GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Thursday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by just 7 points or 0.03% up at 24,496 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended down by 36.60 points or 0.15% to settle at 24,435.50 while the BSE Sensex fell 138.74 points or 0.17% to 80,081.98.
“Markets remained volatile and ended slightly lower, taking a breather after Tuesday’s decline. Following a flat opening, Nifty saw some recovery in the first half but was unable to sustain the gains, eventually closing near the day’s low at 24,435.50. Most sectors, except IT, traded with a negative bias, with pharma, auto, and energy leading the losses. However, some relief in the broader indices helped ease the pressure after the sharp drop,” said Ajit Mishra – SVP, Research, Religare Broking.
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Mishra also added that Apart from the concern of continuous outflow of the foreign investors, the disappointment on the earnings front is largely weighing on the sentiment. Among the key sectors, only IT is maintaining some resilience now while the majority are feeling the heat. We thus reiterate the “sell on rise” view in the Nifty index and suggest maintaining stock-specific trading approach citing the prevailing choppiness due to earnings.
Stocks to Watch on October 24, 2024
HUL
FMCG major Hindustan Unilever (HUL) reported a net profit of Rs 2,612 crore for the quarter. The company’s revenue rose marginally to Rs 15,508 crore during the same period. Additionally, the Board has declared an interim dividend of Rs 19 per equity share with a face value of Re 1 each for the financial year ending March 31, 2025.
Piramal Pharma
The company delivered strong financial results for the second quarter of FY25, with net profit soaring by 350% year-on-year to Rs 22.59 crore, a significant increase from Rs 5.02 crore in Q2 FY24. Revenue from operations also grew by 17.3%, reaching Rs 2,241.75 crore, up from Rs 1,911.38 crore in the same period last year.
Sona BLW Precision Forgings
The company reported a 15.7% year-on-year increase in consolidated net profit for Q2,
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