HUL's revenue growth of 6 per cent YoY was below our expectations, HDFC Securities said in a report. HUL is down 3 per cent in trade on Friday.

Domestic volume growth, at 3 per cent, was below our estimate. We note volume growth was impacted as trade reduced stock levels (1-3 days) in lieu of price cuts. In home care, fabric wash grew in double digits, led by the premium portfolio while household care too grew in double digits (volume-led), driven by outperformance in dishwash, the report said.

Further price reduction taken in soaps. Hair care registered mid-single digit volume-led growth, while skincare/oral care grew in double digits.

On Infosys, Motilal Oswal Financial Services said the FY24 guidance reset will impact near-term stock view. Infosys reported 1QFY24 revenue at USD4.62b, up 1.0 per cent QoQ in CC terms with 20 bps QoQ decline in operating margin. While on a negative surprise, the company has sharply lowered its FY24 revenue growth guidance to 1.0-3.5 per cent YoY CC from 4.0-7.0 per cent YoY CC earlier.

The substantial cut in the guidance is majorly attributed to lower-than-expected volume and discretionary spends, delays in decision-making and push-outs in anticipated mega deals, the report said.

"We lower our below-guidance FY24 estimates (earlier at 3.8 per cent YoY CC) by 120bp despite the 325bp cut in guidance at the mid-point, to take into account the weaker demand commentary and project delays," the report said.

Infosys is down more than 7 per cent in trade with the BSE Sensex extending losses to more than 800 points.

V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said even though Nifty is at kissing distance of the psychological 20,000 mark, Infosys can turn out to be the slip between the cup and the lip. Infosys' poor guidance of 1 to 3.5 per cent revenue growth guidance for FY 24 will drag the stock down and, perhaps, Nifty with it since Infosys has a 5.9 per cent weightage in the index.

The lacklustre performance of HUL with a meagre  3 per cent volume growth in Q1 can be another drag on the market. However, the relentless FPI flows, which are overwhelming everything else now, have the potential to take the Nifty to 20,000 level soon. Nifty Bank can provide support to the rally, he said.

Barring the US, India is the most expensive market in the world now, Vijayakumar added. At high valuations, some negative triggers can lead to sharp correction. But in the near-term the party may continue.