Sensex, Nifty50 slip amid weak global cues: HDFC twins tumble over 5%

• Both the indices were down by 0.60% – Sensex was hovering at 61,359 points, while Nifty50 was at 18,145 points.
• HDFC twins fell by over 5% after index provider MSCI tweaked the weight of the merged entity below street expectations.
• Adani Enterprises, Paytm, TVS, Hero MotoCorp, Britannia are amongst stocks to watch today.

India’s benchmark indices Sensex and Nifty50 were trading lower on Friday amid uncertainty in global markets. HDFC twins fell by over 5% after index provider MSCI tweaked the weight of the merged entity below street expectations.

Both the indices were down by 0.60% – Sensex was hovering at 61,359 points, while Nifty50 was at 18,145 points.

Top gainers and losers on Nifty50
Source: NSE, as on May 5, 2023

Earlier on Thursday, both the indices rose 0.9% to touch their respective 2023 peaks – Sensex closed at 61,749 points while Nifty50 rose to 18,256 points.

Gold and silver prices continued to be on the boil – gold prices touched ₹61,500 per 10 grams while silver rose rapidly to cross the ₹78,000 per kilogram mark. Crude oil prices remained soft, with Brent crude hovering around $73 per barrel.

US markets plummet on banking sector woes
Markets in the US continued to fall on Thursday amid banking sector woes. Trades were halted in Western Alliance Bancorp, PacWest Bancorp and First Horizon Corporation, while Goldman Sachs Group’s role in the Silicon Valley Bank deal was also being looked into.

As a result, Dow Jones closed 0.9% lower, while S&P 500 fell 0.7%. The tech-heavy Nasdaq fell 0.5%.

Markets in Asia were trading mixed on Friday morning – while Hang Seng and Nikkei 225 rose 0.30% and 0.12% respectively, Taiwan Weighted and KOSPI were flat. Shanghai Composite, however, fell 0.51%.

Stocks to watch

Adani Enterprises: The Gautam Adani company reported a net profit of ₹722 crore for the fourth quarter, more than doubling it from ₹304 crore a year ago. Driving the profitability were the company’s capital-intensive airports and roads businesses. For FY23, the net profit more than tripled to ₹2,473 crore from ₹777 crore a year ago.

TVS Motor: The company’s standalone net profit jumped 49% to ₹410 crore in March quarter from ₹275 crore during the same period last year on the back of strong sales. Meanwhile, its revenue from operations in the quarter grew 19% at ₹6,605 crore as compared to ₹5,530 crore last year.

Hero MotoCorp: India’s largest two-wheeler manufacturer beat analyst estimates to deliver a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. The company posted a 17% growth in its FY23 net profit, which rose to ₹2,911 crore.

Dabur: The FMCG major’s profit during the March quarter grew marginally by 2.25% to ₹300 crore while its revenue went up 6.35% to ₹2,677 crore. It announced a final dividend of ₹2.70 per share for FY23.

Raymond: The company’s board will meet on May 6 to consider a proposal for raising up to ₹2,200 crore through non-convertible debentures for paying external debt.

United Breweries: The beer maker’s profit tanked sharply in the March quarter by 94% to ₹9.87 crore from ₹163 crore a year ago. However, revenue from operations were up 11% to ₹4,081 crore.

Earnings today: Britannia Industries, Adani Power, Marico, One97 Communications (Paytm), Bharat Forge, Blue Dart, DCB Bank, Equitas Small Finance Bank, Federal Bank, Gujarat Fluorochemicals, Piramal Enterprises among companies to report their March quarter earnings.

SEE ALSO:

Adani Enterprises Q4 net profit more than doubles YoY to ₹722 crore as airports and roads businesses pick up pace

TVS Motor’s Q4 net profit jumps 49% on year to ₹410 crore

Hero MotoCorp Q4 net profit beats estimates, rises 37% YoY to ₹859 crore