Equity benchmark indices touched new lifetime highs before closing marginally down on Monday as investors booked profits at record levels amid high volatility ahead of the results of Lok Sabha polls.
The BSE Sensex hit the 76,000 level for the first time while Nifty hit a new lifetime peak of 23,110.80 during the day. The Sensex fell 19.89 points or 0.03 per cent to close at 75,390.50. The Nifty declined by 24.65 points or 0.11 per cent to settle at 22,932.45.
"The bulls are facing stiff resistance at 23,000 levels as investors start booking profit at higher levels to avoid any knee-jerk reaction in the market ahead of the election result. Better earnings growth, the expectation of a revival in private capex, and a moderation in FIIs selling intensity are the key positive triggers in the market. The release of India's Q4 GDP and US inflation figures this week will also influence investors to get a direction in the near term," said Vinod Nair, Head of Research, Geojit Financial Services.
Here are the key stocks to watch on May 28:
Life Insurance Corporation: The insurance behemoth reported a 2 per cent growth in net profit to Rs 13,763 crore for the March 2024 quarter compared to Rs 13,763 crore in the year-ago period. The company’s income increased to Rs 2,50,923 crore, up from Rs 2,00,185 crore in the corresponding quarter of last financial year.
Concord Biotech: Ontario Inc is planning to sell 3.4 per cent of the total equity it owns in Concord Biotech through a block deal. The stake is valued at Rs 468.4 crore and is being offered at a floor price of Rs 1,320 per share. Citigroup is the only book runner for the transaction. The strategic sale includes a 90-day lock-in for the remaining stake.
Adani Energy Solutions: The Adani Group company has announced plans to raise Rs 12,500 crore through a qualified institutional placement (QIP) or other permissible methods, in one or more tranches. The capital-raising plan was approved during the company’s board meeting on Monday, May 27.
NALCO: The state-owned aluminium company reported a two-fold increase in consolidated profit to Rs 996.74 crore for the March 2024 quarter, compared to Rs 495 crore in the year-ago period. The consolidated revenue during the quarter slipped to Rs 3,663.09 crore from Rs 3,726.76 crore in the corresponding quarter of the previous fiscal.
NMDC: The state-run company reported a 37.8 per cent year-on-year decline in net profit to Rs 1,412.7 crore for the March 2024 quarter compared to Rs 2,271.5 crore in the year-ago period. The company’s revenue increased 10.9 per cent to Rs 6,489.3 crore compared to Rs 5,851.4 crore in the corresponding quarter of the previous fiscal.
