Dalal Street went bearish; Benchmark indices ended lower after RBI’s announcement; Major Sectoral indices closed in red except for Realty, IT, and FMCG indices


Indian benchmark indices closed in the red on Monday, following the RBI’s announcement proposing more stringent regulations to govern the lending to projects that are currently under implementation.

The Sensex was up 17.39 points or 0.02 percent to close at 73,895.54, and the Nifty was down 33.15 points or 0.15 percent to end at 22,442.70.

Gainers and Losers on Nifty

Half of the stocks on the Nifty 50 were in the red. Titan, Adani Enterprises, BPCL, SBI, and Coal India were the top drags, while Britannia, Kotak Mahindra Bank, TCS, Hindustan Unilever, and Mahindra & Mahindra were the top gainers.

Gainers and Losers on Sensex

13 out of the 30 stocks on the Sensex were in the red. Titan, SBI, NTPC, Power Grid Corp., and Bajaj Finserv, were the top drags, while Kotak Mahindra Bank, TCS, Hindustan Unilever, Sun Pharma, and Mahindra & Mahindra were the top gainers.

Sectoral indices performance

The PSU Bank index was down 3.59%, followed by the Consumer Durables and Oil & Gas indices, which were down 2.48% and 1.73%, respectively. The Media index was down 1.94%.

Among gainers, the Realty index was up 2.84%, while the IT and FMCG indices were up index 0.95% and 0.73%, respectively.

The Health and Pharma indices were trading in the green, while the Bank and Financial Services indices were in the red.

Broader market indices today

The broader indices also witnessed major selling pressure due to valuation concerns and profit booking. The broader market indices closed in red, with the BSE SmallCap losing 0.94%, and the BSE MidCap down 0.87%.


Anup Engineering: Shares of Anup Engineering zoomed 12 percent after the company recorded robust earnings in Q4. The company’s net profit for Q4 surged 47 percent to Rs 28.6 crore. Revenue also rose 9 percent YoY to Rs 156.9 crore in the quarter gone by, aided by a strong order backlog, which was up 62 percent. Brokerage firm ICICI Securities believes the robust order backlog of the company is ensuring strong growth prospects for the company going ahead.

Zen Technologies: Zen Technologies stock fell 5 percent and got locked in a lower circuit despite the company reporting robust results in Q4. Zen Technologies Chairman and Managing Director Ashok Atlur told CNBCTV18 that the company may see a decline in EBITDA margin for the full financial year. Atluri expects an EBITDA margin of 35 percent for the current financial year, compared to the 43 percent margin it reported for the full year.

Tata Technologies: Shares of Tata Technologies plunged 3 percent after the company reported underwhelming results in Q4. The company’s net profit for the March quarter fell around 8 percent on a sequential basis to Rs 157 crore as against Rs 170 crore a quarter ago. The drag on the bottom line was on account of muted revenue growth and lower other income due to a one-time deferred tax asset write-back.

Britannia Industries: Britannia Industries stock jumped 6 percent even after the company’s net profit fell more than expected. The company saw some market share revival as a result of the pricing action taken to remain competitive and higher investments in brands supported by distribution expansion.

Force Motors: Shares of Force Motors gained 2 percent a day after the company announced healthy sales in April. Force Motors’ small and light commercial vehicle and utility vehicle sales surged over 36 percent to 2,268 units in April, the company stated in a regulatory filing.

Blue Dart: Blue Dart stock rallied 5 percent after the company’s in-line results for the quarter ended March 2024 left analysts impressed, prompting them to retain a ‘buy’ rating on the stock. Blue Dart is the market leader in India’s air express market with a 54 percent plus share and analysts believe that the company’s structural turnaround story is intact and current transitory issues are on the brink of fading out.