The NSE Nifty fell 345 points or 1.55 per cent to close at 21,957.50. Except for Auto, all other sectors ended in red with Oil & Gas, Metals, Realty, Pharma & Financials decline between 2-3 per cent
Equity benchmark indices witnessed their worst fall since January following across-the-board selloff amid general election uncertainties, persistent foreign fund outflows, and heavy selling pressure in HDFC Bank, Larsen & Toubro, and Reliance Industries.
Falling for the third consecutive day, the BSE Sensex dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17. The NSE Nifty fell 345 points or 1.55 per cent to close at 21,957.50. Except for Auto, all other sectors ended in red with Oil & Gas, Metals, Realty, Pharma & Financials decline between 2-3 per cent.
"The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week," said Vinod Nair, Head of Research at Geojit Financial Services.
Here Are The Key Stocks To Watch On May 10:
Bharat Petroleum (BPCL): The state-owned company reported a 30.3 per cent decline in its consolidated net profit for the March 2024 quarter, falling to Rs 4,789.57 crore compared to Rs 6,870.47 crore in the year-ago period due to high crude oil prices impacting refining margins of the company. BPCL’s revenue from operations declined marginally to Rs 1.32 lakh crore in the reported quarter. The company’s board recommended the issue of bonus shares in a ratio of 1:1.
Abbott: The drug major reported a 24.1 per cent YoY jump in net profit to Rs 287.1 crore in the March quarter, compared to Rs 231.4 crore in the year-ago period. The company’s revenue jumped 7.1 per cent to Rs 1,438.6 crore compared to Rs 1,343.1 crore in the corresponding period of the preceding fiscal.
Hindustan Petroleum (HPCL): The state-run oil marketing company reported a 25 per cent YoY decline in its net profit to Rs 2,709.31 crore due to low refining margins. Consolidated total revenue fell 6 per cent YoY to Rs 1.22 lakh crore. The company announced a bonus share issue as well as a dividend of Rs 16.5 per share.
Relaxo Footwear: The company reported a consolidated net profit of Rs 61.4 crore in the last quarter of FY24, down 3 per cent compared to Rs 63.3 crore in the year-ago period. Revenue from operations declined to Rs 747.21 crore from Rs 764.94 crore in the corresponding quarter of the previous financial year. The company recommended a final dividend of Rs 3 per share for the financial year 2024.
Brigade Enterprises: The company has signed an agreement for a prime land parcel located on Old Madras Road in Bengaluru. The project is spread across 4.6 acres. The total development potential of the residential project will be around 0.69 million square feet with a gross development value of Rs 660 crore.