Sensex Today Ends 384 Points Lower | Realty Index Down 4%| Marico Rallies 9%

Tue, 7 May Closing

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After opening the day flat, Indian share markets turned negative as the session progressed and ended lower.

Indian benchmark indices were seen trading with a negative bias on Tuesday, weighed by HCL Tech, ICICI Bank, HDFC Bank, and Reliance Industries.

At the closing bell, the BSE Sensex stood lower by 384 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 141 points (down 0.6%).

TCS, HUL and Nestle were among the top gainers today.

Bajaj Auto, ONGC and Hindalco on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,379, down by 211 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 1.9% lower and BSE SmallCap index ended 1.6% lower.

Sectoral indices are trading mixed with socks in FMCG sector, IT sector and media sector witnessing most buying. Meanwhile stocks in power sector, energy sector and oil & gas sector witnessed selling pressure.

Shares of ABB India, Colgate and Polycab India 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 83.51 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% lower at Rs 71,134 per 10 grams.

Meanwhile, silver prices were trading 0.3% lower at Rs 82,691 per 1 kg.

Speaking of stock markets, Kotak Bank has lost more than 10% of its market value following the ban by the RBI. It has pushed an already underperforming stock deeper into the underperforming zone.

HDFC has also disappointed investors in the last few years. ICICI Bank on the other hand has been a stellar outperformer.

Rahul Shah, Co-head of Research at Equitymaster discusses can HDFC and Kotak manage a turnaround in his latest video

Tune in to find out the result.

Bigbloc Construction Share Price Rise 4%

In news from the construction sector, shares of Bigbloc Construction rose over 3% on 7 May, extending the previous day's 8% gain, after renowned investor Shankar Sharma bought an equity stake in the company. Sharma bought 3.65 lakh shares, or a 0.5% stake in Bigbloc Construction at an average price of Rs 235.

The total value of the deal translated to Rs 85.7 m worth of shares.

Bigbloc shares have more than doubled in the last one year, outperforming NSE Nifty 50, which has gained 23% during the same period. The stock gained 24% in April and 8% so far in May.

Notably, in the December 2023 quarter, his name was missing from the list of shareholders.

Shankar Sharma's decision to invest in this stock may be influenced by its robust expansion strategy.

The company, on 27 March 2024, announced investing around Rs 950 m in the mega expansion at Kapadvanj in Gujarat and Wada, Maharashtra.

The expansion projects are expected to be completed in the next 3-4 months.

Post expansion, the company's total capacities will increase from 8.3 lakh cubic meters to 13.7 lakh cubic meters per annum.

Bigbloc Construction Limited is an India-based company, engaged in manufacturing building blocks and aerated autoclaved concrete (AAC) bricks.

The company's AAC blocks are marketed under the brand NXTBLOC, which is a green product for the construction industry. Its other brands include NXTFIX, NXTPLAST, and ZSMARTBUILD.

The Bigbloc Construction stock rose around 11% in the past five days. Over a month, the share price has gained by 21%.

FMCG Index Gains Most in 2 Years.

Moving on to news from the FMCG sector, the Nifty FMCG index is trading with gains of 2.5% on Tuesday, marking its biggest single-day gain since July 2022. 12 out of the 15 index constituents are trading with gains.

Stocks like Marico, GCPL, and Dabur are trading with gains between 4% and 10%, while Hindustan Unilever shares are up over 3.5%, the most in nearly five months. This is the best single-day gain for HUL in 2024.

Rural is a key segment for FMCG companies and commentary from most of them points to the fact that there is a recovery taking place in rural India.

The potential recovery in rural markets may also translate into growth returning for most of these companies, which has remained flat for the last few quarters.

The managements of most FMCG companies expect the improvement in EBITDA margin to sustain as raw material pressures abate and ad spends, which were ramped up last year, see moderation.

Why Lupin Share Price is Falling

Moving on to news from the pharma sector, shares of pharmaceutical company Lupin slipped 5.2%.

This came after the pharma major reported its quarterly earnings on Monday that missed street expectations.

Mumbai-based Lupin posted a 52% year-on-year increase in consolidated net profit, reaching Rs 3.6 bn for the January-March quarter of FY24. This compares to a profit of Rs 2.4 bn in the same period last year.

Revenue for the quarter stood at Rs 48.9 bn, marking a 13% increase from the year-ago quarter's revenue of Rs 43.3 bn.

The company's US sales also missed estimates slightly, as it reported Q4FY2024 sales at US$ 209 million (m) compared to Kotak Institutional Equities' estimate of US$ 213 m.

The company filed 1 abbreviated new drug application (ANDA) in the quarter, received 12 ANDA approvals from the USFDA, and launched 6 products in the quarter in the US.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to Rs 10.3 bn, showing a notable increase of 66% from Rs 6.2 bn. The EBITDA margin also expanded to 21 per cent from 14.2% in the year-ago period.

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

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