Stock Market Today: Nifty, Sensex End Lower As HDFC Bank, RIL, ICICI Bank Weigh

• The local currency closed 2 paise weaker against the U.S. Dollar at 83.51

• It closed at 83.49 on Monday.

Source: Bloomberg

India's benchmark indices ended lower on Tuesday as heavyweights HDFC Bank Ltd. ICICI Bank Ltd., and Reliance Industries Ltd. declined.

The NSE Nifty 50 settled 140.20 points or 0.62% lower at 22,302.50, and the S&P BSE Sensex ended 383.69 points or 0.52% down at 73,511.85.

The benchmark NSE Nifty 50 index extended losses to a third session, while the S&P BSE Sensex reversed gains from Monday.

Intraday, the NSE Nifty 50 index declined 0.94% to 22,232.05 and the S&P BSE Sensex fell 0.86% to 73,259.26.

"Mid and Smallcaps remained under the grip of the bears which dragged the overall markets lower. As the day progressed, the Index compounded its losses; however, in the last session, some recovery was seen from the lower levels and Nifty50 settled the day at 22,302.50 with a loss of 140.20 points," said Aditya Gaggar, director, Progressive Shares.

Among the sectors, FMCG extended its morning gains to be the outperformer of the day while a steep recovery in the IT counters helped the sector to end the day in green. Conversely, Realty and Metal were the major laggards. The Index has made yet another bearish candle on the daily chart indicating upper hand of the Bears. The previous bullish gap zone of 22,160-22,200 will be considered support while 22,400 is an immediate hurdle, Gaggar said.

Hindustan Unilever Ltd., ITC Ltd., Tata Consultancy Services Ltd., Infosys Ltd., and Kotak Mahindra Bank Ltd. added to the index.

HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., Powergrid Corp of India Ltd., and Tata Motors Ltd. pressured the benchmark.

On NSE, 10 sectors out of 12 ended lower, and two settled higher. The NSE Nifty Realty was the top loser among sectoral indices, and the NSE Nifty FMCG was the top gainer among sectoral indices.

Broader markets underperformed. The S&P BSE Midcap closed 1.9% lower and the S&P BSE Smallcap settled 1.65% lower.

Seventeen out of 20 sectors on the BSE closed lower. S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, and S&P BSE Teck were the only indices that rose.

Market breadth was skewed in the favour of sellers. Around 2,727 stocks declined, 1,096 rose and 109 remain unchanged on the BSE.

• Revenue rose 2.98% to Rs 1,240.82 crore from Rs 1,204.82 crore

• Ebitda fell 2.23% to Rs 172 crore from Rs 175.94 crore

• Margin fell 74 bps at 13.86% from 14.6%

• Net profit fell 5.79% to Rs 104.27 crore from Rs 110.69 crore

• Board recommends final dividend of Rs 6 per share

• Approves increase in investment limits in arm Kajaria Plywood to Rs 125 crore from Rs 115 crore

• Approves increase in investment limits in Keronite Tiles to Rs 65 crore from Rs 50 crore

• To invest Rs 15 crore to set up manufacturing facility of tiles adhesive at Rajasthan

• Jindal Stainless Ltd. is to supplied special alloy steel sheets in DRDO’s SMART system for navy.

• Alert: DRDO stands for Defence Research and Development Organisation

Source: Exchange filing

• Net profit fell 45% to Rs 16 crore from Rs 29 crore

• Revenue fell 12% to Rs 720 crore from Rs 815 crore

• Ebitda loss of Rs 10 crore from Ebitda of Rs 62 crore

• Board recommends dividend of Rs 11 per share

India's benchmark equity indices extended losses until midday on Tuesday after opening higher, as most buyers remained on the sidelines amid the ongoing election and high valuation. Gains in fast-moving consumer goods stocks cushioned the losses.

