Indian share market today: Nifty ends flat as poor TCS Q1 earnings, weak global cues hurt sentiments; check top gainers and losers
Share Market Today In India
Nifty started the week on a flat note as Tata Consultancy Services dragged down technology companies after posting weak results last week. Rising covid cases in China and Rupee slumping to fresh lows also hurt sentiments. Nifty closed 5 points lower at 16,216. Among sectors, auto, metal, oil & gas, realty and power indices rose 1-4 percent, while IT index shed nearly 3% today.
Top Gainers and Losers in the Indian Stock Market Today
Bharti Airtel sank 5%: Bharti Airtel shares plunged after reports that Adani Group may enter the telecom space, which may lead another round of disruption in the market.
HCL Tech cracked 4%: HCL Tech share price fell amid caution ahead of the company's Apr-Jun 22 earnings scheduled to be reported tomorrow. Analysts expect a lacklustre set of numbers amid recession in the IT sector.
Tech Mahindra fell 2%: Tech Mahindra shares fell after global brokerage firm Jefferies downgraded the stock to 'Hold' with a target price of Rs 1,070 citing lower margins due to recession.
Wipro slipped 2%: Wipro shares declined 2% after global brokerage firm Jefferies downgraded the shares to 'underperform' and slashed the target price to Rs 360 from Rs 545.
KPIT Tech fell 1%: KPIT Tech share price dropped 1% after the country's largest IT firm TCS reported below par numbers in Q1, leading to caution among investors.
Tata Motors dropped 1%: Tata Motors fell 1% after analysts noted that the company's UK-based subsidiary, Jaguar Land Rover continues to be plagued by semiconductor shortages.
Happiest Minds up 1%: Happiest Minds share rose 1% after the company announced a strategic partnership with CloudFabrix's Robotic Data Automation Fabric (RDAF) for AI operations.
Dmart gained 1%: Avenue Supermarts share jumped 1% after the company reported a 6-fold jump in net profit to Rs 680 cr in Apr-Jun 22 period.
Ashok Leyland up 1%: Ashok Leyland rose 1% after Emkay Global retained a Buy rating on the stock with a target price of Rs 178.
Reliance Industries climbed 1%: RIL share price rose 1% as investors cheered the company's retail push strategy. Reliance retail’s revenue has grown five times in the last five years, noted Bernstein.
Asian Paints rose 2%: Asian Paints share price gained 2% after ICICI Direct retained a Buy call on the stock with a target price of Rs 2,895.
Paytm gained 2%: Paytm share price rallied 2% after the company reported a 9x jump in loan disbursals to Rs 5,554 crore in Apr-Jun 22 period.
Coal India gained 2%: Coal India rose 2% after the company reported a strong 65% rise in capex to Rs 3,034 cr in Apr-Jun 23 quarter, reflecting strong demand.
ICICI Bank ended 2% higher: ICICI Bank share price extended gains from the previous week after positive brokerage calls citing improved financial outlook in upcoming quarters.
Vedanta closed 2% higher: Vedants share price rose after the company said last week that it will acquire Athena Chhattisgarh Power for Rs 564.67 crore.
M&M closed 3% up: M&M shares jumped to trade near a 52-week high after Its EV business got Rs 1,925 Cr investment on Friday.
Tata Steel ended 3% up: Tata Steel rallied 3% after the company fixed July 29th as the record date for a share-split. ICICI Securities has retained a Buy rating on the stock with a target price of Rs 1,045.
ONGC rallied 3%: ONGC rose 3% after the state-owned company won three blocks of the eight blocks offered for exploration and production of oil and gas in the OALP 7th bid round.
What happened in the Indian stock market today?
Markets started the week on a flat note with Nifty at 16,216 mark.
Which sector gained and which lost?
All sectoral indices ended flat to positive except Nifty IT (down 3%).
Any stock specific action?
Bharti Airtel down 5% as Adani Group plans to enter into the telecom sector.
Any important macro update?
Indian rupee ended at a fresh record closing low at 79.43 per dollar.