Stock Market Today: Sensex, Nifty Decline 1% Each; Oil & Gas, FMCG Top Losers

The Indian stock market extended its morning losses with Sensex and Nifty down 1 percent each. At 1:07 AM, Sensex was down 720 points at 72,745 while Nifty declined 235 points and was trading at 22,066.

Around 1,061 stocks advanced, and 2,611 stocks declined while 137 stocks remained unchanged.

Among the sectors, apart from the Auto index which added 1 percent, all other indices were trading in the red. The top sectoral losers included Oil & Gas, FMCG, Pharma, Metal and Realty.

Top Nifty50 Gainers

• Hero MotoCorp: 3.72%
• Tata Motors: 2.02%
• Mahindra & Mahindra: 1.61%
• HCL Technologies: 1.15%
• Bajaj Auto: 0.95%

Top Nifty50 Losers

• Larsen & Toubro:  -5.92%
• Coal India:  -4.04%
• ITC: -3.54%
• Divis Labs: -3.44%
• ONGC: -3.31%

European Markets

European stocks were muted on Thursday, as investors took a breather after recent gains and awaited the Bank of England’s policy decision later in the day, while shares of Spanish bank Sabadell jumped after rival BBVA’s hostile takeover bid. The pan-European STOXX 600 edged 0.1 percent lower after notching record-closing highs for two straight days, Reuters reported.

Also read: What is AUM in Mutual Funds?

Equity fund inflows fall 16% to Rs 18,917 crore in April

Equity mutual fund inflows fell 16.42 percent to Rs 18,917.08 crore during April on fresh slump in investments into large-cap funds, according to the data released by the Association of Mutual Funds of India (AMFI), the industry trade body for mutual funds on May 9. Notably, small-cap funds saw inflows to the tune of Rs 2,208.70 crore during April after witnessing small net outflows during March, according to a moneycontrol report.

Stocks in Action

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.

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.

“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.

Source: moneycontrol.com

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