At 12:05 p.m., the NSE Nifty 50 was down 167.05 points, or 0.74%, at 22,275.65, and the S&P BSE Sensex was 496.67 points, or 0.67%, lower at 73,398.87.

The market is witnessing subdued activity and will continue to remain sideways with a negative bias, according to Ajit Rambhia, founder and chief executive officer of Ajira Ventures. He advises investors to keep the minimum downside risk in mind during the election phase.

For Nifty, 22,375 will act as a support, and 22,600 will be the resistance. Bank Nifty is expected to trade in the range of 48,650-49,500, he said.

Shares of Hindustan Unilever Ltd., ITC Ltd., Nestle India Ltd., Britannia Industries Ltd., and Tata Consultancy Services Ltd. cushioned the fall in Nifty.

While those of Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Power Grid Corp. Of India, and Axis Bank Ltd. weighed on the index.

Broader indices underperformed their benchmark peers. The S&P BSE Midcap was trading 1.8% lower and the S&P BSE Smallcap fell 1.6%.

All sectoral indices on BSE fell, except S&P BSE Fast Moving Consumer Goods, which rose nearly 2%. S&P BSE Realty was the worst performer.

Market breadth was skewed in the favour of the sellers. Around 2,670 stocks declined, 966 rose, and 133 were unchanged on the BSE.

• Overall subscription at 4.52 times

• NII subscription at 11.72 times

• Retail subscription at 3.06 times

• QIB subscription at 1.62 times

Source: BSE

• Shyam Metalics & Energy group commences operations at recently acquired Ramsarup plant.

Source: Exchange filing

• JLR sales in April at 5,627 units, up 19%

• Jaguar sales in April at 1,329 units, up 92%

• Land Rover sales in April at 4,298 units, up 7%

Source: SMMT

The scrip fell 6.02% to 22.65 on Tuesday as it extended losses to a fifth day. The scrip has declined over 12% since April 30. It was trading 5.39% down at 22.80, as of 1:22 p.m., as compared to 0.75% decline in the NSE Nifty 50 index.

On year to date basis, it has risen 7.23%, and in 12 months it has risen 42.28%. Total traded volume so far in the day stood at 1.32 times its 30-day average. The relative strength index was at 38.85.

CG Power & Industrial Solution Ltd. rose to the highest level since its listing on Mar 1, 1995 after it posted operating profit. Its consolidated Ebitda grew 3.08% to Rs 283.83 in January-March, compared to Rs 275.34.

• Gland Pharma received the U.S. Food Drug Administration approval for Edaravone injection.

Source: Exchange filing

The NSE Nifty Metal index declined 3.08% to 8,906.65, the lowest level since April 23. It was trading 2.40% down at 8,969.25 as of 11:52 a.m., as compared to 0.67% decline in the NSE Nifty 50 index.

Shares of the company rose as much as 8.73%, the highest jump since March 21, 2023. It is trading 6.69% higher at Rs 1,103. This compares to a 0.77% decline in the NSE Nifty 50 as

The stock has fallen 5.68% year-to-date, but risen 4.30% in the last 12 months. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 72, indicating that stock may be overbought.

Out of 10 analysts tracking the company, nine maintain a 'buy' rating and one recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.5%.

• Hindustan Zinc Ltd. has approved interim dividend of Rs 10 per share for FY25 aggregating to Rs 4,225 crore.

Source: Exchange filing

• IRB Infrastructure Developers' April toll collection at Rs 502.8 crore, up 29% on year.

• See toll collection momentum having an upward trend in FY25.

Source: Exchange filing

• Welspun Corp appointed Nitin Agarwal as CEO of steel business effective May 6.

Source: Exchange filing

Shares of DCM Shriram Ltd. recorded their biggest fall since Nov. 1 after the company's revenue and net profit fell in the fourth quarter of fiscal 2024. It margins also narrowed during the quarter.

Net Profit of the company fell 36.89% to Rs 118 crore during the January-March period, compared to Rs 187 crore in the same period last year. Its revenue was also down 11.15% at Rs 2,399 crore.

