Equity benchmark indices settled in red on Tuesday pulled by index heavyweights HDFC Bank, Reliance Industries, and ICICI Bank amid concerns over high valuations of equities.
The BSE Sensex fell by 383.69 points or 0.52 per cent to settle at 73,511.85. The NSE Nifty declined 140.20 points or 0.62 per cent to close at 22,302.50. Except for IT and FMCG, all sectors ended in red. Realty, PSU Bank, and Metals were top losers down 2-3 per cent each.
“Domestic equities are witnessing bouts of volatility despite the rally in global markets. Although Nifty opens positive, it is witnessing resistance at higher levels, indicating cautiousness among the investors with the progress of both the result season and the Lok Sabha election. We expect this volatile move to continue till the Exit poll. Hence market to remain in a broader range until clarity emerges,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here Are The Key Stocks To Watch On May 8:
Dr Reddy’s Lab: The company reported higher-than-expected net profit for March 2024 quarter at Rs 1,307 crore, up 36 per cent compared to Rs 960 crore in the year-ago period. Revenue jumped 12 per cent to Rs 7,083 crore compared to Rs 6,297 crore in the corresponding quarter of previous fiscal. In addition, the company’s board announced a final dividend of Rs 40 per share of Rs 5 each for the financial year 2023-24.
JSW Energy: The company reported a 22.4 per cent YoY growth in March 2024 quarter consolidated net profit to Rs 345.27 crore. Revenue from operations also increased to Rs 2,755.87 crore compared to Rs 2,669.97 crore in the year-ago period. EBITDA for the quarter jumped 47 per cent to Rs 1,292 crore, with an EBITDA margin of 45 per cent. The board has recommended a dividend of Rs 2 per share, subject to shareholder approval.
PB Fintech: The parent company of Policybazaar has recorded a profit of Rs 60.19 crore for the March 2023 quarter compared to a loss of Rs 9.34 crore in the corresponding quarter of previous fiscal. Revenue during the quarter increased by 25 per cent YoY to Rs 1,090 crore and premium increased by 43 per cent to Rs 5,127 crore during the same period.
CreditAccess Grameen: The microfinance lender reported a 33.9 per cent YoY rise in net profit at Rs 397 crore for the March 2024 quarter compared to Rs 296.6 crore in the year-ago period. Net interest income (NII) grew 42.3 per cent to Rs 881 crore as against Rs 619.2 crore in the corresponding quarter of FY23.
Indraprastha Gas: The company reported 16 per cent year-on-year growth in net profit to Rs 382.8 crore in the fourth quarter of FY24. Revenue fell 2 per cent to Rs 3,949 crore as the international gas prices cooled off.
