Sensex Today Ends 161 Points Lower, Nifty Below 18,100 | Adani Group Stocks Drag | Manappuram Finance Tanks 12%

Wed, 3 May Closing

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After opening the day marginally lower, Indian share markets failed to stage a recovery and traded on a bearish note throughout the session.

Benchmark indices snapped an eight-day rally, tracking weakness in global markets ahead of the US Fed's monetary policy decision later tonight.

Meanwhile, the bankruptcy of Go First airline dampened sentiment.

At the closing bell, the BSE Sensex stood lower by 161 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 65 points (down 0.4%).

HUL and Tata Motors were among the top gainers today.

ONGC and UPL on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,165 down by 56 points, at the time of writing.

The BSE Midcap index ended 0.3% higher. While the BSE SmallCap index gained 0.2%.

Sectoral indices ended on a mixed note with stocks in the realty sector and FMCG sector witnessing most of the buying.

While stocks in the telecom sector and energy sector witnessed selling.

Shares of ITC and DLF hit their 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...

Asian share markets ended the day on a mixed note. The Hang Seng fell 1.2%, while the Shanghai Composite index ended 1.1% higher. The Nikkei edged marginally higher.

The rupee is trading at 81.82 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.2% at Rs 60,760 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.3% at Rs 76,447 per kg.

Speaking of stock markets, what do the charts say about energy stocks?

Energy stocks have been in the news recently. The fall in crude oil prices last year followed by OPEC's decision to cut production, have caused volatility in the market. And that has affected Indian energy stocks as well.

So, should you be bullish or bearish on them? Chartist Brijesh Bhatia answers all these questions in the below video.

Why IndiGo share price is rising

In news from the airline sector, shares of IndiGo jumped 6% today following news that its rival Go First (formerly known as GoAir) has filed for bankruptcy.

Go First filed for bankruptcy on Tuesday after facing a severe fund crunch, for which it blamed engine maker Pratt and Whitney.

The airline temporarily halted operations on 3 & 4 May 2023, due to a serious cash shortage.

Go First's bankruptcy and curtailed operations will benefit IndiGo as it will get a larger share of the aviation market in India.

With Go First's exit from the market, analysts predict that IndiGo stands to benefit from the reduction in competition.

Additionally, a sharp decline in crude oil will benefit aviation stock.

InterGlobe Aviation is the operating company for IndiGo, India's largest passenger airline in terms of domestic market share.

At present, the company commands nearly 55% of the domestic market in terms of passengers carried.

The entire airline sector took a beating when the first covid wave hit in 2020.?

But with the onset of 2022, the industry has picked up the pace and started to recover. To know whether it is wise time to invest in airline stocks, check out Airlines stocks: time to deplane?

Godrej Properties Q4 profit jumps 58%

Moving on to news from the real estate sector, Godrej Properties, the real estate development arm of the Godrej group, reported a 23.7% YoY rise in revenue to Rs 16.5 bn for the March 2023 quarter. It reported a revenue of Rs 13.3 bn a year back.

Net profit for the quarter came in at Rs 4.1 bn, up 58.2% YoY against Rs 2.6 bn in the quarter a year back, aided by strong sales and robust demand for housing.

EBITDA for the quarter came in at Rs 3.5 bn, up 34.1% YoY.

Further, the company expects the value of bookings for fiscal 2024 to rise by 15%.

The company expects bookings of Rs 140 bn for the current fiscal, higher than Rs 123.3 bn in the financial year 2023, which beats its own forecast.

However, a pause in the rate hike cycle could aid growth in the industry that was hit by successive waves of COVID-19 over the last three years.

Investors are wary of high-debt companies especially, after the Adani-Hindenburg saga. Hence, as of late owing to high leverage and a couple of other reasons Godrej Properties' share price was under pressure.

To know more, read our editorial on why Godrej Properties share price is falling.

Adani Wilmar Q4 profit falls 60%

Moving on news from the FMCG sector, Adani Wilmar today reported a 7% YoY decline in revenue at Rs 138.7 bn compared to Rs 149.2 bn a year back.

Net profit for the quarter came in at Rs 936 million (m), down 60% YoY. In the same quarter of last year, it posted a net profit of Rs 2.3 bn.

TRQ (Tariff Rate Quota) disparity led to pressure on Soyabean oil margins. The decline in edible oil prices continued in Q4 as well leading to high-cost inventory, along with the mark-to-market (MTM) impact on profit.

The edible oil segment's branded sales volume grew by 4 % during the quarter on the back of good consumer demand due to softened edible oil prices. However, overall oil sales volume dragged due to lower demand from the bakery and frying industry.

Its wholly owned subsidiary in Bangladesh made a loss of Rs 120 m due to price caps by the government on edible oils, local currency-related issues, and unavailability of the counterparty for forex hedging.

Following the update, shares of Adani Wilmar plunged 4% today.

Meanwhile, Adani Enterprises, the flagship company of the Adani Group, was down 7% today.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen. Dig deeper into Adani group stocks.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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