The frontline indices tanked on Friday, snapping a six-day gaining streak. The Nifty closed below the 19,750 mark. Media, PSU bank and auto stocks advanced while IT, consumer durables and FMCG shares witnessed selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex slumped 887.64 points or 1.31% to 66,684.26. The Nifty 50 index declined 234.15 points or 1.17% to 19,745. In the past six consecutive sessions, the Sensex climbed 3.33% while the Nifty advanced 3.07%.

In the broader market, the S&P BSE Mid-Cap index shed 0.26% while the S&P BSE Small-Cap index rose 0.13%.

The market breadth was negative. On the BSE, 1,615 shares rose and 1,773 shares fell. A total of 126 shares were unchanged.

New Listing:

Shares of Utkarsh Small Finance Bank closed at Rs 47.94 on the BSE, representing a premium of 91.76% compared with the issue price of Rs 25.

The scrip was listed at a price of Rs 39.95, at a premium of 59.8% as compared to the issue price.

So far, the stock has hit a high of 47.94 and a low of 37.25. On the BSE, over 151.58 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index dropped 4.09% to 29,871.05. The index slipped 4.78% in three trading sessions.

Infosys (down 8.13%), Persistent Systems (down 5.83%), Tech Mahindra (down 4.62%), Coforge (down 3.72%), HCL Technologies (down 3.49%), Wipro (down 3.1%), Tata Consultancy Services (down 2.74%), LTIMindtree (down 1.25%), L&T Technology Services (down 1.19%) tumbled.

Infosys slumped 8.13% after the IT major lowered its FY24 revenue guidance from the previous quarter's projection of 4% - 7% to 1% - 3.5% in constant currency, while maintaining the operating margin guidance at 20% - 22% for the same fiscal year.

The IT giant reported 3% decline in consolidated net profit to Rs 5,945 crore on a 1.3% increase in revenues to Rs 37,933 crore in Q1 FY24 over Q4 FY23. On a year on year basis, the company's net profit and revenues are higher by 10.9% and 10%, respectively as compared with Q1 FY23.

Persistent Systems tumbled 5.83% after the company's consolidated net profit fell 9.04% to Rs 228.77 crore in Q1 FY24 as compared with Rs 251.51 crore in Q4 FY23. Revenue from operations increased by 2.96% to Rs 2,321.18 crore in Q1 FY24 as compared with Rs 2,254.47 crore posted in preceding quarter.

Mphasis rallied 4.69%. The company reported 2.28% fall in consolidated net profit to Rs 396.05 on 3.25% decline in revenue from operations to Rs 3,252.01 crore in Q1 FY24 over Q4 FY23. As compared with Q1 FY23, the company's net profit and revenue dropped 1.5% and 4.7%, respectively. The company said that it has recorded a New TCV wins of $707 million in Q1 FY24 in Direct; of which 71% in new-gen services.

Earnings Impact:

UltraTech Cement declined 1.07%. The cement major's consolidated net profit increased 6.59% to Rs 1,688.45 crore on 16.97% jump in revenue from operations to Rs 17,737.10 crore in Q1 FY24 over Q1 FY23. Net sales grew 16.74% year on year (YoY) to Rs 17,519 crore in the quarter ended 30 June 2023.

Hindustan Unilever (HUL) slipped 3.53%. The FMCG major reported 8% rise in standalone net profit to Rs 2,472 crore on 6.53% increase in revenue from operations to Rs 14,931 crore in Q1 FY24 over Q1 FY23.

JSW Steel fell 1.53%. The steel major reported a consolidated net profit of Rs 2,338 crore in Q1 FY24, steeply higher than Rs 838 crore posted in Q1 FY23. Revenue from operations grew by 10.84% year on year to Rs 42,213 crore in the quarter ended 31 March 2023.

Hindustan Zinc skid 1.50% after the company's consolidated net profit tumbled 36.48% to Rs 1,964 crore in Q1 FY24 from Rs 3,092 crore recorded in Q1 FY23. Revenue from operations during the quarter was Rs 7,282 crore, down 22.4% year on year (YoY).

IndiaMART InterMESH surged 8.47% after the company reported 78% jump in consolidated net profit to Rs 83 crore on a 26% rise in revenue from operations to Rs 282 crore in Q1 FY24 as compared with Q1 FY23.

Meanwhile, the company will buyback share at a price of Rs 4,000 per share, payable in cash, for an aggregate amount not exceeding Rs 500 crore.

Dalmia Bharat slipped 4.93% after the company's consolidated net profit (continuing operations) tumbled 29.76% to Rs 144 crore despite of 9.75% increase in revenue from operations to Rs 3,624 crore in Q1 FY23.

United Spirits jumped 6.42% after the spirits maker's standalone net profit increased 13.3% to Rs 238.20 crore in Q1 FY24 as against Rs 210.30 crore posted in Q1 FY23. Net sales rose marginally on a year on year basis to Rs 2,171.90 crore in the quarter ended 30 June 2023.

Ashok Leyland gained 3.56%. The company reported net profit of Rs 576 crore in Q1 FY24, up by more than eight times as compared with a PAT of Rs 68 crore in the same period last year. Revenue for the quarter stood at Rs 8,189 crore as against Rs 7,223 crore in Q1 FY23, up 13.4% YoY.

Tanla Platforms surged 13% after the company's consolidated net profit jumped 34.8% to Rs 135.40 crore on 13.9% rise in revenue from operations to Rs 911.11 crore in Q1 FY24 over Q1 FY23.

South Indian Bank lost 5.33%. The company reported 76% rise in net profit to Rs 202 crore on a 34% increase in net interest income to Rs 808 crore in Q1 FY24 as compared with Q1 FY23.

Global Markets:

Most of the European shares advanced on Friday as investors digested a fresh round of corporate earnings and looked ahead to a crucial Spanish election over the weekend.

U.K. Prime Minister Rishi Sunak's Conservative Party suffered a heavy blow in a series of by-elections overnight, losing two seats in parliament to the main opposition Labour Party and centrist Liberal Democrats. The results were ominous for Sunak's ruling party as it looks ahead to a general election in 2024.

Spanish voters head to the polls on Sunday in a pivotal snap general election that could end the four-year tenure of left-wing Prime Minister Pedro Sanchez and mark a shift to the right in Europe's sixth-largest economy.

Meanwhile, Asian stocks ended mixed on Friday as investors digested Japan's consumer price index figures for June.

Japan's consumer prices rose 3.3% year-on-year in June, with the pace of inflation accelerating from the 3.2% recorded in May, government data showed Friday.

China's top currency regulator said on Friday that the country will employ more measures to support the yuan, after media reports said that the country's biggest state-owned banks had intervened in currency markets by selling dollars to support the yuan.

On the stimulus front, China's top economic planner, the National Development and Reform Commission, unveiled new measures aimed at supporting spending on automobiles and consumer electronics.

While the move points to more support for a slowing economic recovery in the country, increased liquidity also heralds more pressure on the yuan.

In US, the S&P 500 and Nasdaq fell on Thursday, weighed down by drops in Tesla and Netflix following their quarterly results, but the Dow advanced for a ninth straight day thanks to gains in Johnson & Johnson following a strong annual forecast.

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