Stock Market News: GIFT Nifty Indicates Cautious Start for Indian Indices

Sensex and Nifty 50 ended in negative territory on May 7, as widespread selling was observed amid ongoing Q4 earnings, failing to instill confidence in the markets striving to sustain breadth near record highs.

At close, Sensex saw a decline of 383 points or 0.5 percent, closing at 73,511.85, while the Nifty 50 dropped by 141 points or 0.6 percent to settle at 22,301.50. Of the stocks traded, approximately 840 advanced, 2,441 declined, and 82 remained unchanged.

On May 7, 11 out of 13 major sectoral indices recorded losses. Additionally, profit booking was witnessed in the broader market at elevated levels.

GIFT Nifty

Trends on GIFT Nifty indicate a cautious start for Indian indices.

US Markets

Wall Street pared earlier gains on Tuesday after equity markets elsewhere rallied as investors parsed when and by how much the Federal Reserve cuts interest rates this year, while a resurgent dollar helped weaken the yen further. The Dow Jones Industrial Average rose 0.08 percent. The S&P 500 gained 0.13 percent and the Nasdaq Composite slipped 0.1 percent, according to a Reuters report.

Asian Markets

Asian stocks lacked direction on Wednesday, while the dollar remained firm despite lower US Treasury yields as markets assessed mixed signals from US policymakers and economic data on the path for Federal Reserve interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.19 percent, weighed down partly by declines from mainland Chinese blue chips. However, Hong Kong’s Hang Seng rose 0.52 percent. Japan’s Nikkei slumped about 1 percent as traders took profits following the previous session’s 1.6 percent surge. The tech-heavy index also succumbed to pressure from a sell-off in US chip stocks on Tuesday, Reuters reported.

Results Today

Larsen & Toubro, Hero MotoCorp, Canara Bank, Tata Power Company, TVS Motor Company, Bajaj Consumer Care, Balaji Amines, Bharat Forge, ESAF Small Finance Bank, Gujarat State Petronet, Home First Finance Company India, India Shelter Finance Corporation, Kalpataru Projects International, and Piramal Enterprises will release March quarter earnings on May 8.

Also read: Dr Reddy’s Labs Q4: Net Profit Up 36% to Rs 1,307 crore; Declares Dividend of Rs 40 per equity share

Stocks in News

• Dr Reddy’s Laboratories: The pharma company has recorded net profit at Rs 1,307 crore for quarter ended March FY24, growing 36.3 percent over a year-ago period, with other income rising 133 percent YoY to Rs 656 crore. Revenue from operations grew by 12.5 percent on-year to Rs 7,083 crore for the quarter, with global generics business rising 13 percent to Rs 6,119.1 crore.
• PB Fintech: The Policybazaar operator has recorded profit at Rs 60.19 crore for the quarter ended March FY24, against loss of Rs 9.34 crore in corresponding period of previous fiscal. Revenue during the quarter grew by 25 percent on-year to Rs 1,090 crore and premium increased by 43 percent to Rs 5,127 crore during the same period.
• Pidilite Industries: The adhesive manufacturing company has reported net profit at Rs 304.3 crore for fourth quarter of financial year 2024, growing 6.4 percent over corresponding period of previous fiscal impacted by exceptional loss of Rs 71.7 crore, with strong operating numbers on lower input cost. Revenue from operations grew by 7.9 percent on-year to Rs 2,901.9 crore for the quarter.
• JSW Energy: The JSW Group company has recorded consolidated net profit at Rs 345.3 crore for March FY24 quarter, increasing 22.4 percent over the same period previous fiscal despite muted topline, driven by strong operating numbers with lower fuel cost. Revenue from operations grew by 3.2 percent on-year to Rs 2,755.9 crore for the quarter.
• Dixon Technologies: Subsidiary, Dixon Electro Appliances has entered into an agreement with Nokia Solutions and Networks OY (Nokia) for development and manufacturing of telecom products.

FII and DII data

Foreign institutional investors (FIIs) net sold Rs 3,668.84 crore shares, while domestic institutional investors (DIIs) pumped in Rs 2,304.50 crore on May 7, provisional data from the NSE showed.

Stocks under F&O ban on NSE

Punjab National Bank, Zee Entertainment Enterprises, Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, Vodafone Idea, SAIL.

Source: NSE, BSE, moneycontrol

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