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Research Periodic Report Bharat Dynamics Falls, NALCO Hits All-Time High, LIC Surges on Strong Q4 Performance and more.

Bharat Dynamics Falls, NALCO Hits All-Time High, LIC Surges on Strong Q4 Performance and more.

Written by - Fisdom Research

May 28, 2024 3 minutes

Indian markets:

  • On Tuesday, May 28, the Indian stock market remained under pressure, with both the Sensex and the Nifty 50 closing in the red for the third consecutive session.
  • This month, the Indian stock market has experienced significant volatility due to strong foreign capital outflow driven by election-related caution. The market has been fluctuating between gains and losses, impacted by high valuations, a lack of fresh triggers, and mixed global cues.
  • Sector-wise, Oil & Gas, Capital Goods, Telecom, PSU Bank, Power, and Realty sectors declined by 1-2 percent. However, the pharma index saw a rise of 0.5 percent.
  • The BSE Midcap index dropped by 0.5 percent, while the smallcap index decreased by one percent.

Global Markets:

  • Asia-Pacific markets were mostly lower on Tuesday as investors evaluated comments from European Central Bank officials suggesting that rate cuts might be imminent for the world’s largest economic bloc.
  • In Australia, the S&P/ASX 200 closed down by 0.28%, with retail sales growth in April missing Reuters’ poll estimates, rising just 0.1% compared to March.
  • Japan’s Nikkei 225 slipped by 0.11% to end at 38,855.37, while the broad-based Topix closed slightly higher.
  • South Korea’s Kospi finished flat at 2,722.85, whereas the small-cap Kosdaq gained 0.36%.
  • Hong Kong’s Hang Seng index remained flat, while mainland China’s CSI 300 index declined by 0.73%.

Stocks in Spotlight

  • Bharat Dynamics shares fell by 5.8 percent as investors rushed to book profits following a stellar rally. This decline came after BDL announced its first-ever stock split, dividing one equity share with a face value of Rs 10 into two shares with a face value of Rs 5 each.
  • On May 28, NALCO shares surged 6 percent in morning trades, reaching an all-time high of Rs 206.30 on the National Stock Exchange (NSE) following the PSU’s strong earnings report for the quarter ended March 2024. Motilal Oswal raised its target price for the stock, and Axis Securities maintained a ‘buy’ rating. However, the stock closed 1.3 percent lower by the end of the day.
  • On May 28, shares of the state-owned insurer LIC surged by as much as 2.13 percent to Rs 1,062 per share following its better-than-expected performance for the January-March quarter (Q4FY24). Brokerages remain positive on LIC for the long term, forecasting a strong growth outlook due to its inexpensive valuations.

News from the IPO world🌐

  • Mumbai-based Garuda Construction and Engineering refiles DRHP for IPO
  • Awfis Space Solutions IPO: Issue subscribed over 32X so far on last day, NII portion booked 76X
  • OYO withdraws DRHP, to refile IPO post refinancing

Daily Leader board:

Sectoral Performance

Top SectorsDay change (%)
NIFTY PHARMA0.5
NIFTY HEALTHCARE INDEX0.4
NIFTY MEDIA0.3
NIFTY MIDSMALL HEALTHCARE0.3
NIFTY FINANCIAL SERVICES0.1

Advance Decline Ratio

Advance/DeclinesDay change (%)
Advances1236
Decline2594
Unchanged104

Numbers to track

Indices NameLatest% 1D% YTD
Dow Jones (US)39,0700.0 %3.6 %
10 Year Gsec India7.00.2 %(1.6) %
WTI Crude (USD/bbl)781.1 %10.4 %
Gold (INR/10g)71,984(0.0) %7.0 %
USD/INR83.05(0.3) %0.0 %

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