Stock Market Today: Sensex, Nifty Trade Flat; PSU Bank Index Dips 3%


by Sandip Das on 6 May 2024,  3 min read


The Indian stock market was trading flat intraday on May 6. At 2:05 PM, Sensex was trading at 73,922, up 44 points while Nifty shed 34 points and was trading at the 22,440 mark.

Around 1,217 stocks advanced, and 2,645 stocks declined while 170 stocks remained unchanged.

Among the sectors, Nifty PSU Bank declined over 3.5 percent dragged by Punjab National Bank and Canara Bank which shed 5-6 percent. These were followed by Bank of Baroda, Union Bank of India, Bank of India, and State Bank of India which slipped 2-3 percent each.

Top Nifty50 Gainers
  • Britannia Industries: 5.51%
  • Kotak Mahindra Bank: 5.06%
  • Tata Consultancy Services: 2.36%
  • JSW Steel: 1.52%
  • Hindustan Unilever: 1.27%
Top Nifty50 Losers
  • Titan Company: -7.69%
  • Adani Enterprises: -3.75%
  • Bharat Petroleum Corporation: -2.82%
  • State Bank of India: -2.8%
  • Coal India: -2.47%
Gold Prices Rise

Gold prices strengthened on Monday, buoyed by several factors including anticipation of interest rate cuts by the Federal Reserve later in the year and escalating tensions in the Middle East. The appeal of gold, which does not yield interest like other assets, tends to rise during periods of uncertainty and geopolitical instability.

Also read: What is AUM in Mutual Funds?
Stocks in Action
Kotak Mahindra Bank

Share price of Kotak Mahindra Bank jumped 5 percent following the release of its fourth-quarter earnings report. The private sector bank disclosed a net profit of Rs 4,133 crore for the period spanning January to March in the fiscal year 2023-24, marking an 18 percent increase compared to the Rs 3,496 crore recorded in the corresponding quarter of the previous year.

Furthermore, the bank’s net interest income rose to Rs 6,909 crore, reflecting a 13 percent year-on-year surge from Rs 6,103 crore in the previous year. The net interest margin (NIM) for the fourth quarter of fiscal year 2023-24 stood at 5.28 percent.

Tata Technologies

Tata Technologies’ shares experienced a decline of over 3 percent on May 6th following the company’s disappointing performance in the January-March quarter. During this period, the company’s net profit dropped by approximately 8 percent sequentially, reaching Rs 157 crore compared to Rs 170 crore in the previous quarter. This decline in profitability was primarily due to subdued revenue growth and reduced other income, stemming from a one-time deferred tax asset write-back.

Moreover, revenue saw a sluggish increase of less than 1 percent in Q4FY24, reaching Rs 1,301 crore compared to Rs 1,289.5 crore in Q3FY24. JM Financial attributed this muted growth to a decrease in projects from the company’s major client, Vinfast. Management also indicated that there would be ongoing residual drawdown in the Vinfast account throughout Q1FY25, according to a moneycontrol report.

Britannia Industries

Britannia Industries on May 3, 2024 announced a consolidated net profit of Rs 536.61 crore for the March quarter, marking a 3.76 percent decline compared to the previous year. The company’s total revenue reached Rs 4,069.36 crore, reflecting a modest increase of 1.14 percent from Rs 4,023.18 crore in the corresponding quarter of the previous year. Brokerage estimates anticipated a 2.4 percent year-on-year growth in the company’s revenue. Britannia’s board has proposed a final dividend of Rs 73.5 per share for the fiscal year ending March 31, 2024.

During the quarter ending in March, Britannia experienced a resurgence in its market share, attributed to strategic pricing adjustments to maintain competitiveness and increased investments in brands, complemented by an expansion of distribution channels, moneycontrol reported.

Source: NSE, BSE

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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.

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