Shares of the company fell as much as 7.59%, the lowest level since April 26, before paring loss to trade 4.7% lower at 10:20 a.m. This compares to a 0.26% decline in the NSE Nifty 50.

The stock has fallen 5.94% year-to-date, but risen 12.35% in the last 12 months. Total traded volume so far in the day stood at 4.29 times its 30-day average. The relative strength index was at 55.67.

The one analyst tracking the company has a 'buy' rating, according to Bloomberg data.

Britannia Industries Ltd. rose to the highest level in over three-month as the company aims to double digit growth in FY25.

• Gland Pharma received U.S. Food And Drug Adminstration approval for Plerixafor Injection.

Source: Exchange filing

The NSE Nifty FMCG index rose 2.86% to 56,222.75, the highest level since Jan 23, 2024. It was trading 2.31% higher at 55,921.00 as of 10:36 a.m.

The drugmakers' net profit grew 0.79% on the year to Rs 439 crore, which is less than Rs 520 crore analysts estimated in a Bloomberg's survey.

The stock declined 4.85% to Rs 1,598.15, the lowest level since April 26. It was trading 2.29% lower at Rs 1,641.25 as of 10:25 a.m., compared to 0.31% decline in the NSE Nifty 50 index.

The scrip gained 124.26% in 12 months, and on year-to-date basis, the scrip rose 23.97%. Total traded volume so far in the day stood at 7.9 times its 30-day average. The relative strength index was at 55.02.

Out of 39 analysts tracking the company, 12 maintain a 'buy' rating, 13 recommend a 'hold,' and 14 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.0%.

Marico Ltd. rose as much as 9.83% to Rs 582.45 apiece. It was trading 8.06% higher at Rs 573.05 apiece, as of 09:41 a.m. This compares to a 0.05% advance in the NSE Nifty 50 Index.

It has risen 9.29% in 12 months, and risen 5.21% on year to date basis. Total traded volume so far in the day stood at 64 times its 30-day average. The relative strength index was at 81.93, which implied the stock is overbought.

Out of 42 analysts tracking the company, 32 maintain a 'buy' rating, seven recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.9%.

Shares of Godrej Consumer Products Ltd. jumped to hit its lifetime high even after reporting a one-time loss in the fourth quarter as the company said that this charge will be cash positive.

The scrip rose as much as 7.72% to Rs 1,346.50 apiece, the highest level. It pared gains to trade 6.7% higher at Rs 1,332.10 apiece, as of 9:57 a.m. This compares to a 0.12% decline in the NSE Nifty 50 Index.

It has risen 17.57% on a year-to-date basis and 25.68% in the last twelve months. Total traded volume on the NSE so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 71.91, indicating that the stock may be overbought.

Out of the 37 analysts tracking the company, 28 maintain a 'buy' rating, six recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.2%.\

India's benchmark indices opened higher on Tuesday tracking gains in shares of ICICI Bank Ltd., ITC Ltd.

As of 09:17 a.m., the NSE Nifty 50 was trading 26.55 points or 0.12% higher at 22,469.25, and the S&P BSE Sensex was 59.49 points or 0.081% up at 73,955.03.

"On 6th May, PSU stocks led correction dragged the Index lower to settle at 22,443. The Index has formed a small red candle but on the downside, the zone of 22,330-22,380 will act as a strong support, while the higher side seems to be capped at 22,580," said Aditya Gaggar, director, Progressive Shares.

"Post the triangle breakout in the PSU Banking sector, it seems it has completed its pullback move, and today's activity is likely to confirm. Select buying was witnessed in the Pharma sector and we anticipate a range breakout shortly. Despite the weakness in the markets, the Realty sector demonstrates strength and almost all the components have given breakouts from different patterns (Godrej Properties - Major Rounding Bottom Breakout, Prestige - Rounding Bottom Breakout, Brigade- Inverted Head & Shoulder Breakout) which indicates an extension of the present uptrend. Investors should keep an eye on the Chemical stocks as stock-specific buying was observed in yesterday's trade," he added.

