Top 5 stocks of the day: Among the biggest gainers on the Nifty 50 index for the day were ITC, Kotak Bank, ICICI Bank, Dr. Reddy’s, and Cipla, while RIL, Infosys, UltraTech Cem., HCL Tech, and Bajaj Finserv finished in the red. After a slow start on Thursday, benchmark equity indices reached all-time highs. The Sensex increased by 474.46 points to close at a new record high of 67,571.90, while the Nifty closed at its previous high of 19,979.15. The rupee in India finished 10 paise higher. Today’s global markets were divided as worries about China’s economy outweighed hopes that central banks will soon stop raising interest rates.
L&T Tech’s FY24 revenue growth
L&T Technology Services’ stock fell 1.6% as a result of investors’ dissatisfaction with the mid-cap IT company’s June quarter (Q1FY24) earnings results. Similar to its competitors, LTTS’ Q1 revenues were significantly impacted by a decision-making lag and seasonal effects on its Smart World and Communication (SWC) division. The management of LTTS stated in a post-earnings conference that the decision-making process had improved in June and July, giving management confidence in potential growth acceleration from Q2FY24.
Top 5 stocks of the day: TCS, HCL Technologies, 13 other stocks
Acknit Industries Ltd., John Cockerill India Ltd., Duncan Engineering Ltd., Fortis Healthcare Ltd., GPT Infraprojects Ltd., Graphite India Ltd., HCL Technologies Ltd., Kanco Tea & Industries Ltd., MRF Ltd., Natural Capsules Ltd., Novartis India Ltd., Oriental Carbon & Chemicals Ltd., Rossell India Ltd., Tata Consultancy Services Ltd., and Weizmann Ltd.
Asian markets mixed
Thursday’s trading on Asian markets is uneven as US stock futures declined in early trading, partly due to the disappointing results provided by businesses like Tesla and Netflix. While Australian equities markets remained largely constant, those in Japan experienced a dip.
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