Winning Bizness Desk

Mumbai. In the last concluded week, the market was bullish for 6 consecutive days, however, on the last day of trading, the stock market fell sharply. Some of the biggest companies in the stock market have announced their results for the June quarter and the performance of several big companies was found not very good and resultantly it led to a negative impact on the market. Weak global cues and selling by domestic institutional investors also affected the market transactions. Both Sensex and Nifty 50 fell over 1.5 percent intra-day. Apart from stocks in some sectors including PSU banks, media and realty, others are under selling pressure. However, according to stock market analysts, the Nifty index showed a rise of 1100 points in the last 15 days of trading. Therefore, the thrust of profit recovery was seen today. Analysts also said that this decline was as per the expectations.

Big blow from Infosys

Infosys gave the biggest shock to the market as the June quarter results did not go well for this IT giant. The company indicated a reduction in revenue guidance for this financial year. As a result, the share price of Infosys fell by almost 10 percent and obviously this decline in Infosys also affected the stock market. However, long-term investors can take advantage of this decline by buying. Market experts have predicted that Infosys could touch a new high in 18 to 24 months. Last year, on December 1, 2022, the share price of Infosys was at a record high of Rs 1672.45.

Reliance & HUL also disappointed

Sensex and Nifty 50 are heavily relied upon. Reliance has spun off its financial services unit, which has now resulted in a three per cent drop in Reliance's share price. Apart from this, shares of Hindustan Unilever Ltd (HUL) also fell today on June quarter results. Its sales rose just 3 percent in the June quarter. Its effect was reflected in the share price. Besides on the global front, Shares of HUL fell more than three percent. On July 20, after a 40 percent rally this year, the Nasdaq posted its steepest decline since March. The Nasdaq was rocked by a sharp fall in shares of tech giants like Tesla and Netflix after their quarterly results. Now it is showing a declining trend worldwide. Japan's stock market index Nikkei fell 0.6 percent. Shares of China's blue chip companies fell 0.2 percent. Hong Kong's Hang Seng index rose 0.4 percent.