ITC Ltd., Hindustan Unilever Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and Titan Co. Ltd. added to the benchmark.

HCL Technologies Ltd., Bajaj Auto Ltd., Tata Motors Ltd., Larsen & Toubro Ltd., and Powergrid Corp of India limited gains to the index.

On NSE, six sectors advanced, and six sectors declined out of 12. The NSE Nifty FMCG index was the top gainer, and the NSE Nifty Media was the top loser.

Broader markets underperformed benchmarks. The S&P BSE Midcap declined 0.16%, and the S&P BSE Smallcap fell 0.52%.

On BSE, 10 sectors out of 20 advanced, and 10 declined. The S&P BSE FMCG was the top performing sector, and the S&P BSE Healthcare was the worst performing sector.

Market breadth was skewed in favour of sellers. Around 1,464 stocks advanced, 1,287 stocks declined, and 102 stocks remained unchanged on BSE.

• Turkish subsidiary Arena sells entire stake in fintech payments business for around $87 million plus cash consideration of $5 million.

Source: Exchange filing

At pre-open, the NSE Nifty 50 was 47.05 points or 0.21% higher at 22,489.75, and the S&P BSE Sensex was 77.76 points or 0.11% higher at 73,973.30.

• The yield on the 10-year bond opened flat at 7.11%.

Source: Bloomberg

• The local currency opened 2 paise stronger against the U.S. Dollar at 83.47.

• It closed at 83.49 on Monday.

Source: Bloomberg

• No proposal to extend market trade timings

• Sebi has returned NSE application for trade extension

• Stock brokers seems have not given the feedback SEBI wanted for trade extension

• As of Now the trade time extension is shelved

• Alert: NSE CEO speaking to investors post Q4 earnings call

• VA Tech Wabag Ltd. received a consortium order for 36 MLD wastewater treatment plant worth about €34 million.

Source: Exchange filing

• Kotak Institutional Equities maintained an Add on Hindalco Industries

• It kept the target price unchanged at Rs 675; 4.3% potential upside

• Novelis’ Q4FY24 adjusted EBITDA marginally higher than estimate

• Novelis' demand improved in America, whereas Europe and Asia remained under pressure

• Demand in the aero and auto segments remains robust

• Destocking in beverage cans appears largely behind

• Solid summer demand in Brazil further improves outlook in key markets

• Expect Novelis’ leverage to remain below 2.5x over next 3 years, despite a pick-up in growth capex

• See an upside risk due to volume recovery and favorable scrap spreads

• Nomura maintains Buy on Lupin with a target price Rs 1,949, which implied 16% upside.

• Revenues were up 13% year-on-year and 1.5% below our estimate

• India/API revenues were below our forecasts

• EBITDA margin expansion q-q was despite a seasonally weak quarter, higher R&D spend

• EBITDA 8% above estimates

• Excluding impairment, net earnings 13% above estimates

• Expects stronger FY25; growth across key geographies and improvement in margins

• Target price of Rs 1,949 is based on 27.5x FY26F EPS of INR70.9

• U.S. Dollar Index at 105.1

• U.S. 10-year bond yield at 4.49%

• Brent crude up 0.42% at $83.68 per barrel

• Nymex crude up 0.52% at $78.89 per barrel 

• Bitcoin was up 0.80% at $63,809.00

• Emkay Global kept ADD, and set the target price of Rs. 1,350, implying an upside of 10%.

• Inline sales growth of 6%, better margin at 22.3%

• Domestic business performance missed expectations

• The company has recognized the impairment charge of Rs13.9 billion towards Brand and Goodwill for the Africa cluster

• After a gap of three years, the BOD has declared dividend of Rs15 per share

• We will review our estimates following the investor meet scheduled for 7-May-24

• We value the company on 50x P/E, at 20% premium to its last 5Y avg. fwd. P/E.

