GIFT Nifty Opening Update
GIFT Nifty opened today at 24,309.50. It is down -137.50 points (-0.56%) from yesterday’s close of 24,398.50— so the trend is negative.
Indian equities relinquished their initial gains, concluding Thursday’s session on May 7 nearly flat, as both the Sensex and Nifty 50 finished marginally altered from their prior close. The benchmark indices commenced with a favorable outlook and continued to build on gains during the initial half of the session, fueled by optimism regarding the potential alleviation of tensions between the US and Iran. However, late-session profit booking negatively impacted investor sentiment and reversed a significant portion of the gains. Even with the lackluster performance in leading indices, the broader markets continued to exhibit robust momentum. The Nifty Midcap 100 index increased by 1%, and the Nifty Smallcap 100 index rose by 0.8%, indicating sustained positive market breadth.
“Indian equity markets are expected to remain sideways in a broader range in the near term amid a lack of clarity surrounding the ongoing settlement efforts in West Asia. While strong domestic earnings and resilience in broader markets are providing intermittent support, persistent Foreign Institutional Investor outflows, currency weakness, and elevated crude oil prices are likely to keep overall sentiments subdued,” said Siddhartha Khemka. In light of current market conditions, here are the top 10 stocks that will be under scrutiny on Friday, 8 May –
Equities to monitor:
- SBI, Titan, Hyundai Motor India, Swiggy, Multi Commodity Exchange of India, Urban Company are set to capture attention as these companies announce their Q4 results today.
- BSE reported a significant 61.3% year-on-year increase in consolidated net profit for the fourth quarter, with profits climbing to Rs 797.3 crore, up from Rs 494.4 crore in the corresponding period last year.
- Lenskart Solutions – Media reports indicate that a significant deal has been initiated in the eyewear sector with Lenskart Solutions Ltd, which involves the potential sale of 7.2 crore shares. This transaction is valued at Rs 3,293.6 crore, with shares priced at Rs 470 each.
- Cochin Shipyard company announced that its wholly owned subsidiary, Udupi Cochin Shipyard, has secured a significant contract from Ocean Sparkle, a firm within the Adani Group, to construct four ASD tugs featuring a 70-tonne bollard pull capacity.
- Britannia Britannia reported a 21.6% year-over-year growth in consolidated net profit for the fourth quarter, with profit increasing to Rs 679.68 crore from Rs 559.13 crore during the corresponding period last year.
- PNC Infratech company has confirmed its status as the L1 bidder for an EPC project granted by the Lucknow Development Authority, with a bid value quoted at Rs 194.40 crore.
- V-Mart Retail retailer reported a 39.1% year-over-year decline in consolidated net profit, totaling Rs 11.3 crore in the fourth quarter, down from Rs 19 crore in the same period last year.
- Pace Digitek has disclosed that it secured a new order from Damodar Valley Corporation for a 250 MW / 500 MWh Battery Energy Storage System (BESS) project located in Maithon, Jharkhand.
- CCL Products – Leading private-label instant coffee manufacturers have announced a 12.4% year-on-year rise in consolidated net profit, reaching Rs 115 crore in the fourth quarter, compared to Rs 102 crore during the same period last year.
- Mahanagar Gas reported a 35.4% sequential decrease in consolidated net profit, amounting to Rs 130 crore for the fourth quarter, a decline from Rs 201 crore in the previous quarter.