Stock Market update: Nifty drops below 19750, Sensex loses 888 points

Stock Market update: Nifty IT and FMCG pulled the headline index lower on Friday, July 21, as did Indian market benchmarks Sensex and Nifty 50. The NSE's Nifty closed the day at 19,745 down 234.15 points, while the BSE's 30-share index finished at 66,684.26, down 887.64 points.

Trident rises after getting patent

The European Patent Office has granted Trident Limited a patent for its "Process of manufacturing a fabric with homogeneous pores." According to the company, the current invention includes a technique for creating air-rich yarn and fabric that has pores throughout the cross-section, providing Air Rich textiles and yarns with high wettability, simple drying, quick absorbency, and enhanced thickness. As the body's heat cannot easily pass through these textiles, they provide the extra benefit of keeping the body warm.

Here are the top gainers today

The biggest Nifty losers were Infosys, Tech Mahindra, HCL Technologies, HUL, and Reliance Industries, while the biggest winners were L&T, ONGC, NTPC, SBI, and BPCL. The information technology sector fell by 4%, the FMCG and metal industries both lost 1%, while the Capital Goods index increased by 1.7%. The BSE Smallcap and Midcap indices finished with no change.

Stock Market update: Persistent Systems Q1 earnings below estimates

Persistent Systems' net profit for the three months ending in June FY24 was Rs 228.8 crore, down 9% from the prior quarter due to subpar operating results. The topline for the quarter increased by 3% in both currency terms and rupees, from $282.90 million to Rs 2,321.2 crore. The entire contract value of the orders for the quarter that ended in June 2023 was $380.3 million, while the annual contract value was $271.9 million.

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