• The brokerage maintains 'buy' with a target price of Rs 950 per share (upside of 17% from the previous close)

• Sustained focus on cost-controls enabled decent margin performance.

• Commentary signalled confidence on Ebitda margins expansion in consumer businesses.

• Estimate Olx profit and loss explicitly.

• Values the business on 20 times FY26 EV/adjusted Ebitda, given Olx’s currently lower growth profile.

• The brokerage retains its 'buy' rating with a target price of Rs 325 per share (25% upside from the previous close).

• Adjusted for provisions on Mizoram fraud, profit after tax would have been Rs 720 billion.

• Marginal expansion in spreads and better fee income drives net interest margin gains.

• Currently trades at 1.5 times its FY26 price to book value.

• The brokerage maintains a 'buy' with a target price of Rs 610 per share (14.8% upside from previous close).

• In-line numbers, growth in volume offset by price deflation.

• Expects the volume trajectory to improve in FY25.

• Growth expected to be led by continued focus on innovations along with strong growth in international business.

• Multiple remains unchanged at 42 times the FY26 earnings per share.

• Nuvama maintains 'buy' ratings with a target price of Rs 640 per share (17.2% upside from previous close).

• Q4 PAT in line despite a continuation of motors de-stocking in industrials.

• Expect normalised levels of 15–16% margins in industrials post general elections.

• Management expects railways would grow by 40% YoY in FY25.

• Railway tech tie-up with a South Korean major can add optionality over FY25–26.

• Maintains 'sell' and kept the target price unchanged at Rs 450, implying a 17% downside

• Q4 represents a near-term peak in earnings

• Valuations at 26x FY26 P/E are unjustifiably high in its view.

• Propane prices have started falling, with futures indicating more cuts this summer.

• This implies no room for the company to raise prices to pass through higher gas costs.

• It sees margin, volume and regulatory risks for the company and has an ongoing negative catalyst.

• The brokerage maintains 'buy' with a target price of Rs 6,000 per share (upside of 18.6% from the previous close).

• Expects growth acceleration in FY25 as management guided to faster revenue/volume growth in FY25.

• Growth could have been led by corrective interventions (price cuts) and focus on the organized channel.

• Company will focus on improving the assortment and adjacent categories at the high-potential stores.

• Distribution expansion in rural markets continues to drive share gains in under-indexed states.

• Britannia remains one of our top-picks in the sector.

• Revenue up 1.8% at Rs 417.3 crore vs Rs 409.9 crore

• EBIT up 3.3% at Rs 68.3 crore vs Rs 66.1 crore

• EBIT margin at 16.4% vs 16.1%

• Net profit up 20.8% at Rs 72 crore vs Rs 59.6 crore

The Indian currency closed 6 paise weaker against the U.S. dollar at 83.49.

• Nifty May futures down 0.05% to 22,550 at a premium of 107.3 points.

• Nifty May futures open interest up 5.7%.

• Nifty Bank May futures down 0.07% to 49,045 at a premium of 149.7 points.

• Nifty Bank May futures open interest up 2.4%.

• Nifty Options May 9 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,000.

• Bank Nifty Options May 8 Expiry: Maximum call open interest at 49,500 and maximum put open interest at 48,500.

• Securities in ban period: Aditya Birla Fashion, Balrampur Chini Mills, Biocon, GMR Infra, Vodafone Idea, SAIL.

• Moved out of short-term ASM framework: MIC Electronics.

• Moved into short-term ASM framework: Likhitha Infrastructure.

• Price Band change from 10% to 5%: GPT Infraprojects.

• Ex/record dividend: HCL Technologies, Oracle Financial Services Software.

• Indegene: The public issue was subscribed 1.67 times on day 1. The bids were led by institutional investors (0.05 times), non-institutional investors (4.14 times), and retail investors (1.5 times).

