Stock market today: The Indian benchmark indices — the Sensex and Nifty 50 — closed lower on Tuesday, May 19, amid profit booking and mixed global signals. Investor sentiment also remained cautious due to ongoing concerns surrounding the US-Iran conflict, high crude oil prices, and weakness in the rupee.
The Sensex declined 114 points, or 0.15%, to settle at 75,200.85, while the Nifty 50 slipped 32 points, or 0.14%, to close at 23,618.
However, the market is likely to continue its losing streak as trends in the Gift Nifty index signalled a negative opening on Wednesday. Gift Nifty was trading near the 23,433 mark, up over 127.50 points from the previous close of Nifty futures.
“Sentiment across Indian markets is expected to remain fragile, with rising energy prices, currency weakness and uncertainty surrounding the Middle East conflict continuing to weigh on investor confidence,” said Ponmudi R, CEO of Enrich Money.
As the market is pointing towards a negative start, some stocks are likely to remain in focus on Wednesday due to their own positive/negative triggers.
Stocks to Watch
Lenskart, Grasim Industries, Apollo Hospitals, Ola Electric, Metro Brands
Shares of Lenskart, Grasim Industries, Apollo Hospitals, Ola Electric, Metro Brands will remain in focus as companies will declare Q4 results today.
Bharat Petroleum Corporation
BPCL posted a 57.7% quarter-on-quarter fall in its fourth-quarter net profit to ₹3,192 crore, weighed down by exceptional items amounting to ₹4,349 crore.
Hindalco Industries
The company’s subsidiary, Novelis, posted a net loss of $84 million in the fourth quarter, against a profit of $294 million in the same period last year, impacted by fire incidents at its Oswego facility in the US during September and November.
Mankind Pharma
The company posted a largely muted performance in the fourth quarter, with net profit declining 30.4% year-on-year (YoY) to ₹420.8 crore. Revenue increased 11.8% to ₹3,443 crore, while EBITDA surged 36.1% to ₹930 crore.
Bharat Electronics
Bharat Electronics posted a 5% YoY increase in consolidated net profit for the March quarter, driven by consistent execution of defence projects and growth in operational revenue.
Maruti Suzuki
Maruti Suzuki has commenced commercial production at the second unit of its Kharkhoda manufacturing plant in Haryana, effective May 18.
ZEE Entertainment
Zee Entertainment Enterprises reported a consolidated net loss of ₹104 crore for the quarter ended March, compared with a net profit of ₹188 crore in the corresponding period last year.
JSW Energy
The company announced that it will increase its stake in Toshiba JSW Power Systems from 10.7% to 20.7% by acquiring shares from Toshiba Corp through a secondary share purchase transaction worth ₹150 crore.
Sula Vineyards
Abhishek Kapoor has stepped down as the company’s Chief Financial Officer and Key Managerial Personnel, with effect from July 14.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
