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In the past two weeks of the final quarter and full fiscal 2024 earnings announcements, most IT majors failed to meet their revenue growth guidance. Many downward revisions for the year ahead were seen despite most firms bagging large deals and sitting on an arsenal of historic total contract value (TCV) wins.
A long build-up was seen in 65 stocks, including Hindustan Copper, Sun TV Network, Biocon, Granules India, and Dixon Technologies.
Stocks such as Aditya Birla Fashion, SAIL, Container Corp and Biocon were among the top gainers on Nifty 200 during this week.
The 30-share BSE benchmark Sensex declined 609 points or 0.82% to settle at 73,730. The broader NSE Nifty dropped 150 points or 0.67% to end at 22,420. The market breadth was, however, skewed in the favour of the bulls. About 1,996 stocks gained, 1,784 declined, and 133 remained unchanged on the BSE.
Maruti Suzuki India, HCL Technologies, Bajaj Finserv, SBI Life Insurance Company and Shriram Finance would be announcing their quarterly earnings later today.