Despite opening on a higher note, Indian equity indices closed in red for the fourth consecutive session on Thursday, primarily due to a decline in banking stocks. Investor concerns persist as the delay in U.S. rate cuts continue to weigh on market sentiment. The BSE benchmark Sensex fell 454 points or 0.63% to settle at Rs 72,489. The broader NSE Nifty fell 152 points or 0.69% to settle at Rs21,996. Here are the stocks that saw action today:
1. Nestle India: Shares of Nestle India settled at Rs 2,463, which was 3.3% lower after recovering from a sharp decline of 5.4% during the day to the day’s low at Rs 2,409.55 on BSE after the multinational FMCG major was found adding sugar to baby food products sold in India but not in Europe and UK.
2. Just Dial: Just Dial closed 13% higher at Rs 1,008 on BSE after reporting an impressive Q4 result. The price hit a fresh 52-week high of Rs 1,024.85 in today’s session after the company reported a 38% YoY rise in consolidated net profit of Rs 115.6 crore.
3. Sterlite Technologies: Shares of Sterlite Technologies fell 9% to close at Rs 129. Despite a surge in the share price after the QIP, investor sentiments remained subdued due to weaknesses in indices and broader markets.
4. Max Healthcare Institute: Max Healthcare shares dipped 4% to Rs 789 on BSE. The exchanges had imposed a fine of Rs 2.4 lakhs on the company, for which a waiver was applied in November 2023 with NSE. The waiver application filed by the company was not considered favorable by NSE, resulting in the stock ending up in red.
5. Hitachi Energy: After the global brokerage firm, Goldman Sachs initiated coverage on the stock, the shares surged 10% at Rs 8,350. Goldman has initiated coverage on the stock with a ‘buy’ rating. The target price is Rs 8,250, which implies an upside of 6%.
6. Mastek: Shares of the company closed at Rs 2796 on BSE, rising 8%. The surge came in after Mastek announced that it has been named as a supplier on the UK Ministry of Defence’s £1.2B Digital and IT professional services (DIPS) framework.
These were the top gainers and losers in the stock market on Thursday.
