Stock Market Today: Sensex, Nifty End in Green; Banks Slide

The Indian stock market ended in the green on May 2, 2024. At close, Sensex was up 128 points at 74,611 while Nifty added 43 points and ended the session at 22,648 mark.

Across sectors, the Auto, Metal, Oil & Gas, and Power industries each saw a 1 percent increase, whereas the Bank and Realty sectors closed with slight declines. The BSE midcap index reached a new peak, concluding with a 1 percent rise, while the smallcap index showed a 0.3 percent increase.

Top Nifty50 Gainers

• BPCL: 4.61%
• Power Grid: 3.71%
• Asian Paints: 3.2%
• Tata Motors: 2.07%
• Bajaj Auto: 2.05%

Top Nifty50 Losers

• Kotak Mahindra Bank: -2.83%
• Tata Consumer: -1.83%
• Bharti Airtel: -1.38%
• Axis Bank: -1.36%
• HDFC Bank: -1.23%

Asian Markets

Asia-Pacific stock markets were mixed on Thursday, after the US Federal Reserve opted to hold interest rates steady at the end of its two-day meeting. Fed Chair Jerome Powell ruled out the possibility of a rate hike, easing worries over the central bank likely not being able to rein in inflation. Hong Kong’s Hang Seng index led gains in Asia, with a 2.4 percent jump. Japan’s Nikkei 225 closed 0.1 percent lower at 38,236.07, while the broader Topix ended flat at 2,728.53. Australia’s S&P/ASX 200 rose 0.23 percent to close at 7,587. South Korea’s Kospi fell 0.31 percent to close at 2,683.65, according to a CNBC.com report.

Also read: Stock Market Holidays 2024: BSE, NSE to Remain Closed on These Dates; Check List

European Markets

European stocks were slightly lower on Thursday as global markets react to the US Federal Reserve’s latest monetary policy decision and a slew of corporate earnings. The Stoxx 600 index was down 0.25 percent, with sectors spread between losses and gains. Bank stocks were 0.5 percent higher, while oil and gas retreated 1.35 percent, according to a CNBC.com report.

Stocks in News

Dabur India

Dabur India’s stock price surged by over 4 percent following the company’s announcement of a consolidated net profit of Rs 341.22 crore for the March quarter, marking a 16.5 percent increase from Rs 292.76 crore in the same quarter of the previous fiscal year. In Q4FY24, the company’s total revenue stood at Rs 2,814.64 crore, reflecting a 5.11 percent growth from Rs 2,677.80 crore in the corresponding quarter of the previous year, as disclosed in a regulatory filing by the FMCG major. Both revenue and net profit surpassed expectations, according to a moneycontrol report.

GE T&D

The share price of GE T&D India experienced a notable surge of over 4 percent, reaching a peak of Rs 1,198 in early trading on May 2. This surge was catalyzed by the company’s acquisition of orders from the Power Grid Corporation of India. These orders entail the construction of a cutting-edge state transmission asset management center (STAMC) in Odisha, catering to the needs of the Odisha Power Transmission Corporation Limited (OPTCL).

The primary objective of this center is to enhance OPTCL’s grid operations by imbuing them with greater efficiency, reliability, and resilience through the implementation of real-time grid monitoring and control mechanisms, as per the company’s announcement.

Source: BSE, NSE

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