GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded up by 108.50 points or 0.49% at 22,368 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended down by 17.30 or 0.08% to settle at 22,200.55 while the BSE dropped 117.58 points or 0.16% to 72,987.03.

“The market witnessed a sideways movement throughout the day as the emotions of investors were impacted by the election-led jitters. FIIs continued to remain in the selling mode; however, domestic investors were largely concentrated on stock-specific picks,” said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement

Nair also added that The positive results from the capital goods sector and robust growth outlook gained investors’ attention and led the segment to outperform. A drop in US 10yr yield ahead of the release of sensitive CPI data from the US will be watched carefully by the market to gain insights on rates.

Stocks to Watch on May 16, 2024

Titagarh Rail

The engineering company announced a 64% year-on-year increase in net profit, reaching Rs 79 crore for the fourth quarter. In the same quarter of the previous year, it reported a net profit of Rs 48.2 crore. Additionally, the company’s revenue grew by 8% to Rs 1,052.4 crore compared to RS 974.2 crore in the corresponding period of the preceding fiscal.

PFC

The state-owned energy and infrastructure lender witnessed a 23% surge in consolidated net profit for the March quarter, amounting to Rs 7,556 crore, driven by core income growth. On a standalone basis, the profit rose to Rs 4,549 crore from Rs 3,695 crore. Moreover, for the fiscal year 2023-24, the consolidated net profit escalated to Rs 26,461 crore from Rs 21,179 crore in the previous year.

Berger paints 

The company announced a 19.5% year-on-year rise in consolidated net profit, reaching Rs 222.6 crore for the fourth quarter. In the same quarter of the previous year, it recorded a net profit of Rs 185.7 crore. Additionally, Berger Paints’ revenue increased by 3.1% to Rs 2,520.3 crore compared to Rs 2,443.6 crore in the corresponding period of the previous fiscal.

Jindal Stainless 

The company registered a 34.6% year-on-year decline in net profit, amounting to Rs 500.7 crore for the fourth quarter. In the same quarter of the previous year, it reported a net profit of Rs 765.8 crore. Furthermore, the company’s revenue decreased by 3.2% to Rs 9,454 crore compared to Rs 9,765 crore in the corresponding period of the preceding fiscal.

Dixon Technologies 

The prominent contract manufacturer saw a 24.7% year-on-year rise in net profit, reaching Rs 98.5 crore for the fourth quarter. In the corresponding quarter of FY23, it recorded a net profit of Rs 79 crore.

NCC

The construction firm announced a 25.2% year-on-year surge in net profit, reaching Rs 239.2 crore for the fourth quarter. In the same quarter of the previous year, it recorded a net profit of Rs 191 crore. Additionally, the company’s revenue grew by 31% to Rs 6,485 crore compared to Rs 4,949 crore in the corresponding period of the preceding fiscal.

NLC 

The state-owned company witnessed a significant 86.2% decrease in consolidated net profit, amounting to Rs 114.23 crore for the March quarter, primarily attributed to lower income. In the year-ago period, the company had reported a profit of Rs 829.67 crore. The company’s profit after tax for the fiscal year ended March 31, 2024, stood at Rs 1,868 crore.