The Indian stock market is bracing for a tepid start on Thursday as benchmark indices, including Sensex and Nifty, are expected to open lower, in line with global cues. Futures trading also signaled a subdued beginning, with GIFT Nifty futures indicating a 74-point decline against Nifty50 futures at 22,669.
In overnight trading, the US market experienced a downturn, with the Dow Jones Industrial Average slipping by 1.06 percent. Similarly, the S&P 500 and the Nasdaq Composite also registered losses, declining by 0.74 percent and 0.58 percent, respectively.
On the domestic front, foreign institutional investors (FIIs) were net sellers on May 29th, divesting shares worth Rs 5,841.84 crore. Conversely, domestic institutional investors (DIIs) continued their buying spree, acquiring shares worth Rs 5,233.79 crore.
Stocks to Watch Today
Investors are advised to keep an eye on several stocks as they may witness significant movements in today’s trading session:
1. Kfin Technologies: General Atlantic Singapore Fund is reportedly looking to sell a 4.1 percent stake in Kfin Technologies, a technology-driven financial services company. This move could potentially increase its stake to 6.8 percent.
2. Bata India: Despite a 3 percent year-on-year decline in profit to Rs 63.6 crore in Q4FY24, Bata India managed to increase its revenue by 2.5 percent to Rs 797.9 crore. The company’s board also announced a dividend of Rs 12 per share.
3. Hindustan Oil Exploration Company: In Q4FY24, the company witnessed a 33.8 percent decline in profit to Rs 70.6 crore, although its revenue surged by 71 percent year-on-year to Rs 330.6 crore.
4. NOCIL: NOCIL reported a substantial 46.7 percent year-on-year increase in profit to Rs 41.5 crore for Q4FY24, despite a 9.2 percent decline in revenue to Rs 356.5 crore. Other income also saw a significant rise.
5. Lemon Tree Hotels: Lemon Tree Hotels witnessed robust growth in Q4FY24, with a 42.3 percent year-on-year surge in profit to Rs 84 crore. Revenue also rose by 29.5 percent to Rs 327.3 crore.
6. ISGEC Heavy Engineering: The company reported a 22.6 percent fall in profit to Rs 72.1 crore in Q4FY24, accompanied by an 8.6 percent decline in revenue to Rs 1,868 crore.
7. Heritage Foods: Heritage Foods saw a remarkable 126 percent increase in profit to Rs 40.5 crore in Q4FY24, with revenue rising by 16.3 percent year-on-year to Rs 950.6 crore.
8. Ion Exchange (India): Ion Exchange (India) reported a 10.8 percent decrease in profit to Rs 72.5 crore in Q4FY24, despite a 20.7 percent increase in revenue to Rs 781.8 crore.
