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POST-MARKET REPORT
Indian benchmark indices surged for the fifth straight session on Thursday, following a raft of positive earnings reports from companies.
At close, Sensex was at 74,339.44, up 486.50 points, or 0.66% while the Nifty 50 was up 167.95 points, or 0.75% at 22,570.35.
Gainers and Losers on Nifty
Nine stocks out of the 50 on the Nifty 50 were in the red. Kotak Mahindra Bank, LTIMindtree, Hindustan Unilever, SBI Life, and Titan, were the top drags, while Axis Bank, SBI, Dr Reddy’s, JSW Steel, and Hero MotoCorp, were the top gainers.
Gainers and Losers on Sensex
Five stocks, Kotak Mahindra Bank, Hindustan Unilever, Titan, Bajaj Finance, and Asian Paints, out of the 30 on the Sensex were in the red, while Axis Bank, SBI, JSW Steel, Nestle India, and Mahindra & Mahindra, were the top gainers.
Sectoral indices performance
Across sectors, barring Consumer Durables and Realty, which were down 0.43% and 0.25%, respectively, all other sectoral indices ended the day in the green.
The PSU Bank index gained the most for the day by 3.77% up at close, followed by the Pharma, Healthcare, and Auto indices, which closed up 1.57%, 1.38%, and 1.27%, respectively.
The Bank and Financial Services indices closed up 0.63% and 0.48%, while the FMCG and IT indices closed up 0.67%, and 0.33%, respectively.
The broader market also ended in the green, with the BSE SmallCap index gaining 0.54%, and the BSE MidCap index gaining 0.71%.
STOCKS TODAY
Nestle India: Nestle India surged over 2 percent after the FMCG giant reported better-than-expected earnings for the March quarter. The company’s standalone net profit was up 27 percent at Rs 934 crore from the year-ago quarter. The Maggi maker’s revenue rose nine percent to Rs 5,268 crore.
Brigade Enterprises: The Brigade Enterprises stock gained 1.8 percent after the company announced signing an agreement with IHG Hotels and Resorts to launch the InterContinental brand in Telangana with InterContinental Hyderabad Neopolis. The hotel will have 300 rooms with five dining options, two specialty restaurants, and a lobby lounge.
MAS Financial Services: The MAS Financial Services stock rose over 3 percent after the company reported strong earnings in the March quarter. The company’s consolidated net profit rose 23.3 percent on-year to Rs 69.4 crore and revenue by 24.1 percent YoY to Rs 345.8 crore.
Axis Bank: Shares of Axis Bank jumped 6 percent after the private lender reported a strong set of fiscal fourth-quarter earnings, prompting brokerages to retain their bullish stance. Jefferies shared a “buy” rating on the stock, with a target price of Rs 1,380 a share. The Q4 surprised positively as profit surpassed estimates by 13 percent, the brokerage said.
Bharat Forge: Bharat Forge gained 7 percent on getting a double upgrade from Bank of America (BofA) Securities. The international brokerage now has a ‘buy’ call on the stock with a raised target price of Rs 1,450, implying an 18 percent upside from the previous closing price.
Dalmia Bharat: Shares of Dalmia Bharat plunged 7 percent after the cement manufacturer recorded poor earnings for the fourth quarter. Dalmia Bharat reported a 47.5 percent decline in consolidated net profit at Rs 320 crore, compared to Rs 609 crore in the year-ago period.
Indian Hotels: Shares of Indian Hotels declined after the company’s Q4 EBITDA missed the street estimates. The company’s EBITDA grew 23.2 percent to Rs 659.7 crore from Rs 535.5 crore in the year-ago period, while the EBITDA margin was at 34.6 percent compared to 33 percent. The company’s subsidiary performance was stable and overall robust but US operations remained weak.