Stock Market News: Heavyweight Stocks Drag Sensex, Nifty Lower; L&T, Maruti Top Losers

The Indian stock market ended in the red on May 3, 2024. At close, Sensex settled 764 points or 1.02 percent down at 73,846. Nifty was down 191 points or 0.85 percent at 22,456. Around 1,053 shares advanced and 2,197 stocks declined while 79 stocks remained unchanged.

Heavyweight stock losses led to a decline in the benchmark indices Sensex and Nifty on May 3. Nifty dropped by 446 points from its peak of 22,794, while the 30-stock Sensex plunged by 1,628 points from its intraday high of 75,095.

Except for the metal sector, all other sectoral indices closed in negative territory, with capital goods, oil & gas, realty, telecom, and PSU Bank each declining by 1 percent.

The broader indices also faced selling pressure after reaching new highs earlier in the session, with the BSE midcap and smallcap indices both slipping by 0.5 percent.

Also read: What is AUM in Mutual Funds?

Top Nifty50 Gainers

• Coal India: 4.76%
• Grasim Industries: 1.54%
• ONGC: 1.17%
• Apollo Hospitals: 0.93%
• Hindalco Industries: 0.72%

Top Nifty50 Losers

• Larsen & Toubro: -2.7%
• Maruti Suzuki: -2.55%
• Nestle India: -2.44%
• Reliance Industries: -2.12%
• Bharti Airtel: -2%

Asian Markets

Hong Kong led gains in Asia on Friday as Wall Street rose overnight, ahead of key US employment data. South Korea’s Kospi slipped 0.26 percent to close at 2,676.63, while the smaller-cap Kosdaq tumbled 0.22 percent to end at 865.59. The Taiwan Weighted Index rose 0.53 percent to close at 20,330.32, while Hong Kong’s Hang Seng index added 1.34 percent in the final hour of trading. Stock markets in Japan and mainland China were shut for public holidays, according to a CNBC.com report.

European Markets

European stock markets traded in the green on Friday morning, rounding off a broadly negative week dominated by corporate earnings. The Stoxx 600 index was 0.3 percent higher, with technology stocks up 1 percent, according to a CNBC.com report. FTSE was up 4.42 percent at 8,206.07 while CAC was up 0.62 percent at 7,964.10. German DAX gained 0.5 percent at 17,986.16.

Stocks in News

CEAT

The stock prices of CEAT were down 3 percent on May 3, following the release of the company’s underwhelming financial results for the fourth quarter. Investors were unimpressed by the performance, as the tyre manufacturer reported a 23 percent YoY decrease in its consolidated net profit, amounting to Rs 102 crore for the quarter ending March 2024. This decline was attributed primarily to elevated rubber costs and the impact of new regulations concerning extended producer responsibility (EPR) liability.

Bajaj Finance

Bajaj Finance‘s stock price jumped over 7 percent in the morning session on May 3, 2024 after the Reserve Bank of India (RBI) announced the lifting of restrictions on two of Bajaj Finance’s digital lending products, namely ‘eCOM’ and the online ‘Insta EMI Card’, with immediate effect. This development marked a crucial turning point for the company, prompting a bullish stance from various brokerages and instilling confidence in investors. However, the stock price closed with marginal gains amid weak market conditions.

Source: NSE, BSE

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