The Indian stock market rose upwards riding high on Infosys' gains on Monday, 15th July when the markets re-opened after the weekend closing. The Indian Information Technology (IT) conglomerate not only posted quarterly highs but also received a boost in the forecasting of its revenue.
The Bombay Stock Exchange (BSE) rose by around 0.41 per cent to close the day at 38,896.71. The National Stock Exchange (NSE) rose by around 0.31 per cent to close the day at 11,588.35. Infosys' shares gained a massive 7.2 per cent, their highest gain in almost four years.
However, not all companies encountered the bull and were left to contend with the bear. One such company was the Dewan Housing Finance Corporation Ltd's (DHFL) shares tanked by as much as 29. 2 per cent on Monday. The company's shares fell after issued a warning it would not be able to sustain operations for long, on the back of posting a loss for the quarter ended March 2019.
This was DHFL's worst dip in almost 10 years. Another finance corporation and a direct competitor to DHFL, Indiabulls Housing Finance also suffered a loss in the stock market, losing 4.1 per cent of its share value. This gain comes as a counterpoint to the dip in the projections of the Indian corporate sector that had, according to newly-released market analysis, slumped to near-three-year lows.