Equity benchmark indices settled on a mixed note in a volatile session on Tuesday amid weak trends from Asian and European markets and fresh foreign fund outflows.
The BSE Sensex declined 52.63 points or 0.07 per cent to settle at 73,953.31. The NSE Nifty closed higher by 27.05 points or 0.12 per cent to 22,529.05. Among the sectors, metal, utilities, power, and commodities settled higher while Financial services, IT, telecom, auto, and banking were the laggards.
“The domestic market experienced a sideways trend and concluded on a flat note today, halting a three-day streak of gains as cautious comments from US Fed officials weighed on investor sentiment. As the general election approaches its final stages, volatility is anticipated to remain elevated. However, despite the ongoing volatility, the market has nearly recouped the losses from the previous peak. Metal stocks saw an uptick, propelled by increasing commodity prices, while the midcap index touched a new high,” said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the key stocks to watch on May 22:
ONGC: The oil marketing company plans to increase its cumulative production of crude oil and natural gas by 20% to 47 Million Metric Tonne of oil equivalent (MMtoe) comprising about 21.8 MMT of crude oil and around 25.5 BCM of has from the current 39.45 MMtoe over the next three years.
Bharat Heavy Electricals: BHEL reported its March quarter profit of Rs 489.62 crore, down 25.6 per cent year-on-year in comparison to Rs 658.02 crore during the year-ago period. The revenue from operations stood at Rs 8,260.25 crore, marginally above the Rs 8,226.99 crore during the corresponding quarter of previous year. The company’s EBITDA stood at Rs 727.9 crore, down 30.6 per cent year-on-year.
Apollo Tyres: The tyre maker is expected to see block deals of up to 3.5 per cent equity stake on Wednesday. White Iris Investment Ptd Ltd, a subsidiary of the global private equity firm Warburg Pincus, is likely to sell its entire stake of 3.54 per cent, according to a CNBC-TV18 report.
PI Industries: The agro-chemicals company reported a 31.7 per cent YoY increase in net profit to Rs 369.5 per cent for the fourth quarter compared to Rs 280.6 crore in the year-ago period. The company’s revenue surged 11.2 per cent to 1,741 crore as against Rs 1,565.6 crore in the same quarter of previous financial year.
United Spirits: The company has received a notive to pay water charge arrears of Rs 345.45 crore from the Water Resources Department, Maharashtra. The notice has been issued by the Water Resources Department (Jalsampada Vibhag), Irrigation Division – Nanded (North), Maharashtra.
