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POST-MARKET REPORT
Indian benchmark indices fell significantly on Friday, dragged down by a drop in the heavyweight shares of Reliance Industries, as investors booked profits from the day’s high.
At close, the Sensex was down 732.96 points or 0.98 percent at 73,878.15, and the Nifty was down 172.35 points or 0.76 percent at 22,475.80.
Gainers and Losers on Nifty
16 out of the 50 stocks on the Nifty 50 were in the green. Coal India, Grasim Industries, Dr Reddy’s, ONGC, and ApolloHospitals Enterprises, were the top gainers, while Larsen & Toubro, Maruti Suzuki India, Bharti Airtel, Nestle India, and Reliance Industries, were the top drags.
Gainers and Losers on Sensex
Only six stocks, Bajaj Finserv, Bajaj Finance, Mahindra & Mahindra, Infosys, ICICI Bank, and Wipro, out of the 30 on the BSE Sensex were in the green, while Larsen & Toubro, Maruti Suzuki India, Bharti Airtel, JSW Steel, and Nestle India, were the top losers.
Sectoral indices performance
Apart from the Healthcare index, which was up marginally by 0.03%, all other sectoral indices were trading in the red. The Realty, Auto, IT, Bank, and Media indices were the top losers, shedding 1.01%, 0.90%, 0.82%, 0.73%, and 0.69%, respectively.
Broader market indices performance
The broader market was trading in a sea of red, with the BSE MidCap down 0.21% and the BSE SmallCap down 0.51%.
STOCKS TODAY
Bharat Forge: Bharat Forge stock fell nearly 2 percent after class 8 truck orders in the North American regions plunged to a nine-month low in April. Figures show that North America Class 8 truck orders declined 18 percent month-on-month in April to the lowest level since July 2023. Total class 8 truck orders in North America fell to 14,400 units in April, lower than the 18,200 units clocked in March.
Coal India: Coal India stock shot up 4 percent despite the company missing Q4 earnings as the brokerage kept their ‘buy’ calls. Brokerages reason that coal will remain as the dominant fuel in the foreseeable future even as the world is trying to switch to renewable energy.
CEAT: Shares of CEAT plunged 2 percent after the company reported lackluster results. The tyre maker reported a 23 percent year-on-year decline in its consolidated net profit at Rs 102 crore for the fourth quarter ended March 2024 on higher rubber costs, new regulation on extended producer responsibility (EPR) liability.
Godfrey Phillips: Shares of Godfrey Phillips surged 2 percent after the company signed an agreement with Ferrero India Pvt. Ltd for the distribution and resale of select sweet-packaged food products manufactured by Ferrero through select channels.
Hindustan Zinc: Hindustan Zinc stock rallied 9 percent, extending its winning streak for seven days ahead of the expected dividend announcement from the company. Earlier, the company said in a notice to exchanges that it will announce dividends on May 7, with a record date fixed on May 15. In FY24 so far, it has declared Rs 7 per share in July 2023 and Rs 6 per share in December 2023, totaling around Rs 5,493 crore.
Ajanta Pharma: Shares of Ajanta Pharma surged over 6 percent after the company reported stellar earnings in the Mach quarter and announced buyback plans. Through the buyback, the drugmaker will repurchase up to 10.28 lakh equity shares or 0.82 percent of the total outstanding shares of the company. The buyback price is fixed at Rs 2,770, offering a 24.5-percent premium to the stock’s previous close. The company will spend Rs 285 crore to carry out the share buyback.
Rane Brake Linings: Shares of Rane Brake Linings surged 20 percent and got locked in the upper circuit after the company’s strong performance in the fourth quarter. The company’s Q4 net profit increased by 28 percent to Rs 15.4 crore. The company’s revenue rose to Rs 186.7 crore from Rs 165.8 crore in the previous year.