Daily Market Commentary - July 21, 2023 - Bonanza Portfolio

Mr. Rajesh Sinha, Sr. Research Analyst, BONANZA PORTFOLIO LTD

Taking cues from the global market, Indian market closed on a negative note, where Nifty IT was down by 4.09% on the back of Infosys and persistent system were down by 8.13%, 5.83%. Which contribute 28% and 4% in NIFTY IT.

Infosys announced a reduction in sales growth target to 1-3.5% from 4-7. The news of mega-deal announcements and a healthy pipeline was even more unexpected. Disappointed by deal successes that suggest that USD 1.5 billion was renewal and a USD 2 billion "framework" contract are not "mega deals," respectively. According to management, the firm may not receive a fair share of contracts for "outcome-oriented managed services.

For the quarter that ended in June FY24 negative operating performance caused Persistent Systems' net profit to drop 9% from the prior quarter to Rs 228.8 crore.

L&T, ONGC, NTPC, SBI, BPCL were the top gainer while losers were Infosys, Tech Mahindra, HCL Technologies, HUL and Reliance Industries.

Source : Equity Bulls

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