Equity benchmark indices ended sharply lower after a volatile session on Friday as investors reduced exposure to tech, capital goods, and telecom stocks. Selling in index heavyweights including Reliance Industries, L&T, and HDFC Bank counters also pulled the indices down.
The BSE Sensex dropped 732.96 points or 0.98 per cent to settle at 73,878.15. The NSE Nifty also fell 172.35 points or 0.76 per cent to close at 22,475.85.
Except for metal, all other sectoral indices ended in the red with capital goods, oil & gas, realty, telecom, and PSU Bank down 1 per cent each.
On a weekly basis, the Sensex climbed 147.99 points or 0.20 per cent and the Nifty advanced 55.9 points or 0.24 per cent.
"Profit booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside. Though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FII's exposure to the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the key stocks to watch on May 6:
Kotak Mahindra Bank: The private sector lender reported an 18.22 per cent YoY jump in its standalone net profit to Rs 4,133.30 crore for the quarter that ended March 2024. Its net interest income (NII) rose 13 per cent YoY to Rs 6,909 crore. Net interest margin (NIM) during the quarter rose 5.28 per cent compared to 5.22 per cent in the December quarter of FY24. The bank’s GNPA fell to 1.39 per cent in the March quarter as against 1.78 per cent in the year-ago quarter. Net NPA stood at 0.34 per cent compared to 0.37 per cent in the year-ago period.
Avenue Supermarts: The parent company of retail chain DMart reported a 22 per cent YoY jump in net profit to Rs 563.1 crore in March 2024 quarter compared to Rs 460.1 crore in the year-ago period. Revenue from operations grew 20 per cent to Rs 12,726 crore during the reported quarter compared to Rs 10,594 crore in the corresponding quarter of previous fiscal. EBITDA for March quarter stood at Rs 944 crore and EBITDA margin came in at 7.4 per cent.
Titan: The jeweller and watchmaker reported a standalone net profit of Rs 786 crore for the March quarter, up 7 per cent from Rs 734 crore in the year-ago period. The company’s revenue stood at Rs 10,047 crore, up 17 per cent compared to Rs 8,553 crore in the year-ago quarter. EBITDA for the quarter grew 6 per cent YoY to Rs 1,109 crore. EBITDA margins declined by 90 bps YoY to 9.9 per cent. The board has recommended a dividend of Rs 11 per equity share.
Ujjivan Small Finance Bank: The RBI has approved the appointment of Sanjeev Nautiyal as the Managing Director and Chief Executive Officer of Ujjivan Small Finance Bank from July 1 for a period of three years. Currently, Nautiyal is the independent director of the Life Insurance Corporation of India (LIC) and advisor to various organisations. He retired as the Deputy MD of the State Bank of India (SBI).
Britannia: The FMCG major reported a drop of 3.2 per cent in consolidated net profit to Rs 538.28 crore in the March quarter compared to Rs 558.66 crore in the year-ago period. Revenue from operations rose 3 per cent to Rs 4,014.07 crore as against Rs 3,892.02 crore in the corresponding quarter of previous fiscal. The company’s board recommended a final dividend of Rs 73.5 crore per share for FY24.
