Benchmark equity indices snapped the four-day losing streak and ended higher on Friday despite intensifying tensions between Iran and Israel weighing on investors’ sentiment across global markets.
The BSE Sensex gained 599 points or 0.83 per cent to settle at 73,088.33 points. The NSE Nifty jumped 151.15 points or 0.69% to close at 22,147 points. Sector-wise it was a mixed bag with buying seen Private Bank, Metals and Financials.
The broader market closed in the red with the Nifty midcap 100 down 0.6 per cent while the Nifty smallcap 100 was down 0.1 per cent.
“Weak guidance from Infosys led to selling pressure across IT stocks. Markets are likely to see volatility in a broader range on the back of divergent cues. On the negative side flare-up in geo-political tension in the Middle East, Hawkish US Fed comments, and FIIs selling are making investors restless. On the positive side - expectations of healthy earnings from index heavyweights and buying emerging at lower levels are showing strength in the market,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
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“This week, the focus will remain on earning season along with global cues. Index heavyweights like Wipro, HUL, Maruti, and Bajaj Finance will announce their results. Investors would also track economic data points like Manufacturing & Service PMI data of the US & India, US Q1 GDP number, and Japan’s policy statement, he said.
Here are the key stocks to watch on April 22:
Wipro: The IT major has recorded a consolidated net profit of Rs 2,834.6 crore for the quarter ended March 2024, up 5.2 per cent compared to the previous quarter. However, revenue declined 0.3 per cent sequentially to Rs 22,079.6 crore. EBIT grew 2.2 per cent QoQ to Rs 3,619.5 crore with a margin expansion of 40 basis points at 16.4 per cent in the March quarter.
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HDFC Bank: The private lender reported 37.1 per cent YoY growth in net profit to Rs 16,511.9 crore in the March quarter. Its net interest income (NII) during the quarter grew 24.5 per cent to Rs 29,077 crore. The bank’s gross NPA has improved to 1.25 per cent from 1.26 per cent, while net NPA stands at 0.33 per cent from 0.31 per cent in December. Additionally, HDFC Bank declared a dividend of Rs 19.5 per share for FY24.
Jio Financial Services: The financial services company reported a 6 per cent QoQ growth in net profit at Rs 310.6 crore as against Rs 293.8 crore in the previous quarter. The revenue from operations increased 1 per cent from Rs 413.6 crore in December quarter to Rs 418.1 crore in March quarter. The company’s net interest income increased sequentially from Rs 269.08 crore to Rs 280.74 crore during the reported quarter.
Aditya Birla Fashion Retail Limited (ABFRL): The company has approved the demerger of Madura Fashion and Lifestyle into a newly incorporated entity called Aditya Birla Lifestyle Brands. Shareholders of ABFRL will receive one share of the demerged entity for every one share held. Post-demerger, Aditya Birla Fashion plans to raise up to Rs 2,500 crore within 12 months.
Sterling and Wilson: The company reported a net profit of Rs 1.4 crore in the March quarter compared to a loss of Rs 421.11 crore in the year-ago period. The company’s total income increased to Rs 1,211.40 crore from Rs 86.36 crore in the year-ago period.
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