Sensex Gains 260 Points, Nifty Ends Above 22,000; FMCG, Auto, Pharma Metals Shine

The Indian equity market ended on a positive note on May 10, 2024. At close, Sensex was up 260 points at 72,664 while Nifty gained 97 points and ended the session at 22,055.

Around 2,142 stocks advanced and 1,678 stocks declined while 111 stocks remained unchanged.

Nifty Metal led the gains, up 1.5 percent, with FMCG, Auto, and Pharma added 1 percent each. Nifty IT led losses, down 0.8 percent while Nifty Realty and Nifty PSU Bank shed down 0.4 percent and 0.3 percent respectively.

Top Gainers:

• Bharat Petroleum Corporation: 4.5%
• Power Grid: 2.45%
• NTPC: 2.41%
• Hero MotoCorp: 2.35%
• Eicher Motors: 2.23%

Top Losers:

• Tata Consultancy Services: -1.65%
• Cipla: -1.38%
• LTI Mindtree: -1.27%
• Kotak Mahindra Bank: -1.22%
• Infosys: -0.95%

Asian Markets

Hong Kong led Asia-Pacific stocks higher on Friday as markets tracked Wall Street gains, with renewed hopes for rate cuts by the US Federal Reserve bolstering market sentiment. The Hang Seng index hit its highest level in 10 months, up 2.32 percent after Bloomberg reported regulators were considering a proposal to exempt individual investors from paying taxes on dividends earned from Hong Kong stocks bought via Stock Connect.

Mainland China’s CSI 300 marginally rose to hit its highest level since October 2023, ending at 3,666.27. Japan’s Nikkei 225 rose 0.41 percent to end at 38,229.11, while the broad-based Topix gained 0.54 percent to close at 2,728.21. South Korea’s Kospi closed 0.57 percent higher at 2,727.63, but the small-cap Kosdaq fell 0.69 percent, ending at 864.16. The Australian S&P/ASX 200 ended up 0.35 percent at 7,749, according to a CNBC.com report.

Also read: Stock Market Holidays 2024: BSE, NSE to Remain Closed on These Dates; Check List

European Markets

Europe’s benchmark stock index hit a record high on Friday, on track for its biggest weekly gain since late January, as risk appetite was bolstered by growing bets of interest rate cuts in the region and a strong earnings season. The pan-European STOXX 600 climbed 0.8 percent with Germany’s benchmark index also touching a record high, according to a Reuters report.

Stocks in News

Tata Motors

Tata Motors witnessed a remarkable surge in its consolidated net profit by 222 percent, reaching Rs 17,407.18 crore. This growth was attributed to enhanced operational efficiency, advantageous commodity prices, and robust volume expansion across its diverse segments. Revenue from operations also saw a notable uptick, rising by 13 percent to Rs 119,986.31 crore for the reviewed quarter, compared to Rs 105,932.35 crore in the corresponding period last year, according to a moneycontrol report.

Additionally, the Jaguar Land Rover (JLR) division of Tata Motors sustained its impressive financial trajectory throughout the fiscal year, marking yet another record-breaking quarter in Q4 FY24. Quarterly revenue soared to £7.9 billion, reflecting an 11 percent increase from Q4 FY23 and a 6 percent rise from Q3 FY24. Furthermore, FY24 witnessed a historic milestone for JLR, with revenues reaching £29.0 billion, showcasing a remarkable 27 percent surge compared to the previous fiscal year.

Bank of Baroda

Bank of Baroda, a government-owned bank, announced its standalone net profit for the fourth quarter of FY24 on May 10, 2024. The bank reported a net profit of Rs 4,886.49 crore, marking a 2.3 percent increase from Rs 4,775.33 crore in the same period last year.

In addition to the rise in net profit, Bank of Baroda also saw a 2.3 percent growth in its net interest income (NII) for Q4FY24, which increased to Rs 11,793 crore from Rs 11,525 crore YoY. Moreover, the Global Net Interest Margin (NIM) experienced an improvement, rising by 17 basis points (bps) sequentially to 3.27 percent in Q4FY24 from 3.1 percent in Q3FY24.

Hindustan Zinc

Hindustan Zinc shares witnessed a surge of over 13 percent to hit 52-week high of Rs 520 per share on May 10. The trajectory of zinc prices was propelled by a notable uptick on the London Metal Exchange, where the commodity witnessed an impressive surge of over 2 percent, settling at $2,955. This surge was largely fueled by encouraging trade data emerging from China, a pivotal player in the global zinc market.

China’s trade figures for April showcased an encouraging narrative of growth, with both imports and exports witnessing an upward trajectory. This positive momentum not only signified a resurgence in domestic consumption but also underscored a revitalised appetite for overseas trade. Given China’s stature as a prominent consumer and producer of zinc, this resurgence in demand augurs well for the trajectory of zinc prices on the global stage.

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Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment