Overnight Digest: Stocks likely to be in focus on May 16
During the week, BSE Midcap & BSE Smallcap indices saw a higher correction in the range of 5-6 per cent
The global and domestic equity markets witnessed a steep decline this week due to concerns over growth expectations amid rising inflation levels. Sensex and Nifty 50 index declined close to 3 per cent each whereas BSE Midcap & BSE Smallcap indices saw a higher correction in the range of 5-6 per cent. Majority of the sectoral indices traded in the red during the week.
On Friday, erasing the intraday gains, the benchmark indices ended lower. At the close, Sensex was down by 136.69 points or 0.26 per cent at 52,793.62 level while Nifty was down by 25.80 points or 0.16 per cent at 15,782.20 level. On the other hand, BSE Midcap index gained 0.8 per cent while BSE Smallcap index added 1.3 per cent.
On the sectoral front, the indices traded mixed with metal and power ending 1-2 per cent lower while auto, FMCG & pharma settled 1-2 per cent higher.
Keep a watch on these stocks for Monday's trading session -
State Bank of India- Announcing a dividend of Rs 7.10 per share, SBI reported a 41.2 per YoY rise in the net profit at Rs 9,113.5 crore for the quarter ended March 31, 2022. The company had reported a net profit of Rs 6,451 crore in Q4FY21. On a QoQ basis, SBI's profit zoomed 8 per cent from Rs 8,432 crore in Q3FY22 due to a healthy increase in the net interest income (NII). NII soared 15.26 per cent on a YoY basis and 1.6 per cent on a QoQ basis. It faded the morning gains, plunging 4.79 per cent and ending at Rs 440.5 per share on BSE.
HDFC Asset Management Company - The stock hit its 52-week low price during Friday's trading session. The fall came after the index provider Morgan Stanley Capital International (MSCI) excluded the stock in its global indices. In an otherwise steady market, the stock declined up to 3.75 per cent. The stock has underperformed in the past one month, dipping 18 per cent versus an 8 per cent decline in the benchmark index. The change announced from MSCI will be effective from June 1, 2022.
Dalmia Bharat - Cement-maker Dalmia Cement (Bharat) Ltd, a subsidiary of Dalmia Bharat Ltd, has chalked out an investment plan worth Rs 2,600 crore spread over the next four years to take up expansion of its existing facilities and also, set up new manufacturing units in Tamil Nadu. The company would set up two greenfield grinding units with a capacity of producing two million tonnes per annum each. The stock rose up to 2 per cent and ended the session flat being 0.63 per cent up on Friday.
Poonawalla Fincorp - The stock has twinkled investors’ eyes today by jumping almost 20 per cent in a single trading session! This upmove came after the company reported consolidated profit after tax of Rs 119 crore, attributing strong operational performance in March 2022 quarter as against a loss of Rs 648 crore recorded in Q4FY21. The net interest margin (NIM) improved by 33 bps on a YoY basis and 77 bps on a QoQ basis standing at 9.5 per cent. The company crossed the Rs 5,000 crore AUM mark in March 2022. The company’s assets under management improved 16.5 per cent on a YoY basis and 8.9 per cent on a QoQ basis.