Stock market today: Benchmark indices – Sensex and Nifty 50 – extended their losing streak to a fourth straight session on Tuesday, May 12, weighed down by mixed global market signals.
The 30-share Sensex plunged 1,566 points, or 2%, to hit an intraday low of 74,449, while the Nifty 50 also slipped 2% to touch the day’s low of 23,348. By the close, the Sensex had settled 1,456 points, or 1.92%, lower at 74,559.24, while the Nifty 50 declined 436 points, or 1.83%, to finish at 23,379.55.
However, the market is likely to snap its losing streak as trends in the Gift Nifty index signalled a flat opening on Wednesday. Gift Nifty was trading near the 23,444 mark, up over 21.50 points from the previous close of Nifty futures.
“After two consecutive heavy selloff sessions, Indian markets are likely to witness a relatively flat start today, with Gift Nifty opening near the 23,391 zone. However, despite indications of a stable opening, overall sentiment continues to remain fragile as global risk factors and elevated volatility keep traders cautious,” said Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth.
As the market is pointing towards a negative start, some stocks are likely to remain in focus on Monday due to their own positive/negative triggers.
Stocks to Watch
Amid this backdrop, these are the top 10 stocks that will remain in focus on Wednesday, 13 May –
Bharti Airtel, Tata Motors, TVS Motor Company, Hindustan Petroleum Corporation, Oil India, Cipla
Shares of Bharti Airtel, Tata Motors, TVS Motor Company, Hindustan Petroleum Corporation, Oil India, Cipla will remain in focus as companies will declare Q4 results today.
Vodafone Idea
The telecom service provider said its board is scheduled to meet on May 16 to review the company’s fourth-quarter earnings and consider a fundraising proposal. The board will assess raising capital through the preferential issuance of equity shares or warrants.
Tata Power
The company posted a 4.5% year-on-year decline in its fourth-quarter earnings, with net profit dropping to ₹996 crore from ₹1,043 crore a year earlier.
Torrent Power
The company posted a steep drop in fourth-quarter net profit, which declined 70% year-on-year to ₹318.2 crore, compared with ₹1,060 crore in the same period last year.
Nazara Technologies
The company posted a significant rise in its fourth-quarter net profit, which surged to ₹55.7 crore from ₹4.1 crore in the corresponding period last year.
Dr Reddy’s
The pharma major posted a steep drop in its fourth-quarter earnings, as net profit plunged 86.2% year-on-year to ₹220 crore, compared with ₹1,587.3 crore in the same period last year.
Dixon Technologies
The company posted fourth-quarter revenue of ₹10,510 crore. EBITDA stood at ₹408.4 crore, surpassing the poll estimate of ₹372 crore, while the margin came in at 3.9%, higher than the expected 3.6%.
Rail Vikas Nigam
RVNL has secured the lowest bidder (L1) position for an EPC contract valued at ₹221.3 crore from the South East Central Railway.
PNC Infratech
The company said it has signed a settlement agreement with the National Highways Authority of India involving a one-time settlement amount of ₹234.99 crore under the Government of India’s ‘Vivad Se Vishwas II (contractual disputes)’ scheme.
United Breweries
The company stated that the Maharashtra Sales Tax Tribunal has reduced a tax demand order of ₹275 crore to nil.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
