The Indian stock market is expected to snap its losing streak as trends in the Gift Nifty index signalled a flat opening on Wednesday, according to reports from Live Mint. After four consecutive sessions of decline, benchmark indices Sensex and Nifty 50 extended their losing streak on Tuesday, with markets facing selling pressure due to weak global cues and macroeconomic concerns. 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 close, the Sensex settled 1,456 points, or 1.92%, lower at 74,559.24, and the Nifty 50 declined 436 points, or 1.83%, to finish at 23,379.55. However, Gift Nifty was trading near the 23,444 mark, up over 21.50 points from the previous close of Nifty futures, indicating a potentially stable opening. On the technical front, the Nifty is now approaching the gap support zone near the 23,150 level following the breakdown from its earlier consolidation range, with the previous support level of 23,800 likely to act as a strong resistance hurdle in any rebound.
Six companies are scheduled to declare Q4 results today, making them key stocks to watch according to Live Mint reports. These include Bharti Airtel, Tata Motors, TVS Motor Company, Hindustan Petroleum Corporation, Oil India, and Cipla. The results will provide crucial insights into corporate performance during the quarter and could influence market sentiment for these individual stocks. In today's trade, shares of Airtel, Tata Motors, Dr Reddy's, NTPC, and Dixon Technologies will be in focus due to various news developments and earnings reports.
Bharti Airtel is currently trading at ₹1,756.0, reflecting a minor decline of 0.22% today, according to latest market data. The stock has experienced a downturn of 6.05% over the past month and recorded a negative return of 2.21% over the last week. However, the stock has shown resilience with five-year returns reaching an impressive 214.05% and three-year returns standing at 123.76%, showcasing strong long-term performance. The stock's price-to-earnings ratio stands at 35.23 with earnings per share at ₹49.87, while the six-month beta of 1.1466 indicates relative market volatility compared to the broader market.
Tata Power reported a 4.5% year-on-year decline in fourth-quarter earnings, with net profit dropping to ₹996 crore from ₹1,043 crore a year earlier, as reported by Live Mint. In contrast, Nazara Technologies posted a significant rise in fourth-quarter net profit, which surged to ₹55.7 crore from ₹4.1 crore in the corresponding period last year. Dr Reddy's faced challenges with net profit plunging 86.2% year-on-year to ₹220 crore, compared with ₹1,587.3 crore in the same period last year. Dixon Technologies reported fourth-quarter revenue of ₹10,510 crore with EBITDA 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) secured the lowest bidder (L1) position for an EPC contract valued at ₹221.3 crore from the South East Central Railway, as reported by Live Mint. PNC Infratech 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''. Meanwhile, United Breweries stated that the Maharashtra Sales Tax Tribunal has reduced a tax demand order of ₹275 crore to nil.
Vodafone Idea announced that its board is scheduled to meet on May 16 to review the company's fourth-quarter earnings and consider a fundraising proposal, according to Live Mint reports. The board will assess raising capital through the preferential issuance of equity shares or warrants, providing potential positive developments for the telecom service provider's financial position. The proposed fundraising comes at a time when investor sentiment around the company has improved sharply following a series of developments that eased concerns around its long-standing balance sheet stress and capital raising ability.
