Sensex Today Ends 128 Points Higher | Nifty Above 22,650 | Godrej Industries Tanks 7%

Thu, 2 May Closing

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After opening the day on positive note, Indian share markets continued the momentum as the session progressed and ended higher.

Indian benchmark indices ended a range-bound session with a positive bias on Thursday, a day after the US Federal Reserve kept key interest rates unchanged at 5.5%.

At the closing bell, the BSE Sensex stood higher by 128 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 52 points (up 0.2%).

Power Grid Corporation, BPCL, and Bajaj Auto were among the top gainers today.

Bharti Airtel, Axis Bank and Kotak Mahindra on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,787, up by 168 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 0.9% higher and BSE SmallCap index ended marginally higher.

Sectoral indices are trading mixed with socks in power sector, metal sector and auto sector witnessing most buying. Meanwhile stocks in realty sector, media sector and IT sector witnessed selling pressure.

Shares of Polycab India, Trent and Siemens hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.47 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 70,739 per 10 grams.

Meanwhile, silver prices were trading 0.3% lower at Rs 81,022 per 1 kg.

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Why Netweb Technologies Share Hit Upper Circuit

In news from the IT sector, Netweb Technologies India Ltd's shares were locked in a 5% upper circuit at Rs 1,764.5 after the company posted strong results for the quarter that ended March. The company's net profit rose 14% on quarter to Rs 297 m, while revenue from operations gained 5% to Rs 2.7 bn.

The profit margin of Netweb rose by 0.9% in the quarter to 11% in Q4 FY24.

Netweb's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased 14.5% on quarter to Rs 444 m in Q4 FY24. The company's EBITDA margin rose by 1.4% on quarter to 16.4%.

Lodha said that Netweb has a robust business pipeline and order book. For the year ended 31 March, the company's order book stood at Rs 4.1 bn, as against Rs 712 m in the year-ago period.

The Board of Directors of Netweb also recommended a dividend of Rs 2 per share, which will result in a dividend payout of 14.9%.

Netweb shares have ended the past three weeks and the past two months with gains.

For more details check out, Why CE Info and Netweb Technologies Can Go Where NVIDIA Can't...

Why Bajaj Auto Share price is Rising

Moving on to news from the auto sector, shares of Bajaj Auto Limited advanced 2.5% to Rs 9,124 in mid-day trade on 2 May after the company reported robust monthly sales for April.

The Pune-headquartered company reported a 17% year-on-year rise in sales to 3,88,256 units in April. During the same period last year, the two-wheeler major sold 3,31,256 units.

As for two-wheelers, April sales rose 19% YoY to 3,41,789 units. Both domestic and export sales in this segment also saw a healthy growth of 19 and 18%, respectively.

Sale of commercial vehicles jumped 7% on year to 46,467 units. Of the total CV sales, exports saw a notable rise of 20% while domestic sales gained marginally on year.

Bajaj Auto has declared to line up an ambitious launch pipeline for FY25, including the world's first CNG-fuelled bike.

The company has started making inroads in Egypt after the government formally recognized the category of quadricycles for public transportation. Bajaj Auto has started to export its auto taxi Qute to Egypt from April.

Bajaj Auto had red-flagged the currency situation in Egypt, stating it can't start pushing out as many units as it desires. However, it will be exporting about 250 units immediately.

BHEL Partners HIMA

Moving on to news from the engineering sector, shares of Bharat Heavy Electricals (BHEL) hit a 12-year high of Rs 300.2 a piece, as they rallied 7% on the BSE in Thursday's intra-day trade after the company on Tuesday announced that it has entered into a strategic partnership with HIMA Middle East FZE, Dubai for railway signalling business.

HIMA is one of the world's leading solution providers for safety-related automation in the railways and process industries. BHEL has been supplying locomotives, electrics for EMU/MEMU, propulsion systems, traction motors, traction alternators, traction transformers, etc. to Indian railways. The partnership with HIMA will further enhance BHEL's offerings to Indian railways.

Meanwhile, one of BHEL's largest orders for supplying and 35 years' maintenance of 80 Vande Bharat trainsets-received in April 2023 in consortium with Titagarh Rail Systems will open the way for future rail business.

It is where the company's huge expansion and modernisation plans are being rolled out - including in areas like semi-high speed trainsets, locomotives, signalling etc.

In line with the 'National Hydrogen Mission', BHEL is geared up and exploring various areas in the green hydrogen value chain and is setting up a centre of excellence, at Varanasi. These efforts will pave the way for future scalable businesses in this area.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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