Stocks to Watch: Bharti Airtel, Tata Motors, Vodafone Idea Highlighted in Today's Market Focus

Indian Stock Market Extends Losing Streak to Fourth Straight Session

On Tuesday, May 12, the Indian stock market benchmarks, Sensex and Nifty 50, continued their decline, weighed down by mixed global market signals. The 30-share Sensex plummeted 1,566 points, or 2%, to hit an intraday low of 74,449, while the Nifty 50 also slipped 2% to touch the day's low of 23,348. By the close, the Sensex had settled 1,456 points, or 1.92%, lower at 74,559.24, while the Nifty 50 declined 436 points, or 1.83%, to finish at 23,379.55.

The market's losing streak may come to an end as trends in the Gift Nifty index signaled a flat opening on Wednesday. Gift Nifty was trading near the 23,444 mark, up over 21.50 points from the previous close of Nifty futures. Despite indications of a stable opening, overall sentiment remains fragile as global risk factors and elevated volatility keep traders cautious.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Several companies are set to declare their Q4 results on Wednesday, May 13, including Bharti Airtel, Tata Motors, TVS Motor Company, Hindustan Petroleum Corporation, Oil India, and Cipla. Additionally, Vodafone Idea's board is scheduled to meet on May 16 to review the company's fourth-quarter earnings and consider a fundraising proposal.

On Tuesday, several companies released their Q4 results. Tata Power posted a 4.5% year-on-year decline in its fourth-quarter earnings, with net profit dropping to ₹996 crore from ₹1,043 crore a year earlier. Torrent Power posted a steep drop in fourth-quarter net profit, which declined 70% year-on-year to ₹318.2 crore, compared with ₹1,060 crore in the same period last year. Nazara Technologies, on the other hand, posted a significant rise in its fourth-quarter net profit, which surged to ₹55.7 crore from ₹4.1 crore in the corresponding period last year. Dr Reddy's posted a steep drop in its fourth-quarter earnings, as net profit plunged 86.2% year-on-year to ₹220 crore, compared with ₹1,587.3 crore in the same period last year. Dixon Technologies posted fourth-quarter revenue of ₹10,510 crore, with EBITDA standing at ₹408.4 crore, surpassing the poll estimate of ₹372 crore, while the margin came in at 3.9%, higher than the expected 3.6%. Rail Vikas Nigam secured the lowest bidder (L1) position for an EPC contract valued at ₹221.3 crore from the South East Central Railway. PNC Infratech signed a settlement agreement with the National Highways Authority of India involving a one-time settlement amount of ₹234.99 crore under the Government of India's 'Vivad Se Vishwas II (contractual disputes)' scheme. United Breweries stated that the Maharashtra Sales Tax Tribunal has reduced a tax demand order of ₹275 crore to nil.