May 9, 2023
By: Rounak JainThe benchmark Sensex crossed the 62,000 mark for the first time since December. It has rallied over 3 percent in the last month alone. Strong foreign institutional investor (FII) inflows of ₹13,364 crore so far in FY24 have helped boost the index.
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Financial services, auto and fast-moving consumer goods (FMCG) stocks have helped the Sensex scale the 62,000 mark.
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Leading the charts is Bajaj Finance, with its stock rising by 15 percent in the last one month to ₹6,714. The company’s Q4 earnings beat analyst expectations with a 30 percent YoY rise in net profit to ₹3,158 crore.
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Maggi maker Nestle India is a close second with 13 percent gains in the last month at ₹21,936. The stock also scaled a fresh 52-week high in the period. Its Q4 net profit rose 25 percent YoY to ₹737 crore, on a 21 percent jump in domestic sales.
Credit: Nestle-India
Kotak Mahindra Bank emerged as the top gainer amongst banks, rising 12 percent to ₹1,955 in one month. This was on the back of a 26 percent rise in Q4 net profit to ₹3,496 crore, even as its net interest income grew 35 percent to ₹6,103 crore.
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Tata Motors stock hit the top gear with gains of 11 percent in the last one month – taking it to ₹507 a piece – after it overtook Hyundai as the second-largest car maker in India.
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India’s largest cigarette manufacturer ITC extended its gains from FY23 to FY24, registering a 11 percent rise to ₹431. Analysts suggest that there’s more juice left in the stock, with double-digit growth expected through FY25.
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On the other hand, IT stocks emerged as the top drags amidst weak Q4 performance and economic uncertainties in their key markets, the US and Europe.
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IT major Infosys was the top loser in the last one month, with its stock shedding 11 percent to hit ₹1,262 after the company guided for just 4-7 percent constant currency revenue growth in FY24.
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Tech Mahindra’s stock has lost 6 percent in the last one month, falling to ₹1,042. Its Q4 net profit fell 26 percent YoY to ₹1,118 crore, below analyst expectations.
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Sun Pharmaceutical’s shares have fallen 6 percent in the last one month to ₹955. This is after the US Food and Drug Administration temporarily halted shipments from the company’s Mohali facility pending implementation of corrective measures.
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HCL Tech’s shares fell 3 percent in the last one month to ₹1,072, joining its IT sector peers. Its Q4 net profit rose 11 percent YoY to ₹3,983 crore, while revenue rose 18 percent to ₹26,606 crore.
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FMCG major Hindustan Unilever’s shares fell 1 percent in the last one month to ₹2,506. Its Q4 net profit rose 10 percent YoY to ₹2,552 crore, missing analyst estimates.
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