Benchmark equity indices snapped a five-day gaining streak on Friday amid profit booking and mixed global cues. Rising global crude oil prices, a falling rupee, and unabated foreign fund outflows further weighed on investor sentiment.
The BSE Sensex fell 609.28 points or 0.82 per cent to settle at 73,730.16. The NSE Nifty lost 150.40 points or 0.67 per cent to close at 22,419.95. Sector-wise it was a mixed bag with buying seen in Consumer Durables, Realty, and Healthcare.
“Banking & Financials came under pressure after Bajaj Finance gave poor guidance and RBI restrictions on Kotak Bank from onboarding new customers through its online and mobile banking channels. Markets on Monday will react to US PCE data and results of several private banks which would be announced on Saturday. We expect market momentum to resume with a focus on stock-specific action due to the ongoing result season and sector rotation at play,” 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 April 29:
Maruti Suzuki: The country’s largest passenger car manufacturer reported a 48 per cent year-on-year (YoY) increase in net profit to Rs 3,878 crore, beating market estimates. The company posted revenue from operations of Rs 38,235 crore. The company declared its highest-ever dividend of Rs 125 per share.
HCL Technologies: The IT major reported a net profit of Rs 3,995 crore for the quarter ended March 2024, up 0.35 per cent as against Rs 3,981 crore in the year-ago period. The consolidated revenue from operations was reported at Rs 28,499 crore, up 5.3 per cent from Rs 27,059 crore in the corresponding quarter of the previous fiscal year. The board of directors recommended an interim dividend of Rs 18 per equity share for the financial year 2024-25.
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ICICI Bank: The private sector lender reported a net profit of Rs 10,707 crore for the March quarter of fiscal 2024, a 17 per cent jump as compared to Rs 9,122 crore reported in the year-ago period. The net interest income (NII) stood at Rs 19,093 crore, up 8 per cent as compared to Rs 17,667 crore in the year-ago quarter. The bank recommended a dividend of Rs 10 per share.
IDFC First Bank: The private lender reported a decline in net profit by 10 per cent to Rs 724 crore compared to Rs 803 crore in the year-ago period due to a substantial rise in provisions. Its total income rose to Rs 9,861 crore in the March quarter from Rs 7,822 crore a year ago. Net interest income (NII) grew 24 per cent to Rs 4,469 crore in the fourth quarter from Rs 3,597 crore in the year-ago period.
L&T Finance: The non-banking lender reported a 10.54 per cent rise in consolidated net profit to Rs 553.88 crore in the March 2024 quarter. Net interest income (NII) of the company in the reported quarter increased 14 per cent YoY to Rs 1,909 crore as compared to Rs 1,679 crore.
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