BPCL Up Despite Earnings Miss, Abbott India Climbs, Vijaya Diagnostic Center Soars and more.

Written by - Fisdom Research

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May 10, 2024 3 minutes

Indian markets:

The Sensex and the Nifty 50, major equity benchmarks, concluded the trading session positively on Friday, May 10, buoyed by buying activity in shares of prominent companies such as ITC, Reliance Industries, Bharti Airtel, NTPC, Hindustan Unilever, and Power Grid, amidst favorable global market indicators.
Despite Friday’s uptick, the market’s gains failed to compensate for the losses sustained earlier in the week. For the week concluding on May 10, both the Sensex and the Nifty 50 witnessed a decline of approximately 2%, while the BSE Midcap and Smallcap indices registered drops of 3% and 4%, respectively.
Nifty Metal emerged as the top gainer, climbing by 1.5%, trailed by FMCG, Auto, and Pharma sectors, each advancing by 1%. Conversely, Nifty IT experienced the most significant decline, slipping by 0.8%, while Nifty Realty and Nifty PSU Bank both saw decreases of 0.4% and 0.3%, respectively.

Hong Kong took the lead in driving Asia-Pacific stocks upward on Friday, mirroring the gains seen on Wall Street. Optimism surged as speculation about potential rate cuts by the U.S. Federal Reserve reignited positive market sentiment.
The Hang Seng index soared by 2.3%, reaching its peak in the last 10 months, fueled in part by reports from Bloomberg suggesting regulators were contemplating exempting individual investors from dividend taxes on Hong Kong stocks purchased through Stock Connect.
Meanwhile, mainland China’s CSI 300 experienced a slight uptick, hitting its highest level since October 2023.
In Japan, the Nikkei 225 rose by 0.41%, closing at 38,229.11, while the broader Topix index saw a gain of 0.54%.
South Korea’s Kospi index ended the day 0.57% higher at 2,727.63, but the smaller-cap Kosdaq index experienced a 0.69% decline.
Australia’s S&P/ASX 200 concluded with a 0.35% increase.

Despite Bharat Petroleum Corporation (BPCL) reporting fourth-quarter earnings below street expectations due to reduced refining margins, its stock surged by 4% on May 10. This increase coincided with Citi maintaining a bullish stance on the stock, despite the earnings missing estimates.

Abbott India witnessed a 5% increase in its stock price on May 10, as investors celebrated the company’s strong performance in the January-March quarter. Furthermore, investor interest was piqued by the company’s announcement of its highest-ever dividend payout.

Vijaya Diagnostic Center experienced a remarkable surge of over 10% on May 10, reaching a new peak of Rs 818. Investor enthusiasm stemmed from the company’s consistent performance in the March quarter of FY24, coupled with its ability to maintain operating margin levels despite expansion into new markets, earning praise from brokerage firms.

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