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Stock Market Highlights, May 7: Sensex declines 384 pts, Nifty nears 22,300; FMCG, IT buck trend

Stock Market Highlights on Tuesday, May 7: Power Grid, IndusInd Bank, Tata Motors, HCL Tech, NTPC, Tata Steel, ICICI Bank, Axis Bank, RIL, HDFC Bank, and Ultratech Cement were the the top laggards

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Closing Bell on May 7, 2024: Profit booking continued at the bourses on Tuesday as investors sold stocks across sectors. The S&P BSE Sensex fell 384 points, or 0.52 per cent, to end at 73,512 levels. It hit an intraday low of 73,259. 

The Nifty50, on the other hand, ended near the 22,300 at 22,303, down 140 points or 0.62 per cent. The index slipped to a low of 22,232 during the day.

Power Grid, IndusInd Bank, Tata Motors, JSW Steel, HCL Tech, NTPC, Tata Steel, ICICI Bank, M&M, Axis Bank, Reliance Industries, HDFC Bank, and Ultratech Cement were the top laggards on the 30-stock index, sliding between 1 per cent and 4 per cent. 

HUL, Tech M, Nestle India, TCS, ITC, Kotak Bank, and Infosys, on the other hand, lent some support with up to 5.6 per cent gain.

The broader markets, too, bled heavily with the BSE MidCap, and SmallCap indices dipping up to 3 per cent intraday. They ended 1.9 per cent, and 1.65 per cent lower, respectively.

Among sectors, the Nifty FMCG index advanced 2 per cent, while the Nifty IT added around 1 per cent. All other sectoral indices ended in the negative zone led by the Nifty Realty index (down around 3.5 per cent).

3:56 PM

Comment :: Why FMCG shares rallied on Tuesday, May 7?

Despite positive global cues, the domestic market continued to consolidate. The domestic market is witnessing profit booking due to various factors, including a low turnout in the ongoing election and premium valuations. However, FMCG remained the biggest sectoral gainer in today’s trading session, driven by expectations of improving volume growth from rural areas aided by favourable monsoon expectations.

Views by: Vinod Nair, Head of Research, Geojit Financial Services
3:50 PM

IPO Update : Indegene issue subscribed 6.7x till 3:45 PM on day 2 of the offer

>> Bidding ends at 5:00 PM.

3:45 PM

Currency update :: Rupee ends 2 paise weaker at 83.51/$

3:43 PM

Broader markets :: MidCap index dips nearly 2%, SmallCap over 1.5%

3:42 PM

Sensex Heatmap :: HUL rallies over 5%, Tech M 2.5% in weak session

3:40 PM

Sectoral trends :: FMCG, IT indices end in green; Realty sheds 3.5%

3:38 PM

Closing Bell :: Sensex drops over 350 pts

3:38 PM

Closing Bell :: Nifty ends nears 22,300

3:29 PM

March Quarter Results :: Kajaria Ceramics posts PAT of Rs 102 cr vs Rs 108 cr YoY

>> Ebitda at Rs 173 cr vs Rs 175 cr YoY

>> Ebitda margin at 13.94% vs 14.6% YoY
 
3:17 PM

March Quarter Results :: SRF posts cons PAT of Rs 422 cr vs Rs 560 cr YoY; misses estimates

>> PAT estimate was Rs 439 crore

>> Revenue is Rs 3,570 crore vs Rs 3,800 crore YoY; Estimate was Rs 3538 crore 

>> Ebitda at Rs 696 crore Rs 930 corre YoY; estimate was Rs 779 crore 

>> Ebida margin at 19.50% vs 24.67% YoY; estimate: 21.9%

3:05 PM

Zee Entertainment hits over four-year low; tanks 52% thus far in CY 2024

Analysts at Emkay Global Financial Services said Zee's near-term performance is likely to further deteriorate from current levels. READ MORE

Zee, ZEEL
2:56 PM

ALERT:: HIL Q4 net falls 73%; stock dips 4%

HIL today posted a 72.8 per cent dip in net profit at Rs 4.06 crore for Q4 ended March 2024 as against Rs 14.91 crore in the year ago period. Total income, however, was up 5.7 per cent YoY at Rs 546.59 crore from Rs 516.91 crore.

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2:46 PM

14 hours a day: Global stock exchanges with trading time more than BSE, NSE

By definition, 'trading hour' is defined as the time span during which a stock exchange is open. During this period, shares and derivative contracts are bought and sold. READ MORE

US Markets
 

2:35 PM

Mid, SmallCap indices slip up to 3% on May 7; analysts cite rich valuations

Among the reasons for Tuesday’s fall could be a limited upgrade in earnings against elevated market expectations and rich valuations, said analysts. READ MORE

Market, bear
Market, bear

2:25 PM

Arvind shares jump over 6%, hits record high after Q4 results

Arvind's topline grew 8.7 per cent year-on-year (Y-o-Y) to Rs 2,074.5 crore in Q4FY24, compared to Rs 1,880.7 crore in the corresponding period of the previous fiscal year. READ MORE

Sensex, Nifty, BSE, NSE, stock market

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First Published: May 07 2024 | 7:56 AM IST

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