The NSE Nifty slipped 63.05 points or 0.26 per cent to settle below the 24,000 level at 23,992.55
Stock markets pared early gains and settled lower in volatile trade on Tuesday due to fag-end selling in banking and telecom stocks. Closing in red for the third straight day, the BSE Sensex fell 166.33 points or 0.21 per cent to close at 78,593.07. The benchmark index opened sharply higher and rallied further 1,092.68 points or 1.38 per cent to hit day’s high of 79,852.08.
The NSE Nifty slipped 63.05 points or 0.26 per cent to settle below the 24,000 level at 23,992.55. Majority of the sector ended in the red. Buying was seen in Realty, IT, Metal, and FMCG.
“While we saw some relief in the morning, global concern continued to put pressure on the domestic market with the Nifty closing below 24,000 levels. In the near term, we expect the market to consolidate and remain under pressure until the global volatility subsidies. The ongoing result season and RBI monetary policy this week will further add to the volatility,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on August 7:
Tata Power: The Tata Group company reported net profit of Rs 970.9 crore in April-June quarter of FY25, down 0.2 per cent from Rs 972.5 crore in year-ago period. Revenue increased by 13.7 per cent YoY to Rs 17,293.6 crore from Rs 15,213.3 crore in the corresponding quarter of previous fiscal. The company also announced plans to acquire 40 per cent stake in Khorlochhu Hydro Power for Rs 830 crore. It has received board approval for the termination and delisting of its Global Depository Shares (GDSs) Programme.
State Bank of India: Government has appointed Challa Sreenivasalu Setty as Chairman of the country’s largest public lender for a three-year term starting August 28. Setty will replace Dinesh Kumar Khara for the position of chairman. Rana Ashutosh Kumar Singh will take on the role of Managing Director.
PB Fintech: The company posted a profit of Rs 60 crore for April-June quarter, an improvement from a loss of Rs 11.9 crore in the year-ago period. Revenue climbed 52 per cent to Rs 1,010 crore from Rs 666 crore. EBITDA jumped 117 per cent to Rs 49 crore and the adjusted EBITDA margin improved to 5 per cent from 3 per cent.
Chambal Fertilizers: The company reported 32.4 per cent YoY jump in net profit to Rs 448.3 crore for the April-June quarter compared to Rs 338.6 crore in the year-ago quarter. The company’s revenue fell 11.7 per cent to Rs 4,933.2 crore against Rs 5,589.3 crore in the corresponding period of the previous financial year.
Gland Pharma: The pharma company reported a 25.9 per cent YoY decline in net profit to Rs 143.8 crore for the June quarter compared to Rs 194 crore in the corresponding quarter of previous fiscal. The company’s revenue increased 16 per cent to Rs 1,401.7 crore against Rs 1,208.7 crore in the year-ago period.