Sensex Tanks 540 Points | Infosys Falls 9%, HCL Tech 5% | HUL & Wipro Top Losers

Fri, 21 Jul 10:30 am

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Asian share markets are trading mixed today following mixed cues from US stock indices and after the release of Japan's inflation data.

Japan's core inflation rate, excluding those for fresh food, rose 3.3%, official data showed. The inflation rate is marginally higher than May's figure of 3.2%

The Nikkei is trading 0.3% lower, and the Hang Seng index is trading 0.7% higher. While shanghai Index is trading marginally higher.

US stocks ended mixed on Thursday as the S&P 500 and Nasdaq fell, while Dow Jones rose for a ninth straight day as investors reacted to the Q2 corporate earnings.

The Dow Jones Industrial Average ended 0.5% higher, and the tech heavy Nasdaq Composite ended 2.1% lower.

Here's a table showing how US stocks performed on Thursday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	119.53	-3.25	-2.65%	124.7	118.69	129.55	83.45
Apple	193.13	-1.97	-1.01%	196.47	192.5	198.23	124.17
Meta	302.52	-13.49	-4.27%	315.54	302.22	318.68	88.09
Tesla	262.9	-28.36	-9.74%	280.93	261.2	314.67	101.81
Netflix	437.42	-40.17	-8.41%	448.5	432	485	211.5
Amazon	129.96	-5.4	-3.99%	134.79	129.33	146.57	81.43
Microsoft	346.87	-8.21	-2.31%	357.97	345.37	366.78	213.43
Dow Jones	35,225.20	164	0.47%	35,372.77	35,091.98	35,372.77	28,660.94
Nasdaq	14,063.30	-294.7	-2.05%	14,309.92	14,030.63	14,446.55	10,088.83

Data source: Equitymaster

Back home, Indian share markets hits record high today.

At present, the BSE Sensex is trading lower by 540 points. Meanwhile, the NSE Nifty is trading down by 136 points.

L&T and ONGC are among the top gainers today.

Infosys and HUL on the other hand are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is trading 0.1% lower and the BSE Small Cap index is trading 0.1% higher.

Sectoral indices are trading on a mixed note with stocks in the healthcare sector, and power sector witnessing most buying. Meanwhile, metal stocks and realty stocks witness selling.

Shares of L&T and Tanla Platform hit their 52-week high today.

The rupee is trading at Rs 82.02 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 59,547 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 75,450 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the stock markets, the Indian stock market is on a roll. New highs are being scaled every week.

The sentiment among traders and investors alike is extremely bullish. So bullish in fact that it brings back memories of 1991.

So, what do the charts say? Are we seeing a repeat of the Harshad Mehta rally?

Find out in the below video...

HUL Q1 results

HUL, on Thursday reported a standalone net profit of Rs 24.7 bn for the June 2023 quarter, registering a growth of 8% YoY growth from Rs 22.9 bn in the same quarter of the previous financial year.

However, the company reported a 10% fall in profit sequentially from Rs 25.5 bn in the previous quarter.

The total revenue is Rs 153.3 bn, rising 6.4% YoY from Rs 140.2 bn in the year-ago quarter.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter were at Rs 35.21 bn, growing by 8.6%. EBITDA margins have improved by 0.4% YoY to 23.6%, which shows that even after price cuts and higher advertising spending, profitability is still healthy.

AdSpend to sales at 9.9%, back above its levels a year ago, with gross margin savings being reinvested for sales growth.

Food and refreshments grew 4.6%, led by foods, coffee and health food drinks (HFD).

Did you know that was a big underperformer? Between 2002 and 2007, the Nifty went up over 250%. In the same period, HUL was actually down 19%.

But for the next 5-year period between 2007-2012, HUL was up 97% while the Nifty being down 6.5%

HUL is the fifth-largest FMCG player by growth and largest player by market share. HUL is one of the?best FMCG stocks.

HAL, Argentina ink deal for helicopters

Hindustan Aeronautics (HAL) and the Ministry of Defence of Argentina on Thursday signed a letter of intent (LoI) on productive cooperation and acquisition of light and medium utility helicopters for the armed forces of the Argentine Republic.

The LoI was signed by Argentinian Defence Minister Jorge Taiana and C.B. Ananthakrishnan, CMD, HAL, in the presence of Francisco Cafiero, secretary of International Affairs, Ambassador Hugo Javier Gobbi, and Ambassador Dinesh Bhatia.

This is the second time a South American country has expressed interest in HAL-manufactured helicopters. It can be recalled that Ecuador had procured seven advanced light helicopters (ALH) Dhruv in two batches, five in 2009 and two in 2011, in a deal worth US$ 45.2 million (m).

However, following four crashes, Ecuador terminated its contract with HAL in October 2015. Apart from Ecuador, HAL has also exported ALH Dhruv to Mauritius and Maldives.

HAL is one of the top 5 defence companies in India.

L&T's first share buyback

Buoyed by conducive equity markets, engineering and construction behemoth Larsen and Toubro is planning to launch the first-ever share buyback offer in the company's 85-year history.

According to the company's statement on Thursday, L&T's board will meet on 25 July to consider a buyback of shares and offer a special dividend on equity shares for fiscal year 2023-24.

Typically, a company, after recording high cash flows, offers a buyback of shares to incentivize shareholders and provide a thrust to the company's stock price on the exchanges by reducing the free float.

Around five years ago, L&T had first announced a 4.29% share buyback plan worth Rs 90 bn at Rs 1,475 apiece. However, the plan had to be shelved in 2019 after the Securities and Exchange Board of India or Sebi disapproved the buyback over concerns that such a buyback could swell the company's debts.

The latest buyback proposal has come after the company turned debt-free last year.

L&T has not specified the number of shares the company is planning to buy back from its shareholders. Neither did the firm mention the mode of the share buyback.

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.?

L&T has been an?investor's favourite stock?for a long time and also a stock that makes it to the?top 5 infrastructure stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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