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POST-MARKET REPORT
Indian benchmark indices Sensex and Nifty climbed to their respective all-time highs on Thursday, continuing their positive run for the second day running.
At close, the Sensex was up 1,196.98 points or 1.61 percent at 75,418.04, and the Nifty was up 369.90 points or 1.64 percent at 22,967.70.
Gainers and Losers on Nifty: Only Seven stocks, Sun Pharma, Power Grid Corp., Hindalco Industries, Coal India, NTPC, Tata Consumer Products, and JSW Steel, out of the 50 on the Nifty 50 were trading in the red, while Adani Enterprise, Adani Ports & SEZ, Larsen & Toubro, Maruti Suzuki India, and Axis Bank were the top gainers.
Gainers and Losers on Sensex: Only four stocks, Sun Pharma, Power Grid Corp., NTPC, and JSW Steel, were trading in the red, while Larsen & Toubro, Mahindra & Mahindra, Maruti Suzuki India, Axis Bank, and UltraTech Cement, were the top gainers.
Sector Indices today: Barring Healthcare and Pharma indices, which were down 0.77% and 0.55% respectively, all other sectoral indices were trading in the green. The Bank and Auto indices had rallied more than 2%, while Financial Services, IT, Realty, Consumer Durables, and Oil & Gas indices had climbed more than 1%. FMCG, Media, and Metal indices were also trading in the green.
Broader market indices today: The broader market indices had climbed higher, with the BSE MidCap index gaining 0.57% and the BSE SmallCap gaining 0.27%.
STOCKS TODAY
Sun Pharma: Shares fell 3 percent after the company guided for high single-digit annual revenue growth for FY25, prompting concerns over earnings growth moderation amidst a spike in R&D expenses. The pharma major’s full-year FY24 gross sales were up 10.4 percent over the previous year and adjusted net profit was up 16.5 percent.
Deepak Nitrite: Shares slipped over 5 percent, extending losses from the previous session as brokerages retained their bearish perspective on the company. The firm reported an 8.5 percent on-year rise in net profit at Rs 253.85 crore for the March quarter, accounting for a Rs 51.6 crore gain from extraordinary items. However, discounting the exceptional item which was towards claims from an insurance company, the net profit fell 14 percent on-year for the quarter.
Garden Reach Shipbuilders: Shares surged 19 percent as investors cheered the company’s robust fourth-quarter results. In Q4, the company’s revenue crossed Rs 1,000 crore, marking an increase of 69 percent compared to the year-ago quarter. The company’s net profit also doubled to Rs 112 crore during the quarter on an annual basis.
Power Grid: State-run Power Grid shares plunged over 2 percent as the Street digested the public-sector power major’s weak earnings report. The power major reported a 3.6 percent fall in net profit for the March quarter, at Rs 4,166 crore compared to Rs 4,323 crore during the year-ago period.
Lupin: Lupin shares traded 5 percent lower on worries of increased competition for its Albuterol Sulfate inhalation aerosol in the US market. The concerns stem from US-based Amphastar getting a USFDA nod for Albuterol Sulfate. The player could slash prices by up to 10-25 percent to gain market share, analysts said.
Cochin Shipyard: PSU multi-baggers Cochin Shipyard jumped more than 16 percent in trade, surging over 50 percent over the past month. The shipbuilding firm is set to announce its quarterly earnings show on May 24, 2024.