Benchmark equity indices reversed early gains and settled lower on Tuesday after a sell-off in banking and IT stocks in the last hour of the session amid a mixed trend in global markets.
The BSE Sensex declined 188.50 points or 0.25 per cent to settle at 74,482.78. The NSE Nifty closed lower by 38.55 points or 0.17 per cent to finish at 22,604.85. Among sectors, Auto and Realty were top gainers today up more than 1 per cent each. The auto index hit an all-time high of 22,634 and gained momentum on the expectation of strong April Volume data. Nifty Bank too touched a lifetime high.
“Global markets remained mixed ahead of the US FED policy meeting, as markets appear to have already factored in the slim chance of a near-term rate cut. Profit booking ensued towards a close given the sharp rally in the last couple of days and a holiday-led truncated week. Domestic initial Q4 corporate earnings forecasts were conservative; however, Nifty50 companies’ earnings till date have remained marginally better, with the exception being the IT sector, while auto and realty continue to be robust," said Vinod Nair, Head of Research at Geojit Financial Services.
Markets remained shut on Wednesday on the occasion of Labour Day.
Here are the key stocks to watch on May 2:
Adani Total Gas: The city gas distribution company has reported a net profit of Rs 168 crore in the March FY24 quarter, up 71.5 per cent compared to the year-ago period, backed by strong operating numbers due to the lower cost of natural gas. Revenue from operations increased 4.7 per cent YoY to Rs 1,167 crore for the reporter quarter.
Indus Tower: The company reported a 6.54 per cent growth in revenue to Rs 7,193 crore as against Rs 6,753 crore in the year-ago quarter. EBITDA increased 19.03 per cent to Rs 4,103 crore from Rs 3,447 crore, with margins growing by 599 basis points to 57.03 per cent from 51.03 per cent. Net profit grew 32.44 per cent to Rs 1,853.1 crore compared to Rs 1,399 crore in the corresponding period.
Ambuja Cement: The company reported revenue from operation of Rs 4,780.32 crore, up 12.31 per cent from Rs 4,256.31 crore in the year-ago quarter. EBITDA witnessed a marginal growth of 1.2 per cent to Rs 797.79 crore compared to Rs 788.26 crore in the corresponding quarter of the previous financial year. EBITDA margin fell 183 bps to 16.68 per cent from 18.51 per cent. Net profit jumped 5.94 per cent to Rs 532.29 crore as against Rs 502.4 crore. The board has recommended a final dividend of Rs 2 per share.
Godrej Group: The 127-year-old conglomerate is poised for a division into two branches within the family, with Adi Godrej and brother Nadir keeping the listed entities while cousins Jamshyd Godrej and Smita Crishna get the control of unlisted companies and the land bank, as per the pact shared with the stock exchanges on April 30. The agreement submitted to the exchanges addresses issues of Royalty, Brand Usage, and Land Bank development.
Tata Motors: The company has recorded total passenger vehicle sales of 47,983 units in April 2024, registering YoY growth of 2 per cent. Domestic sales accounted for 47,883 units, while exports accounted for 100 units out of total sales. Tata Motors’ domestic sales increased by 2 per cent in April.