• Wipro: The company collaborated with Microsoft to launch a suite of generative AI-powered virtual assistants for financial services.

• Zee Media: The company announced the cessation of Abhay Ojha as CEO.

• Lupin: The company received US FDA approval for Travoprost Ophthalmic Solution USP. Travoprost ophthalmic is used for the reduction of elevated intraocular pressure.

• Bajaj Healthcare: The company appointed Dayashankar Patel as the CFO and KMP of the company.

• Mastek: The company announced its iConniX portfolio to enable GenAI-led innovation across industries.

• Firstsource Solutions: The company announced Hasit Trivedi as president and chief digital and AI officer.

• Tube Investments: The company will subscribe shares aggregating to Rs 580 crore of TI Clean Mobility.

• Gujarat Gas: The company approved the appointment of Rajesh Sivadasan as the chief financial officer and key managerial personnel.

• Orient Electric: The company commenced commercial production from its greenfield manufacturing plant in Hyderabad, Telangana.

• Bajaj Finserv: Bajaj Allianz GIC recorded a gross direct premium underwritten at Rs 2,389 crore for the month of April and Bajaj Allianz Life Insurance Co.'s new business premium stood at Rs 689 crore.

• Adani Total Gas: The company clarified that Dharma LNG is not part of the company’s corporate structure.

• Gillette India: LV Vaidyanathan resigned as MD effective April 30.

• Tamilnad Mercantile Bank: The company increased MCLR by 10–15 bps across tenures effective May 7.

Lupin - (Consolidated, YoY)

• Revenue up 11.97% at Rs 4,961 crore vs Rs 4,430 crore (Bloomberg estimate Rs 5092 crore).

• Ebitda up 72.51% at Rs 996 crore vs Rs 578 crore (Bloomberg estimate Rs 996 crore).

• Margin at 20.09% vs 13.04% (Bloomberg estimate Rs 19.6%).

• Net profit up 0.79% at Rs 439 crore vs Rs 436 crore (Bloomberg estimate Rs 520 crore).

• Board recommends a dividend of Rs 8 per share.

Gujarat Gas - (Consolidated, QOQ)

• Revenue up 5.13% at Rs 4,134 crore vs Rs 3,929 crore (Bloomberg estimate Rs 4,041 crore).

• Ebitda up 47.51% at Rs 591 crore vs Rs 401 crore (Bloomberg estimate Rs 462 crore).

• Margin at 14.29% vs 10.19%, (Bloomberg estimate 11.4%).

• Net profit up 85.72% at Rs 410 crore vs Rs 221 crore (Bloomberg estimate Rs 306 crore).

• Exceptional income item of Rs 55.69 crore.

Gujarat Fluorochem - (Consolidated, YoY)

• Revenue down 23% at Rs 1,133 crore vs Rs 1,471 crore (Bloomberg estimate Rs 1073 crore).

• Ebitda down 55.5% at Rs 229 crore vs Rs 515 crore (Bloomberg estimate Rs 233 crore).

• Margin at 20.2% vs 35% (Bloomberg estimate 21.7%).

• Net profit down 70% at Rs 101 crore vs Rs 332 crore (Bloomberg estimate Rs 99 crore).

• Board proposes a final dividend of Rs 3 per share.

DCM Shriram - (Consolidated, YoY)

• Revenue down 11.15% at Rs 2,399 crore vs Rs 2,720 crore.

• Ebitda down 23.38% at Rs 265 crore vs Rs 346 crore.

• Margin at 11.05% vs 12.72%.

• Net profit down 36.89% at Rs 118 crore vs Rs 187 crore.

• Recommended final dividend of Rs 2.6 per share.

Route Mobile - (Consolidated, YoY)

• Revenue up 0.82% at Rs 1,017 crore vs Rs 1,008 crore (Bloomberg estimate Rs 1,055 crore).

