The Indian stock market is experiencing a bearish day as the Sensex dropped 738 points to 80,604.65 while the Nifty 50 fell below the 24,600 and currently trading at 24,530.90 down 1.09%. This retreat comes after both indices hit fresh highs earlier in the session. The Nifty 50 day range ranged from 24,508.15 low to 24,854.80 with the latter marking a new 52-week high. Similarly the BSE Sensex traded between 80,499.10 and 81,587.76.

Nifty 50 Index: TradingView

Despite the drop, the market analysts suggested that the Nifty’s near-term uptrend remains intact with potential to reach 24,900 in the coming days. This volatility coincides with the ongoing earnings season with 160 out of 4,414 companies having reported their Q1 FY24-25 results so far showing an average revenue growth of 8.28% and net profit increase of 10.26% year-over-year. Let’s look at some of the latest reports.

Wipro reported a mixed bag for Q1 FY24-25 with revenue declining 3% to Rs. 21,964 crore but net profit rising 5% to Rs. 3,041 crore. The stock closed trading at Rs. 557.20 down 2.79%.

JSW Steel faced challenges in Q1 with revenue marginally increasing by 1% to Rs. 42,943 crore while net profit plummeted 64% to Rs. 879 crore. The stock closed down 4.51% at Rs. 889.45.

BPCL’s Q1 results showed flat revenue growth at Rs. 113,095 crore but a significant 75% drop in net profit to Rs. 2,462 crore. The stock closed trading lower by 4.51% at Rs. 303.80.

Indian Hotels reported positive Q1 results with a 5% increase in revenue to Rs. 1,550 crore and a 10% rise in net profit to Rs. 234 crore. However the stock closed slightly down by 0.76% at Rs. 577.90.

Atul demonstrated solid growth in Q1 with revenue up 11% to Rs. 1,322 crore and net profit increasing 9% to Rs. 109 crore. The stock closed trading at Rs. 6,948.20 down 2.47%.

Infosys which reported on July 18 showed steady growth with a 3% increase in revenue to Rs. 39,315 crore and a 7% rise in net profit to Rs. 6,374 crore. The stock closed up 1.99% at Rs. 1,792.95.

Havells India posted strong Q1 results with a 20% jump in revenue to Rs. 5,806 crore and a 42% increase in net profit to Rs. 408 crore. Despite this the stock closed down 5.05% at Rs. 1,768.50.

L&T Technology reported modest growth with revenue up 7% to Rs. 2,462 crore and net profit marginally higher at Rs. 314 crore. The stock closed slightly higher at Rs. 4,880.10 up 0.62%.

Tata Communications saw an 18% increase in revenue to Rs. 5,633 crore but an 11% decline in net profit to Rs. 330 crore. The stock is down 4.39% at Rs. 1,788.40.

Tata Technologies reported impressive growth with revenue up 11% to Rs. 721 crore and a significant 500% jump in net profit to Rs. 480 crore. However the stock is trading lower by 1.18% at Rs. 997.20.