SGX Nifty Up 27 Points | ITC Q4 Results & Special Dividend | Rupee Nears 2-Month Low | Top Buzzing Stocks Today

Fri, 19 May Pre-Open

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On Thursday, Indian share markets reversed gains in the second half as the session progressed and ended lower.

Benchmark indices fell on Thursday, partly weighed down by profit-taking and weekly Nifty expiry. The selling intensified in late deals, after index heavyweights SBI and ITC announced Q4 results.

At the closing bell on Thursday, the BSE Sensex lower by 129 points (down 0.2%).

Meanwhile, the NSE Nifty closed down by 52 points (down 0.3%).

Bharti Airtel, ICICI Bank and Asian Paints were among the top gainers.

SBI, ITC and Titan, on the other hand, were among the top losers.

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

Broader markets ended on a mixed note. The BSE Midcap index ended 0.7% lower while the BSE SmallCap fell 0.3%.

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

On the other hand, stocks from the banking sector and financial sector witnessed selling pressure.

Shares of Chalet Hotels, Jindal Saw and KPIT Technologies hit their 52-week highs on Thursday.

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 was trading at 82.58 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 60,090 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the SGX Nifty was trading up by 27 points or 0.2% higher at 18,220 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

Speaking of stock markets, has the market overreacted in punishing the stock of Crompton Greaves Consumer Electrical?

Find out why research analyst, Aditya Vora, believes buying stocks based on only valuations is not a smart thing to do.

Top Buzzing Stocks Today

SBI will be among the top buzzing stocks today.

State Bank of India (SBI) on Thursday reported a standalone profit of Rs 166.9 billion (bn) for the March 2023 quarter, up 83.1% YoY from Rs 91.1 bn in the same quarter of the previous.

India's largest lender's net interest income came in at Rs 403.9 bn, rising 29.5% YoY from Rs 311.9 bn in the corresponding quarter of the previous year.

Zydus Lifesciences will also be in focus today.

Zydus Lifesciences on Thursday reported a 32% YoY rise in revenue at Rs 50.1 bn from Rs 38.1 bn in the year-ago period.

Net profit for the quarter came in at Rs 2.9 bn, down 25% YoY from Rs 3.9 bn in the corresponding quarter.

ITC Q4 net profit rises 23%

Diversified conglomerate ITC for the March 2023 quarter surged 7% YoY to Rs 190.6 billion (bn) against Rs 177.5 bn a year back.

Net profit for the quarter came in at Rs 51.8 bn, up 23% YoY. The same stood at Rs 41.9 bn a year back.

Segment-wise, revenue from the cigarettes business rose 13% YoY to Rs 80.8 bn for the quarter under review. It was Rs 71.8 bn in the same quarter last year.

Revenues from the FMCG-others segment increased 19% YoY to Rs 49.5 bn in the March 2023 quarter, compared with Rs 41.5 bn.

The hotel business of the conglomerate recorded bumper revenue growth of 99% YoY to Rs 8.1 bn.

Barring the agri business and paperboards business, ITC reported healthy growth across its divisions.

The agri-business revenue dropped 17% YoY to Rs 36.1 bn and the same from paperboards and packaging business rose by a marginal 1.7% to Rs 22.2 bn.

The board, for the financial year 2023, declared a final dividend of Rs 6.8 and a special dividend of Rs 2.75 per equity share.

ITC is one of the best dividend-paying stocks. We did an editorial back in January 2022 listing the best dividend stocks you can count on.

Apart from that, we also covered an editorial a couple of months ago explaining why the prospects for ITC look good. You can read it here - ITC: Load, Aim...Fire.

Rupee nears 2-month low

The Indian rupee fell against the dollar to its lowest level in nearly two months on Thursday, tracking a slump in the Chinese yuan, while hopes of an imminent US debt ceiling deal pushed up treasury yields and the greenback.

The rupee closed down 0.26% at 82.6 against the US dollar, compared to its previous close of 82.4. It touched 82.7 earlier in the day, the lowest since 21 March 2023.

The rupee lost 0.27%, its worst single day fall since 9 May 2023.

The offshore yuan depreciated further on Thursday to 7.04 against the dollar as weak economic data released earlier this week continued to weigh.

The rupee has traded in the range of 82.15-82.65 so far this week and is on track for a second straight week of losses.

The Reserve Bank of India likely sold dollars via public sector banks after the rupee weakened past 82.5.

Meanwhile, US Treasury yields rose overnight, and the dollar index jumped to a more than seven-week high in the wake of positive signs on the debt ceiling negotiations and upbeat housing data.

The dollar index has risen roughly 2% since the middle of April to around 103.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also, read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

GAIL's net profit slumps 77%

The state-owned gas company's revenue from operations rose about 22% to Rs 3.3 bn. Still, its petrochemicals segment saw a 46% drop in sales.

It reported a 77.5% slump in its quarterly profit dented by weakness in its petrochemicals segment.

The company's net profit slumped to Rs 6 bn in the March 2023 quarter, from Rs 26.8 bn a year earlier.

Gail's natural gas marketing segment, which contributes 96% of the total revenue, gained from higher volumes and lower costs and delivered a 37% jump in quarterly revenue.

The company had agreed to a 20-year purchase deal with Russian energy giant Gazprom in 2012 for annual purchases of about 2.5 million tons of liquefied natural gas (LNG).

Last month, Gail reported it would get four cargoes of LNG from Sefe, equivalent to the volumes it was getting under a deal with a former unit of Russia's Gazprom.

The Indian company had seen its profit plunge after Sefe stopped supplying LNG in May last year to meet its demand.

In 2023 between 1 January to 10 March, the stock has already rallied 16%, making it among the top performing largecap stocks of 2023.

To know what's moving the Indian stock markets today, 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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