Benchmark equity indices settled lower for the third consecutive day on Tuesday after a highly volatile trade as investors booked profits amid uncertainty ahead of the results of Lok Sabha polls.
The BSE Sensex fell 220.05 points or 0.29 per cent to close at 75,170.45. The NSE Nifty dropped 44.30 points or 0.19 per cent to settle at 22,888.15.
“The Indian market exhibited mild consolidation post the recent sharp surge. The uncertainty-led volatility is likely to continue as the market approaches the election outcome. Conversely, the underlying earnings growth for the March quarter results so far was largely above expectations, which would likely support the valuation, which is currently moderately above the long-term average. Mid- & small-caps underperformed today, while defensive sectors like Pharma and FMCG were optimistic," said Vinod Nair, Head of Research at Geojit Financial Services.
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Here are the key stocks to watch on May 29:
Reliance Industries: The company has entered into a one-year agreement with Russia’s Rosneft to acquire a minimum of 3 million barrels of oil each month, with payments to be made in roubles. The shift to rouble payments follows Russian President Vladimir Putin’s push for alternatives to the Western financial system to facilitate trade despite US and European sanctions. The agreement also helps Reliance to secure oil at discounted rates at a time when the OPEC+ group of oil producers is expected to extend voluntary supply cuts beyond June.
Hindalco Industries: Novelis Inc has filed to offer 45 million or 4.5 crore shares for an initial public offering (IPO) in the United States with the Securities Exchange Commission (SEC). The aluminium producer is targeting to raise up to $945 million by offering 45 million shares at a price range of $18-21 each. Novelis is aiming at a valuation of up to $12.6 billion in its US IPO at the higher end of the price band.
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IRCTC: The railway PSU reported a net profit of Rs 284.2 crore in the March 2024 quarter, up 1.9 per cent year-on-year compared to Rs 278.8 crore in the year-ago period. Revenue from operations grew 19.7 per cent, climbing to Rs 1,154.8 crore from Rs 965 crore in the same quarter of previous financial year.
Amara Raja Energy: The automotive battery maker reported a 61.4 per cent year-on-year jump in net profit to Rs 229.8 crore for the March quarter of FY24 compared to Rs 142 crore in the year-ago period. Revenue from operations increased 19.5 per cent to Rs 2,908 crore against Rs 2,433.2 crore in the year-ago period.
Aditya Birla Fashion & Retail: The Aditya Birla Group company reported a net loss of Rs 266.4 crore for the March 2024 quarter compared to a net loss of Rs 194.5 crore in the year-ago period. Revenue from operations came in at Rs 3,406.7 crore, up 18.3 per cent from Rs 2,879.9 crore in the corresponding period of the previous year.
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