Benchmark equity indices started the new fiscal on high and hitting the fresh record high levels in intra-day trade following firm trends in Asian markets and foreign fund inflows. Positive economic data releases from US and China also boosted the sentiment.
The BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55. The NSE Nifty climbed 135.10 points or 0.61 per cent to close at 22,462. Realty and metal stocks performed well while FMCG and auto remained muted.
“The Indian market boarded on a strong trajectory at the onset of the new financial year, with indications pointing towards a continuation of this favourable momentum, in the near term. This confidence is supported by a global rally in expectation of a Fed rate cut in June and a healthy domestic earnings growth forecast in Q4FY24. Notably, metal stocks excelled today, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery. Going ahead, RBI monetary policy, India PMI data, and US non-farm payroll data will set the direction of the market," said Vinod Nair, Head of Research at Geojit Financial Services.
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Here are the key stocks to watch on 2 April:
Hero MotoCorp
The country’s largest two-wheeler maker reported a 5.5 per cent growth in total sales at 56,21,455 units in 2023-24 compared to the 53,28,546 units sold in 2022-23. Motorcycle sales in GY24 stood at 51,90,672 units as compared to 49,59,156 units in FY23. Scooter sales were at 430,783 units in FY24 as against 369,390 units in FY23.
Maruti Suzuki
The companies reported a domestic sale of 1,52,718 passenger vehicles in March 2024, up 15 per cent year-on-year compared to 1,32,763 units sold in March 2023. During financial year 2022-23, the company’s total domestic passenger vehicle sales stood at 16,06,870 units compared to 17,59,881 units sold in FY25, a growth of 9.5%.
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Infosys
The IT major has received a tax demand of Rs 341 crore from the Income Tax Department for the assessment year 2020-21. The company is evaluating the implications of this order on the financial statements for the quarter and year ending March 2024 and also evaluating filing an appeal against this order.
TVS Motor
The two-wheeler and three-wheeler maker has reported a 12 per cent YoY growth in total sales at 3.54 lakh units for FY24, with total two-wheeler sales growing 12 per cent YoY to 3.44 lakh units. Domestic two-wheeler sales increased 8 per cent to 2.6 lakh units, and exports rose 23 per cent to 91,972 units during the same period.
AU Small Finance Bank
AU Small Finance Bank announced the amalgamation of Fincare Small Finance Bank with itself. In an all-stock merger deal, the shareholders of Fincare received 579 equity shares of AU Small Finance Bank for every 2,000 equity shares held in Fincare. The merger received final approval from RBI on 4 March 2024, with the effective date of 1 April 2024.
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