Stock Market Today: Sensex, Nifty End Flat; BPCL, Hero Moto Top Gainers

The Indian stock market ended on a flat note on May 8, 2024. At close, Sensex was down 45 points at 73,466.39 while Nifty ended at 22,299, down 0.02 percent.

Around 2,128 stocks advanced, and 1,667 stocks declined while 131 shares stocks remained unchanged.

Among the sectors, Nifty Oil & Gas was the gainer adding 1.7 percent, followed by Nifty Metal and Auto, each up 1.48 percent. On the other hand, Nifty Private Bank witnessed a fall of 0.8 percent.

Top Nifty50 Gainers

• Bharat Petroleum Corporation: 2.78%
• Hero MotoCorp: 2.49%
• Tata Motors: 2.48%
• Hindalco Industries: 2.21%
• Coal India: 2.09%

Top Nifty50 Losers

• Dr Reddy’s Labs: -3.27%
• Asian Paints: -2.21%
• Grasim Industries: -2.07%
• UltraTech Cement: -1.78%
• HDFC Bank: -1.5%

Also read: Voltas Q4 Results: Consolidated Net Profit Dips 19% to Rs 116.44 Crore

Asian Markets

Japan stocks led declines in Asia-Pacific markets on Wednesday, as investors parsed through earnings from the region, including reports from Japanese giants Toyota Motor and Mitsubishi. Japan’s Nikkei 225 dropped 1.63 percent to end at 38,202.37, while the broad-based Topix closed 1.45 percent lower at 2,706.43. Both indexes hit their lowest levels in almost two weeks. Hong Kong’s Hang Seng index fell 0.77 percent, while mainland China’s CSI 300 index lost about 0.8 percent to close at 3,630.22, according to a CNBC.com report.

European Markets

European stocks rose on Wednesday, boosted by company earnings, while US futures were flat and the dollar climbed as investors assessed the signals on the path for Federal Reserve interest rates. Europe’s continent-wide Stoxx 600 index rose 0.32 percent on Wednesday, supported by upbeat earnings reports, after rising 1.1 percent the previous day. Germany’s DAX climbed 0.45 percent and Britain’s FTSE 100 rose 0.35 percent, according to a Reuters report.

Stocks in News

Dr Reddy’s Labs

The share price of Dr Reddy’s Labs declined over 3 percent. Dr Reddy’s Laboratories exceeded expectations with a net profit of Rs 1,307 crore in the March quarter of FY24, marking a substantial 36 percent increase compared to the same period last year. The performance surpasses the Rs 960 crore profit reported in the corresponding quarter of the previous fiscal year. Revenue for the quarter reached Rs 7,083 crore, indicating a 12 percent rise from Rs 6,297 crore recorded in the year-ago quarter. The company’s board announced a final dividend of Rs 40 per equity share of Rs 5 each for the financial year 2023-24.

Hero MotoCorp

The stock price of Hero MotoCorp added over 2 percent after the auto firm announced 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.

Bharat Forge

Bharat Forge share price surged over 15 percent to hit a fresh 52-week high of Rs 1,474.4 on May 8 after the company reported a 59.3 percent year-on-year rise in net profit for Q4FY24 at Rs 389.6 crore. The defence business was a major contributor to the company’s strong fiscal fourth quarter results as well. “A key driver of the strong performance was the fulfilment of defence export orders won by KSSL (Kalyani Strategic Systems Limited) and the continued strong ramp-up of exports business across all business segments except Oil & Gas,” the company said in an exchange filing.

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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