Equity benchmark indices surged over 1 per cent to settle at lifetime high levels on Thursday following buying in banking, oil, and auto stocks and a record dividend payout by RBI.
The NSE Nifty moved closer to the record 23,000 mark during the day as the index surged 369.85 points or 1.64 per cent to 22,967.65
Equity benchmark indices surged over 1 per cent to settle at lifetime high levels on Thursday following buying in banking, oil, and auto stocks and a record dividend payout by RBI.
Regaining the 75,000 level after its best single-day gain since January 29, the BSE Sensex jumped 1,196.98 points or 1.61 per cent to settle at 75,418.04. The NSE Nifty moved closer to the record 23,000 mark during the day as the index surged 369.85 points or 1.64 per cent to 22,967.65.
“Today, there was enthusiasm in the equity market after the RBI approved a Rs 2.1 lakh crore dividend to the government. This indicates a better fiscal position and softer bond yields going forward. As a result of this positive move, we are seeing some short covering in the market. If the election outcome aligns with current market expectations, we expect Nifty to reach new highs in the first week of June,” said Neeraj Chadawar, Head – Fundamental and Quantitative Research at Axis Securities
“Therefore, we recommend that investors stay invested in the market and maintain good liquidity (10%) to take advantage of market dips and gradually build positions in high-quality companies with strong earnings visibility with an investment horizon of 12-18 months,” he added.
Here are the stocks to watch on May 24:
InterGlobe Aviation: IndiGo announced a record profit of Rs 8,172 crore for the financial year 2024. For the March quarter, the airline reported a profit of Rs 1,894.82 crore, up 106.1 per cent compared to Rs 919.20 crore during the fourth quarter of FY23. The company’s revenue from operations jumped 25.9 per cent to 17,825.27 crore from Rs 14,160.60 crore during the corresponding quarter of the previous fiscal year.
HCL Tech: The IT major announced that will acquire specific intellectual property (IP) and research and development (R&D) assets from Hewlett Packard Enterprise (HPE) for $225 million or Rd 1,874 crore all-cash deal. Under this agreement, around 1,500 employees and 700 contractors will be transferred to HCL Tech.
UPL: The agrochemicals company and Aarti Industries entered a joint venture (JV) for the manufacturing and marketing of specialty chemicals that find application in multiple downstream industries. The JV company is likely to begin commercial supplies by Q1 of FY27. The company is expected to hit Rs 400-500 crore of annual revenue in the next 2-3 years.
JK Lakshmi Cement: The company reported a 41.2 per cent year-on-year growth in net profit to Rs 162.1 crore for the March quarter FY24, compared to Rs 114.8 crore in the corresponding quarter of previous fiscal year. Revenue from operations fell 4.4 per cent to Rs 1,780.9 crore against Rs 1,862.1 crore in the year-ago period.
Honasa Consumer: The company reported net profit of Rs 30.5 crore for the March quarter FY24 compared to net loss of Rs 161.7 crore in the corresponding quarter of the last fiscal year. The company’s revenue from operations jumped 21.4 per cent to Rs 471.1 crore against Rs 387.9 crore in the year-ago period.