GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Thursday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded up by 15 points or 0.07% at 22,735 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended down by 183.45 or 0.80% to settle at 22,704.15 while the BSE Sensex plunged 667.56 points or 0.89% to 74,502.90.

“Nifty dropped by 183 points to 22705, marking the fourth consecutive decline as election jitters triggered intense selling. The Sensex fell by 668 points to 74503, and Bank Nifty was down 641 points to 48501. Market anxiety over potential slim election victory margins for the BJP, which could stymie reforms, led to uncertainty on Dalal Street. Despite the decline, India VIX slightly decreased to 24.17.,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL

Tapse also added that the Bulls need Nifty to hold above 22500 for a chance to rebound towards 23100 and 23500, with key support at 22489 and resistance at 22921. Top gainers were Hindalco, Divi’s Lab, and Power Grid, while HDFC Life Insurance, SBI Life Insurance, and Tech Mahindra were top losers.

Stocks to Watch on May 30, 2024

Banking Stocks 

S&P Global Ratings has revised its rating outlook for six Indian banks—State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank—from Stable to Positive. This change follows a similar adjustment to the sovereign rating (BBB-/Positive/A-3). S&P affirmed the ‘BBB-‘ long-term and ‘A-3’ short-term ratings for these banks and upgraded the Stand-Alone Credit Profiles (SACP) of Axis Bank and ICICI Bank by one notch each.

RR Kabel

US-based private equity firm TPG Asia is planning to sell its entire 5% stake in a wire and cable manufacturing company through block deals. This transaction will involve offloading over 5.6 million shares at approximately ₹1,718 per share, totalling around ₹1,000 crore.

Tata Steel

The company reported a 64.59% decline in net profit to ₹554.56 crore for the January-March quarter of 2023-24, compared to ₹1,566.24 crore in the same period the previous year. Total income for the quarter fell to ₹58,863.22 crore from ₹63,131.08 crore in the January-March period of FY23.

Cummins

The engine manufacturer reported a 76.3% year-on-year increase in net profit, reaching ₹561.5 crore for the fourth quarter, up from ₹318.5 crore in the same quarter last year. The company’s revenue rose by 20.3% to ₹2,316.2 crore, compared to ₹1,926 crore in the corresponding period of the previous fiscal year.

Emami

The FMCG company reported a 3.7% year-on-year increase in net profit to ₹146.8 crore for the fourth quarter, up from ₹141.6 crore in the same quarter last year. The company’s revenue grew by 6.6% to ₹891.2 crore, compared to ₹836 crore in the corresponding period of the previous fiscal year.

SJVN

The state-owned company reported a more than two-fold increase in consolidated profit to ₹61.08 crore for the March quarter, compared to ₹17.21 crore in the same period last year. The financial results also revealed exceptional gains of ₹103.84 crore during the quarter.

RVNL

The railway company has received a Letter of Acceptance from South East Central Railway for a project valued at ₹38.10 crore. The project involves the provision of auto signalling with electronic interlocking in the Champa-Sakti section of the Bilaspur division.

GMR Airports

The company reported a net loss of ₹167.6 crore for the fourth quarter ending March 31, 2024, compared to a net loss of ₹638.9 crore in the same quarter last year. The company’s revenue increased by 29.5% to ₹2,446.8 crore, up from ₹1,889.7 crore in the corresponding period of the previous fiscal year.

Aditya Birla Capital 

The diversified financial services company announced an investment of ₹300 crore in its wholly-owned subsidiary, Aditya Birla Housing Finance Ltd (ABHFL), through a rights issue. This investment is intended to support ABHFL’s growth, meet its funding requirements, and improve its leverage ratio.

CESC

A fire incident took place at the Unit-1 Generator Transformer in Haldia, West Bengal, owned by Haldia Energy (a wholly-owned subsidiary of CESC), resulting in partial disruption to plant operations. The fire has been brought under control, and an assessment of the cause and extent of damage is underway. The plant is covered by insurance.