The Indian stock market remains closed today and tomorrow on the weekend. However, the Indian equity markets witnessed a pullback on Friday, 3rd May, with the benchmark Nifty 50 and Sensex indices shedding nearly 1% each after Nifty 50 scaled fresh all-time highs in the opening trades. The Nifty 50 closed at 22,475.85, down 172.35 points, 0.76% after recording an intraday and 52-week high of 22,794.70. The Sensex settled at 73,878.15, lower by 732 points, a 0.98% drop, with its day range trading between 73,467.73 and 75,095.18 while trading between 8,893.00 and 75,124.28 over the last 52 weeks.
Nifty 50 Index
Lets look at some if the top gamers for the day despite the top stocks witnessing a drop.
Hindustan Zinc Ltd
Amid the broader market decline, Hindustan Zinc Ltd emerged as the top gainer, surging 9.51% to close at Rs 473.20. The company recently announced its fiscal Q4 2024 results on April 19th, 2024.
While revenue dipped 8.15% year-over-year to Rs 78.22 billion, the company’s operating expenses skyrocketed by a massive 152.30% to Rs 34.01 billion. Despite these headwinds, Hindustan Zinc’s attractive valuations, with a P/E ratio of 25.77 and a dividend yield of 10.99%, likely fueled investor interest in the counter.
Blue Dart Express Ltd
Shares of Blue Dart Express Ltd soared 7.67% to Rs 6,720.00, emerging as another top gainer on Friday. The logistics giant’s stock trades at a premium, with a P/E ratio of 54.48, but offers a relatively modest dividend yield of 0.45%.
Blue Dart’s market capitalization is impressive at Rs 159.45 billion, with an average daily trading volume of 26.72K shares over the past 30 days. For the day, the stock shares traded between a low of Rs 6,244.80 and a high of Rs 6,899.50
Our Breakout picks – 03-05-2024
🍭 #HINDZINC – Hindustan Zinc Limited
🍭 #GMDC – Gujarat Mineral Dev Corp Ltd
🍭 #RBL – Rane Brake Lining Limited
🍭 #Bluedart – Bluedart pic.twitter.com/aMnpZbNqEO— Profitable trades & Investing 🇮🇳 (@profits_trade) May 4, 2024
Gujarat Mineral Development Corpn Ltd
Gujarat Mineral Development Corpn Ltd witnessed a 6.72% surge in its share price, closing at Rs 448.90. The company’s attractive valuations, with a P/E ratio of 34.80 and a dividend yield of 2.55%, likely contributed to the stock’s upward momentum.
With a market capitalization of Rs 142.72 billion and an average daily trading volume of 2.49 million shares, Gujarat Mineral Development enjoys a healthy liquidity profile in the equity markets.
Ajanta Pharma Ltd
The pharmaceutical sector also witnessed significant buying interest, with Ajanta Pharma Ltd rallying 6.18% to Rs 2,372.00. The stock trades at a P/E ratio of 40.73, reflecting investors’ confidence in the company’s growth prospects.
Ajanta recorded an intraday and 52-week high on Friday after hitting a 2,540 high, with its market capitalization standing at Rs 299.42 billion and an average daily trading volume of 91.35K shares over the past 30 days.
IFCI Ltd
Rounding out the list of top gainers, IFCI Ltd witnessed a 4.90% surge, closing at Rs 52.50. The stock’s attractive valuations, with a market capitalization of Rs 137.10 billion, likely fueled investor interest.
IFCI’s 52-week trading range of Rs 10.95 – Rs 71.80 highlights the stock’s potential for further upside, should the broader market sentiment remain favorable. For the day, IFCI share price traded in the range of Rs 51.70 and Rs 55.05
