Equity benchmark indices surged nearly 1 per cent on Thursday on the back of buying in index heavyweights HDFC Bank and Infosys, and a rally in the US and Asian stock markets.
The NSE Nifty surged 203.30 points or 0.92 per cent to close at 22,403.85. Barring PSU Bank, all sectors ended in the green
Equity benchmark indices surged nearly 1 per cent on Thursday on the back of buying in index heavyweights HDFC Bank and Infosys, and a rally in the US and Asian stock markets.
The BSE Sensex climbed 676.69 points or 0.93 per cent to settle at 73,663.72. The NSE Nifty surged 203.30 points or 0.92 per cent to close at 22,403.85. Barring PSU Bank, all sectors ended in the green. Buying was seen in Realty, Consumer Durables, IT & Financials – up more than 1 per cent.
“Global markets rallied on the hope of a rate cut after US inflation data came in at 6 months low. Positive global cues and short covering on Nifty weekly Expiry led to a rebound in domestic equities. Overall, we expect markets to witness a gradual recovery. However, concerns regarding consistent FII selling, India VIX still above 20 levels, ongoing general election polling and the outcome could keep volatility higher,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on May 17:
Vodafone Idea: The telecom major reported a net loss of Rs 7,674.6 crore in the March quarter of FY24 compared to a net loss of Rs 6,419 crore in the year-ago period. The company’s revenue increased marginally to Rs 10,606.8 crore from Rs 10,532 crore in the corresponding quarter of previous financial year.
Container Corporation of India: The state-owned Navratna company reported a 10 per cent YoY surge in consolidated net profit to Rs 301.25 crore as against Rs 274.14 crore in the year-ago period. The surge came on the back of volume growth and a higher market share.
Biocon: The pharma company’s consolidated net profit fell 56 per cent to Rs 135.5 crore for the March quarter compared to Rs 313.2 crore in the year-ago period. Revenue grew 3 per cent to Rs 3,917 crore as against Rs 3,774 crore in the corresponding quarter of previous fiscal. EBITDA fell 8 per cent YoY to Rs 916 crore.
JK Paper: The paper manufacturing company’s profit declined dipped 1.7 per cent to Rs 275.6 crore in March 2024 quarter as against Rs 280 crore in the year-ago period. Revenue remained flat at Rs 1,719 crore. EBIDTA fell 26 per cent to Rs 358 crore from Rs 483 crore in the corresponding period last year. EBITDA margin slipped to 20.8 per cent compared to 28.1 per cent in the year-ago period.
Triveni Turbine: The company’s net profit increased 36.2 per cent YoY to Rs 75.6 crore compared to Rs 55.5 crore in the year-ago period. Revenue from operation for the March quarter increased 24 per cent to Rs 458.1 crore as against Rs 369.8 crore in the March 2023 quarter. The company announced a final dividend of Rs 1.3 per share.