Benchmark equity indices rebounded sharply on Monday on the back of buying in banking and infra shares and a rally in global markets. The BSE Sensex jumped 941.12 points or 1.28 per cent to settle at 74,671.28. The NSE Nifty rallied 223.45 points or 1 per cent to close at 22,643.40.
Majority of the sectors ended in green with buying seen in Banking, Financials, and Oil & Gas. Banking Index is up 2 per cent at a record high after index heavyweights like ICICI Bank, Axis Bank, Indusind Bank, and HDFC Bank announced inline Q4 results, while small PSU banks reported impressive quarterly numbers.
“This week domestic equities will take cues from the US Fed meeting and economic data globally. The Volatility index India VIX rose by 12% to 12.30 ahead of these key events and back home Bank Nifty monthly derivatives expiry on Tuesday. With US Core PCE inflation steady at 2.8%, the hope is that the US Fed will provide some positive insight on rate cuts in the upcoming US Fed meeting. Nifty after witnessing a 1000 points decline at the start of the month, index has recovered smartly and it's now 133 points away from making a fresh high. We expect Nifty to continue its positive trend, on the back of a healthy earning season and macro data. Investors will watch out for European consumer Confidence data & China Manufacturing & Non-Manufacturing data on the economic front,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on April 30:
Tata Chemicals: The Tata Group Company reported a net loss of Rs 850 crore for the March 2024 quarter compared to a profit of Rs 709 crore in the year-ago period. Revenue from operations declined 21.1 per cent year-on-year to Rs 3,475 crore. The company has recognized a non-cash write-down of assets worth Rs 963 crore with respect to the UK (Lostock Plant), which has been disclosed as an exceptional loss.
Poonawalla Fincorp: The non-banking finance company (NBFC) reported an 83.6 per cent year-on-year growth in net profit to Rs 331.7 crore for the March 2024 quarter as against a net profit of Rs 180.7 crore in the year-ago period. The company’s net interest income (NII) grew by 57 per cent YoY to Rs 641 crore. Asset quality improved as gross NPA fell by 17 bps QoQ to 1.16 per cent and the net NPA fell 11 bps to 0.59 per cent.
Rail Vikas Nigam: The KRDCL-RVNL joint venture has received a letter of acceptance worth Rs 439 crore for the redevelopment of Thiruvananthapuram station.
Jana Small Finance Bank: The Bengaluru-based lender reported a 297.5 per cent YoY increase in net profit to Rs 321.7 crore for the quarter ending March 31, 2024. In the corresponding quarter, the company posted a net profit of Rs 81 crore, as per the regulatory filing. Net interest income grew by 26.5 per cent YoY to Rs 591 crore. The gross NPA declined 8 bps QoQ to 2.11 per cent and the net NPA fell 15 bps to 0.56 per cent.
NMDC: The state-owned iron ore company has increased the lump ore price by Rs 400 per tonne to Rs 6,200 per tonne and fines by Rs 200 per tonne to Rs 5,260 per tonne.