• Ebitda down 4.94% at Rs 125 crore vs Rs 132 crore (Bloomberg estimate Rs 130 crore).

• Margin at 12.33% vs 13.08% (Bloomberg estimate 12.3%).

• Net profit down 8.54% at Rs 95.16 crore vs Rs 104.05 crore (Bloomberg estimate Rs 91.1 crore).

• Board recommends a final dividend of Rs 2 per share.

• Exceptional Item of Rs 1.8 crore.

Godrej Consumer Products - (Consolidated, YoY)

• Revenue up 5.81% at Rs 3,386 crore vs Rs 3,200 crore (Bloomberg estimate Rs 3,361 crore).

• Ebitda loss at Rs 1,239 crore vs Ebitda of Rs 664 crore (Bloomberg estimate Rs 742 crore).

• Net loss at Rs 1,893 crore vs profit of Rs 452 crore (Bloomberg estimate Rs 507 crore).

• Declared interim dividend of Rs 10 per share.

• Note: Loss on Exceptional item of Rs 2,376 crore.

Fusion Micro Finance – (YoY)

• Total income up 29.66% at Rs 675 crore vs Rs 521 crore.

• Net profit up 15.86% at Rs 133 crore vs Rs 115 crore.

• Board recommended a final dividend of Rs 2 per share.

Prudent Corporate Advisory - (YoY)

• Total income up 39.83% at Rs 195 crore vs Rs 140 crore (Bloomberg Estimate Rs 227 crore).

• Net profit up 60.96% at Rs 31.92 crore vs Rs 19.83 crore (Bloomberg Estimate Rs 38.5 crore).

Dr. Reddy’s Laboratories, JSW Energy, Pidilite Industries, SRF, PB Fintech, United Breweries, Voltas, IRB Infrastructure Developer, Max Financial Services, Indraprastha Gas, CreditAccess Grameen, Sonata Software, Kajaria Ceramics, KEC International, Jupiter Wagons, Navin Fluorine International, Chambal Fertilizers, Graphite India, Century Textiles, and Industries, IDFC, Jindal Saw, and Latent View Analytics.

Markets in the Asia-Pacific region extended gains on Tuesday, taking cues from overnight gains on Wall Street as risk sentiment improved on hopes that the Federal Reserve will cut interest rates this year.

The Nikkei 225 was 521.80 points or 1.36% higher at 38,757.87, and the S&P ASX 200 was trading 41.00 points or 0.53% up at 7,723.40 as of 06:15 a.m.

In Asia, investors also await the Reserve Bank of Australia's policy decision, scheduled to be published on Tuesday. The central bank is expected to keep the benchmark rate steady at 4.35%.

The S&P 500 and the Nasdaq Composite rose 1.03% and 1.19%, respectively as of Monday. The Dow Jones Industrial Average rose 0.46%.

Brent crude was trading 0.58% higher at $83.81 a barrel. Gold rose 0.12% to $2,326.86 an ounce.

The GIFT Nifty was trading flat at 22,590.00 as of 06:19 a.m.

India's benchmark stock indices ended little changed amid a volatile session on Monday, even as a steep correction in public sector banks left the Nifty 50 down for the second session in a row while the Sensex closed marginally higher.

Titan Co., State Bank of India, and Reliance Industries Ltd. shares weighed on the indices, but Kotak Mahindra Bank's gains helped to limit the losses.

The NSE Nifty 50 closed 33.15 points, or 0.15%, lower at 22,442.7, while the S&P BSE Sensex closed 17.39 points, or 0.02%, higher at 73,895.54.

Overseas investors stayed net sellers on Monday for the third straight session. Foreign portfolio investors sold stocks worth Rs 2,168.75 crore and domestic institutional investors stayed net buyers for the ninth day, according to provisional data from the National Stock Exchange.

The Indian currency closed 6 paise weaker against the U.S. dollar at 83.49.