D-Street Newsmakers: ITC, Nykaa, Banking stocks among stocks that made headlines today
Indian equities thrived in Thursday’s session and logged fresh highs boosted by the RBI’s dividend bonanza. At the close, Sensex ended higher by 1.61 per cent or 1196.98 points at 75,418.04, while Nifty added 1.64 per cent or 369.85 points and closed at 22,967.65 levels.
"The headline index posted a record gain, with leading sectors such as banking and automotive outperforming. The RBI's record dividend is akin to an indirect rate cut, and is expected to reduce bond yields,” Vinod Nair, Head of Research, Geojit Financial Services said.
Early onset of southwest monsoon has provided a boost to the domestic market, which was underperforming in the last 2 months to other emerging markets, he added.
Here are the stocks that hogged the limelight today:
Banking stocks
As the bond yield moved sharply lower, banking stocks emerged as the beneficiaries today. Union Bank from the public sector banking pack emerged as the top gainer with gains of over 3 per cent.
ITC
ITC shares ended with marginal gains of 0.33 per cent at Rs 441.2 even as the company’s Q4 PAT declined YoY to Rs 5020.2 crore in the March quarter.
Page Industries
Shares of the company ended lower by nearly 2 per cent at Rs 35719.00 even as the company recorded a 38 per cent YoY increase in net profit for the March quarter of FY24.
Nykaa
Even as the company posted a good Q4 show with growth across all verticals, the stock reacted negatively and ended lower by 3 per cent at Rs 173.95.
Hindalco Industries
Ahead of its results tomorrow, shares of the company ended with a cut of over 1 per cent at Rs 676.3. The company is expected to log robust Q4 show with margins climbing 240 bps YoY.
Petronet LNG
The midcap oil and gas company ended on a flat note with a negative bias at Rs 308.3 post the release of the company’s earnings on the previous day.
Metro Brands
Shares of the footwear company registered a decline even as the company's profit soared 149 per cent during the March quarter. The company's shares ended weak by over 1 per cent at Rs 1,127.4 per share.
Steel Strips Wheels
Shares of the auto ancillary company ended on a negative note at Rs 222.2 even as the company's March quarter profit soared 11 times on a year-on-year basis to Rs 515.56 crore.
Mahindra and Mahindra
Mahindra and Mahindra shares ended on a high at Rs 2,610, up nearly 4 per cent amid broad-based gains in the auto pack.
GPT Infra
Shares of the construction company were locked in 5 per cent upper circuit at Rs 256.3 after it was declared an L1 bidder by RVNL.