Stock market today: Indian equities gave up their early gains to end Thursday’s session on May 7 nearly flat, with both the and Nifty 50 closing little changed from their previous close.
The benchmark indices opened on a positive note and extended gains in the first half of the session amid hopes of easing tensions between the US and Iran. However, late-session profit booking dampened investor sentiment and erased most of the gains.
Despite the subdued performance in frontline indices, broader markets maintained strong momentum. The Midcap 100 index climbed 1%, while the Nifty Smallcap 100 index ended 0.8% higher, reflecting continued bullish 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, Head of Research, Wealth Management, Motilal Oswal Financial Services.
Stocks to watch
Amid this backdrop, these are the top 10 that will remain in focus on Friday, 8 May –
SBI, Titan, Hyundai Motor India, Swiggy, Multi Commodity Exchange of India, Urban Company
Shares of SBI, Titan, Hyundai Motor India, Swiggy, Multi Commodity Exchange of India, Urban Company will remain in focus as companies will report Q4 results today.
BSE
BSE posted a 61.3% year-on-year (YoY) increase in consolidated net profit for the fourth quarter, with profit rising to ₹797.3 crore from ₹494.4 crore in the same period last year.
Lenskart Solutions
According to media reports, Aablock deal has been initiated in eyewear company Lenskart Solutions Ltd, involving the potential sale of 7.2 crore shares in a transaction valued at ₹3,293.6 crore at a price of ₹470 per share.
Cochin Shipyard
The state-owned company said its wholly owned subsidiary, Udupi Cochin Shipyard, has won a major contract from Ocean Sparkle, an Adani Group firm, to build four ASD tugs with a 70-tonne bollard pull capacity.
Britannia
Britannia posted a 21.6% YoY increase in consolidated net profit for the fourth quarter, with profit rising to ₹679.68 crore from ₹559.13 crore in the same period last year.
PNC Infratech
The infrastructure company announced that it has secured the L1 bidder position for an EPC project awarded by the Lucknow Development Authority, with a quoted bid value of ₹194.40 crore.
V-Mart Retail
The value fashion and lifestyle products retailer posted a 39.1% YoY drop in consolidated net profit to ₹11.3 crore in the fourth quarter, compared with ₹19 crore in the corresponding period last year.
Pace Digitek
The company announced that it has won a new order from Damodar Valley Corporation for a 250 MW / 500 MWh Battery Energy Storage System (BESS) project in Maithon, Jharkhand.
CCL Products
Leading private-label instant coffee manufacturers reported a 12.4% year-on-year increase in consolidated net profit to ₹115 crore in the fourth quarter, up from ₹102 crore in the corresponding period last year.
Mahanagar Gas
Mahanagar Gas posted a 35.4% sequential decline in consolidated net profit to ₹130 crore for the fourth quarter, down from ₹201 crore in the preceding quarter.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.