the stock market witnessed a significant crash as the S&P BSE Sensex plunged 888 points, equivalent to a 1.3% drop, settling at 66,684. Intra-day trade saw the Sensex tanking over 1,000 points, hitting a low of 66,534. At the same time, NSE Nifty50 settled at 19,745, experiencing a 1.17% decrease, and touching a low of 19,700. This sharp decline was triggered by a weak Q1FY24 report card by Infosys, causing panic among investors.
Infosys Takes a Hit, IT Stocks Slump
Among the 30-share Sensex platform, Infosys faced a staggering 8.18% slump, mainly attributed to the company’s unexpected sharp downward revision in its growth guidance. This revision took most brokerages by surprise, resulting in significant losses for HUL, HCL, Reliance, Wipro,TCS, and TechM, among other prominent losers in the IT sector. On the flipside, L&T, NTPC, SBI, Kotak Bank, Tata Motors, and ICICI Bank managed to emerge as gainers.
The broader market was not spared from the downturn, as the BSE Midcap index fell by 0.26%, while the BSE Smallcap index added 0.13%. The Nifty IT index experienced a severe setback, shedding 4%, while FMCG and Metals were also affected, witnessing a decline of 1% and nearly 1%, respectively. However, the Nifty PSU Bank, Media, and Auto indices managed to gain slightly, with an increase of up to 0.5%. The Capital Goods index showed notable resilience, rising by 1.7%.
Utkarsh Small Finance Bank’s Strong Debut
Amidst the stock market turmoil, Utkarsh Small Finance Bank made a robust stock market debut on Friday. The bank’s shares were listed at Rs 40 apiece, a staggering 60% premium over its issue price of Rs 25 per share on the National Stock Exchange. Utkarsh SFB’s stock opened at Rs 39.95 on the BSE and was locked at the 20% upper circuit at Rs 47.95 at close, representing a substantial 94% premium to the issue price on both the NSE and BSE. However, the stock did face intra-day fluctuations, touching a low of Rs 37.20.
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