business

Live: Nifty’s date with 20K this week? Street verdict on RIL Q1| Banks in focus post Q1 beat

Indian equity markets came under intense selling pressure on Friday, with the Nifty missing the magical 20,000 mark by a whisker. Investor sentiment took a hit amid weak full-year guidance by Infosys and an un-enthusing quarterly show by FMCG behemoth HUL. Market participants also turned cautious ahead of Q1 earnings from Reliance Industries and ICICI Bank earnings that were announced on Friday & Saturday respectively. BSE Sensex tanked 888 points to 66,684, while the Nifty50 dropped 234 points to 19,745 and formed bearish candlestick pattern with long upper shadow on the daily charts with making lower high, lower low formation. Can the Nifty make a dash at the coveted 20,000 milestone this week? Meanwhile, RIL’s consumer facing businesses cushioned weakness in its oil to chemicals business in the first quarter, both ICICI Bank and Kotak Mahindra Bank beat street expectations. Stocks in focus are Paytm and Biocon among others. Lots of action in the primary markets this week as street gears up for Noida-based hospital chain Yatharth Hospital’s IPO that opens for subscription on July 26; Netweb Tech makes its stock market debut on July 27. Also in focus will be the FOMC meet on July 25-26 where the US central bank is expected to hike rates by 25 bps. Catch Nandita Khemka in conversation with Neha Dave, Moneycontrol Pro and Anuj Gupta- Vice President IIFL Securities.

first published: Jul 24, 2023 08:38 am