Benchmark equity indices settled flat in yet another range-bound session on Wednesday after selling in private bank and IT shares amid weak Asian markets and continuous foreign fund outflows.
The BSE Sensex fell 45.46 points or 0.06 per cent to settle at 73,466.39. The NSE Nifty remained unchanged at 22,302.50. On the sectoral front, On the sectoral front, IT, Banking, and Tech were down while energy, industrials, utilities, auto, metal, power, and services were among the gainers.
"The Indian market echoed subdued investor sentiments akin to those of its Asian peers, and on worries about declining voter turnout. Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to be moderating. A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25," said Vinod Nair, Head of Research at Geojit Financial Services.
Here Are The Key Stocks To Watch On May 9:
Tata Power: The company reported 15 per cent year-on-year growth in its consolidated net profit to Rs 895 crore for March 2024 quarter compared to Rs 778 crore in the year-ago period. Revenue from operations also surged by 27% YoY to Rs 15,846 crore for the reported quarter. The board has recommended a final dividend of Rs 2 per share for the fiscal ended March 2024.
Reliance Industries: The company has acquired a 100 per cent stake in Reliance Chemicals and Materials (RCML) from Reliance Projects & Property Management Services for an aggregate consideration of Rs 314.48 crore.
TVS Motors: The two-wheeler manufacturer announced a standalone net profit of Rs 485 crore for the quarter ended March 2024, up 18 per cent YoY compared to Rs 410 crore in the year-ago period. Revenue from operations stood at Rs 8,169 crore, a growth of 24 per cent against Rs 6,605 crore reported in the corresponding quarter of the previous financial year.
BSE: The stock exchange reported a net profit of Rs 107 crore for the quarter ended March 31, 2024, up 18 per cent compared to Rs 91 crore in the year-ago period. Consolidated revenue from operations for the quarter increased 115% YoY to Rs 488.37 crore as against Rs 227 crore in the year-ago quarter. The company’s board of directors recommended a final dividend of Rs 15 per equity share.
Home First Finance: The affordable housing financier reported a 30.5 per cent YoY increase in net profit to Rs 83.5 crore in the March 2024 quarter compared to Rs 64 crore in the year-ago period. The company’s revenue increased 37.9 per cent to Rs 3,127.6 crore over Rs 2,268.4 crore in the year-ago period.
