The Indian stock market witnessed a significant downturn on Tuesday, May 7th, 2024, as investors remained cautious ahead of the crucial Lok Sabha election outcome. The benchmark indices, NIFTY 50 and BSE SENSEX, both experienced declines, reflecting the overall sentiment in the market.
The NIFTY 50 index closed at 22,302.50, down 0.62%, 140.20 points from the previous close of 22,442.70. The index traded within a range of 22,232.05 to 22,499.05 during the day, showcasing the volatility in the market. Similarly, the BSE SENSEX fell by 0.52%, 383.69 points, closing at 73,511.85, compared to the previous close of 73,895.54. The day’s trading range for the SENSEX has been between 73,259.26 and 74,026.80.
Sensex Index: TradingView
Let’s look at some of the top gainers for the day despite the drops in the overall stock market.
Jyothy Labs Ltd
Among the top gainers on May 7th was Jyothy Labs Ltd., a consumer goods company. The stock surged by 10.53%, closing at Rs 458.00. The day’s trading range was Rs 411.95 to Rs 459.90. With a market cap of Rs 168.18 billion, the company’s average trading volume over the past 30 days stands at 550.81K shares. The stock’s P/E ratio was 47.92, and its dividend yield was 0.66%.
Marico Ltd
A leading consumer products company, also witnessed a significant increase in its share price. The stock closed at Rs 582.10, up 9.77% from the previous close of Rs 530.30. The trading range for the day was Rs 559.60 to Rs 586.00. Marico Ltd. has a market capitalization of Rs 754.99 billion and an average trading volume of 1.24 million shares over the past 30 days. The stock’s P/E ratio stood at 51.38, with a dividend yield of 1.63%.
Arvind Ltd
This textile company’s shares surged by 7.61%, closing at Rs 358.35, from the previous close of Rs 333.00. The stock traded within a range of Rs 329.00 to Rs 369.00 during the day, marking also a 52-week high. Arvind Ltd. has a market capitalization of Rs 94.31 billion and an average trading volume of 476.71K shares over the past 30 days. The company’s P/E ratio was 28.00, and its dividend yield stood at 1.05%.
Hindustan Unilever Ltd
This multinational consumer goods company, experienced a 5.20% increase in its share price, closing at Rs 2,373.55, up Rs 117.35 from the previous close of Rs 2,256.20. The stock traded within a range of Rs 2,259.00 to Rs 2,389.60 during the day. With a market capitalization of Rs 5.59 trillion, Hindustan Unilever Ltd. had an average trading volume of 1.97 million shares over the past 30 days. The company’s P/E ratio was 54.26, and its dividend yield stood at 1.77%.
Godrej Consumer Products Limited
Another consumer goods company closed at Rs 1,320.00, up 5.59%. The stock traded within a range of Rs 1,267.15 to Rs 1,350.00 during the day. Godrej Consumer Products Limited has a market capitalization of Rs 1.35 trillion and an average trading volume of 870.24K shares over the past 30 days. The company’s P/E ratio was 75.67.
As the nation awaits the outcome of the Lok Sabha elections, the stock market is expected to remain volatile, with investors closely monitoring the developments and their potential impact on various sectors and industries.
