Benchmark equity indices continued their losing streak falling for the fifth day in a row, tumbled nearly 1 per cent on Thursday after heavy sell-off in metal, consumer durables, and IT shares amid the monthly expiry of derivatives contracts.
The BSE Sensex tanked 617.30 points or 0.83 per cent to settle at 73,885.60. The NSE Nifty dropped by 216.05 points or 0.95 per cent to close at 22,488.65. Except for Banking, all other sectors lost more than 1 per cent with metals and IT being the biggest loser.
“Bank Nifty surged nearly half a percent led by heavyweights banks like ICICI Bank, HDFC Bank and Kotak Bank’s post outlook upgrade by S&P on six Indian banks to positive. Nervousness ahead of exit poll on 1st June and weak global cues continue to dent sentiments. Global markets remained under pressure due to rising bond yields and denting hopes of rate cut. We expect market volatility to heighten as we approach the general election outcome,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on May 31:
Jio Financial Services: The Reliance group company has launched the beta version of JioFinance App. It integrates digital banking features such as UPI transactions, bill payments, and insurance advisory services, allowing users to manage their accounts and savings on a single platform.
Apollo Hospitals Enterprises: The company posted a consolidated net profit of Rs 253.8 crore for the March quarter of FY24, up 76 per cent compared to the year-ago period. Revenue from operations increased 15 per cent YoY to Rs 4,944 crore in March quarter from Rs 4,302.2 crore in the year-ago quarter.
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Bharat Dynamics: The public sector defence company reported an 89 per cent YoY growth in net profit to Rs 288.8 crore in the March quarter compared to Rs 152.8 crore in the year-ago period. Revenue from operations grew 7 per cent to Rs 854.1 crore, up from Rs 798.3 crore in the corresponding quarter of previous financial year.
Aarti Industries: The specialty chemicals company has appointed Suyog Kotecha as chief executive officer (CEO) and executive director with effect from June 17. He succeeded Rajendra V Gogri who will step down but will continue to serve as CMD.
Muthoot Finance: The company reported a consolidated net profit of Rs 1,056.3 crore for the March quarter, up 17 per cent from Rs 902.6 crore in corresponding quarter of the previous fiscal. Total income increased to Rs 4,179 crore from Rs 3,298 crore in the year-ago period. Net interest income (NII) rose by 15.2 per cent to Rs 2,134.8 crore, compared to Rs 1,853.3 crore in the corresponding quarter of FY23.
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