Indian stock markets crashed nearly 3 per cent on Monday due to selling across sectors including banking, IT, metal, and oil & gas following a global sell-off, wiping out more than Rs 15 lakh crore of investor money in a single day.
The BSE Sensex tanked 2,222.55 points or 2.74 per cent to close at over a month's low of 78,759.40, marking its worst single-day decline since June 4, 2024. The NSE Nifty slumped 662.10 points or 2.68 per cent to settle at more than a month's low of 24,055.60. In the broader market, the BSE smallcap index fell 4.21 per cent and midcap index lost 3.60 per cent.
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Investors lost more than Rs 15 lakh crore in the stock market crash as the total valuation of all BSE-listed companies decreased to Rs 441.84 lakh crore on Monday. On Friday, investors lost Rs 4.46 lakh crore, taking the total losses in two days to more than Rs 19 lakh crore.
"The global market was jolted into a cautious mode by recessionary fears in the US following disappointing job statistics and unwinding of carry trade following the rapid rise of the yen. The effects were felt by the domestic market as well and is expected to impact in the near-term,” Vinod Nair, Head of Research, Geojit Financial Services.
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“Nevertheless, the market showed resilience at day's low and recovered to close above 24,000. Historically, the Indian market had showcased a solid track record of outperformance compared to the global market, in the long-term. This trend is expected to stay as GDP growth is forecast to be robust for the decade aided by progressive policies, fiscal prudence, and a favourable political landscape," Nair said.
Here are the key stocks to watch on August 6:
Bharti Airtel: The telecom operator reported a significant surge in its net profit to Rs 4,160 crore for the April-June quarter of FY25, up 2.5 times compared to Rs 1,612.5 crore in the same period last year. The company’s revenue also increased 2.8 per cent to Rs 38,506.4 crore, up from Rs 37,440 crore in the year-ago quarter.
ONGC: The state-owned company reported a standalone profit of Rs 8,938.1 crore for June quarter of FY25, down 9.4 per cent compared to Rs 9,869.4 crore in the previous quarter. The company’s revenue increased 1.8 per cent to Rs 35,366.4 crore as against Rs 34,636.7 crore in the March 2024 quarter. On a year-on-year basis, ONGC’s net profit fell by 15.1 per cent to Rs 10,526.8 crore. Revenue surged 4.3 per cent YoY to Rs 35,266.4 crore compared to Rs 33,814.3 crore in the year-ago period.
Adani Energy: The company announced that it has raised Rs 8,373.10 crore through qualified institutional placement (QIP) route to build capacity for evacuation of electricity from renewable resources. It is the company’s first equity raise in the capital market since its demerger and listing from Adani Enterprises (AEL) in July 2015.
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Bharti Hexacom: The company posted a 101.90 per cent year-on-year jump in net profit to Rs 511.2 crore in the June 2024 quarter compared to Rs 253.2 crore in the year-ago quarter. The company’s revenue increased 13.6 per cent to Rs 1,910.6 crore compared to Rs 1,681.7 crore in the corresponding period of the previous financial year.
Tata Chemicals: The Tata Group company reported a 67.6 per cent YoY decline in net profit to Rs 190 crore for the June 2024 quarter compared to Rs 587 crore in the year-ago period. The company’s revenue fell 10.2 per cent to Rs 3,789 crore against Rs 4,218 crore in the June quarter of financial year 2024.
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