Equity benchmark indices rallied for the fifth straight session on Thursday, with the Sensex reclaiming the 74,000 mark, led by heavy buying in banking, financial, and metal stocks.
The BSE Sensex climbed 486.50 points or 0.66 per cent to settle at 74,339.44. The NSE Nifty advanced 167.95 points or 0.75 per cent to close at 22,570.35.
"The market breadth was strong, with oil prices correcting due to easing conflict in the Middle East and weakening US demand. The domestic broader market was buoyed by the PMI data, with an improvement in discretionary spending. Further, the RBI's regulatory ecosystem on private banks led the PSU banks to outperform. The global market largely traded on a mixed note and is now focused on earning reports, with initial reports suggesting a disappointing outlook for technology stocks, which led to the US yield inching higher," said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the key stocks to watch on April 26:
Tech Mahindra: The IT services major reported a consolidated net profit of Rs 661 crore for the quarter ended March FY24, rising 29.5 per cent compared to the previous quarter despite a weak topline, boosted party by other income. Revenue from operations fell by 1.8 per cent QoQ to Rs 12,817.3 crore. Dollar revenue increased by 1.6 per cent and constant currency revenue reduced by 0.8 per cent on a sequential basis. The board has recommended a final dividend of Rs 28 per equity share for FY24.
Bajaj Finance: The non-banking finance company (NBFC) reported 21 per cent year-on-year growth in net profit to Rs 3,825 crore, compared to Rs 3,158 crore in the corresponding quarter last year. Total income on the consolidated basis for the March quarter of FY24 stood at Rs 14,932 crore.
IndusInd Bank: The private sector lender has reported a 15 per cent year-on-year growth in standalone net profit at Rs 2,347 crore for the March 2024 quarter, driven by lower provisions for bad loans and higher pre-provision operating profit. Net interest income (NII) grew 15,1 per cent YoY to Rs 5,376.44 crore for the quarter. Asset quality remained stable as the gross NPA and net NPA were unchanged at 1.92 per cent and 0.57 per cent for the quarter compared to the previous quarter.
L&T Technology Services: The engineering services company reported a marginal 0.2 per cent increase in net profit for the March quarter, amounting to Rs 340 crore. Over FY24, the company witnessed a 7.6 per cent growth in net profit to Rs 1,303.7 crore. The company’s revenue expanded by 7 per cent to Rs 2,537.5 crore, an increase of 5% compared to the previous quarter.
IndiGo: India’s largest budget carrier has placed an order for 30 firm Airbus A350-900 aircraft for further expansion of its network. The aircraft will be powered by Rolls-Royce’s Trent XWB engine. Currently, IndiGo operates over 350 aircraft. In addition, the company has purchase rights for an additional 70 Airbus A350 Family aircraft.
