Stock Market Today: Sensex, Nifty Crash, Tumble Over 1% Each

The Indian stock market ended deep in the red on May 9, 2024, as bears took control of Dalal Street. At close, Sensex declined 1062.22 points at 72,404.17 while Nifty tumbled 318.95 points and ended the session at 21,983.55.

Around 929 stocks advanced, and 2,902 stocks declined while 112 stocks remained unchanged.

Among the sectors, barring the auto index, all other sectors ended in the red. The top losers were Oil & Gas, FMCG, Metals, Pharma, and Realty which shed 2-3 percent.

Top Nifty50 Gainers

• Hero MotoCorp: 3.19%
• Tata Motors: 1.77%
• Mahindra & Mahindra: 1.52%
• State Bank of India: 1.13%
• Bajaj Auto: 1.04%

Top Nifty50 Losers

• Larsen & Toubro: -5.65%
• Bharat Petroleum Corporation: -4.52%
• Asian Paints: -4.48%
• Coal India: -4.4%
• ONGC: -3.85%

Asian Markets

China stocks rose Thursday as its imports surged past estimates and exports rose in line with expectations, while the broader Asia-Pacific market was mixed. Mainland China’s CSI 300 index rose 0.95 percent after the data, extending gains from a 0.2 percent rise at the open and closing at 3,664.56. Hong Kong’s Hang Seng index rose 1.16 percent. Japan’s Nikkei 225 fell 0.34 percent to 38,073, marking two straight days of losses, while the broad-based Topix gained 0.26 percent to finish at 2,713.46. South Korea’s Kospi retreated from a one-month high, falling 1.2 percent to close at 2,712.14, while the small-cap Kosdaq dropped 0.26 percent to 870.15. The Australian S&P/ASX 200 slid 1.06 percent, ending the day at 7,721.6, CNBC.com reported.

Also read: What is a Demat Account?

European Markets

Europe’s benchmark index retreated on Thursday from a recent rally, with a handful of heavily weighted stocks trading ex-dividend, while shares of Spanish bank BBVA slumped after announcing a hostile takeover bid for smaller rival Sabadell. The pan-European STOXX 600 edged 0.1 percent lower, according to a Reuters report.

Stocks in Action

State Bank of India

State Bank of India (SBI), the largest bank in India, announced a robust 24 percent increase in its net profit for the quarter ending on March 31, 2024, reaching Rs 20,698 crore, bolstered by a surge in loan demand. This marks a significant rise from the net profit of Rs 16,695 crore recorded in the same quarter of the previous year.

In a statement filed with the stock exchange, SBI noted, “Credit growth stands at 15.24 percent year-on-year, with domestic advances growing by 16.26 percent year-on-year. Corporate advances and agricultural advances surpassed Rs 11 lakh crore and Rs 3 lakh crore, respectively.”

Larsen & Toubro

Larsen & Toubro’s (L&T) share price declined over 5 percent intraday on May 9, 2024, after the company declared its Q4 results. The company reported a rise of 10.3 percent in net profit at Rs 4,396 crore for Q4FY24. The multinational infrastructure conglomerate’s revenue from operations in the quarter rose 15 percent to Rs 67,078.7 crore. The Board of Directors has recommended a final dividend of Rs 28 per equity share, for the approval of shareholders.

“India’s growth momentum is likely to continue in the medium term backed by the sustained strength in domestic demand, easing of inflationary pressures, focused fiscal spending by the government and a strong manufacturing revival through new age greenfield investments and brownfield expansion across sectors,” the company said in a stock exchange filing.

However, despite the strong growth momentum expected domestically, L&T expects a slowdown in order inflows from international markets.

Hero MotoCorp

Hero MotoCorp share price was the top Nifty50 gainer in the morning session on May 9, a day after the company declared its Q4 results. The auto maker on May 8, 2024 announced an 18 percent increase in net profit, reaching Rs 1,016 crore for the quarter concluding on March 31, 2024. This surge was propelled by robust volume expansion, a refreshed product lineup, reduced commodity expenses, and elevated average selling prices (ASPs). The company’s revenue also climbed by 15 percent to Rs 9,519 crore in Q4FY24 from Rs 8,307 crore in Q4FY23.

The firm declared a dividend of Rs 40 per share of Rs 2 face value. “The company declared a final dividend of Rs 40 per share. This dividend together with an interim and special dividend, marking the centennial year of Chairman Emeritus Dr Brijmohan Lall Munjal, of Rs 100 per equity share, takes the aggregate total dividend for the year 2023-2024 to Rs 140 per equity share i.e. 7,000 percent,” Hero Moto said in a BSE filing.

Source: BSE, NSE

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