Indian equity benchmark BSE Sensex tanked 542 points to settle at a four-week low while NSE Nifty settle below the 19,400 mark, continuing their losses for the third straight session on Thursday in tandem with a bearish trend in global markets following the US credit rating downgrade.
The Sensex fell by 542.10 points or 0.82 per cent to settle at a four-week low of 65,240.68. The Nifty declined below the 19,300 level in intraday trade before paring some of the losses to end at 19,381.65, down by 144.90 points or 0.74 per cent.
“Global markets are still grappling with the impact of the US rating downgrade, with spiking bond yield and strengthening dollar index. However, the pharma sector has managed to weather the storm thanks to its strong earnings outcome, while mid and small-cap stocks have outperformed the benchmark index. The domestic service PMI has surpassed market expectations, reaching a 13-year high due to a rise in new orders, particularly in international sales,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Top Stocks To Watch On 4 August:
Bharti Airtel
The telecom operator reported a flat net profit of Rs 1,612.5 crore in the first quarter of fiscal 2024 from Rs 1,607 crore in the corresponding quarter of previous year. The company’s revenue from operations grew 14 per cent to Rs 37,440 crore as against Rs 32,804.6 crore in the year-ago period. Bharti Airtel touched the ARPU figure of Rs 200 a month for the first time in a decade.
Adani Enterprises
Adani Group’s flagship firm Adani Enterprises posted net profit growth of 44 per cent year-on-year at Rs 674 crore for the June quarter FY24. However, the company’s revenue declined 38 per cent YoY at Rs 25,438.45 crore compared to Rs 40,844 crore during FY23. Its consolidated total income stood at Rs 25,810 crore on account of correction in coal prices. Consolidated EBIDTA (Earnings before interest, taxes, depreciation, and amortization) increased by 47 per cent to Rs. 2,896 crore on the back of strong operational growth.
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Sun Pharma
Sun Pharmaceuticals Industries reported a net profit of Rs 2,022.5 crore for the April-June quarter, 1.9 per cent down from Rs 2,060.9 crore reported in the year-ago period. The company’s revenues from operations at Rs 117,851.5 crore rose 10.7 per cent over last year.
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