Today, May 1st, banks in major banks and the stock market remain closed in observance of Maharashtra Day and May Day (Labour Day). The Indian equity markets sustained their remarkable momentum at close on April 30th, with the benchmark Nifty 50 scaling fresh record highs. The Nifty 50 closed at 22,604.85, lower by 0.17% from its previous record close of 22,643.40. The index hit an intraday peak of 22,783.35, marking it as its 52-week high level.
Nifty 50 Share Price Chart: TradingView
Meanwhile, the 30-share BSE Sensex dropped 188.50 points to settle at 74,482.78, away from its one-year high of 75,124.28. The Sensex traded within a range of 74,346.40 to 75,111.39 during the session. In the broad Indian stock market, we take a look at some of the top stocks that recorded best performances before market close on 30th April.
May Day could be a holiday or just another day in India, depending on where you live. pic.twitter.com/4usLBZPzPz
— Dravidian Insights (@dstock_insights) May 1, 2024
REC Limited
REC Limited emerged as the top gainer at close on 30th April, surging 9.94% to trade at Rs 509.00 after it declared its financial results, recording the highest ever annual net profit. The stock touched an intraday high of Rs 511.65 and a low of Rs 463.20, well above its 52-week low of Rs 127.40. With a market cap of Rs 1.34 trillion, REC Limited boasts an average trading volume of 10.22 million shares and a price-to-earnings ratio of 10.21. The stock offers a dividend yield of 3.02%.
REC’s stellar performance remains consistent!
We are delighted to announce our audited financial results for Q4 FY24 and 12M FY24. Continuing the strong performance, we have charted positive growth across all financial metrics. The improving asset quality, effective resolution… pic.twitter.com/Qbyqwwtt7E
— REC Limited (@RECLindia) April 30, 2024
JM Financial Ltd
JM Financial Ltd was another standout performer, rallying 8.83% to Rs 88.70. The stock traded within a range of Rs 82.30 to Rs 90.35, comfortably above its 52-week low of Rs 60.00. JM Financial’s market cap stands at Rs 84.76 billion, with an average daily volume of 4.09 million shares. Its price-to-earnings ratio is 12.17, and it offers a dividend yield of 2.03%.
Power Finance Corporation Ltd
Power Finance Corporation Ltd (PFC) surged 5.78% to close at Rs 439.50. The stock traded between Rs 416.50 and Rs 447.45, well above its 52-week low of Rs 126.92. PFC records a market capitalization of Rs 1.46 trillion and an average daily volume of 9.38 million shares. Its price-to-earnings ratio stands at 7.71, and it offers a dividend yield of 2.50%.
Mahindra And Mahindra Ltd
The stock gained 4.75% to end the day at Rs 2,159.90. The stock traded within a range of Rs 2,073.05 to Rs 2,169.00, hitting a new 52-week high. M&M’s market cap stands at Rs 2.58 trillion, with an average daily volume of 2.53 million shares. The company’s price-to-earnings ratio is 21.65.
Gillette India Limited
Gillette India Limited was another top gainer, surging 7.26% to Rs 6,658.00. The stock traded between Rs 6,305.00 and Rs 6,859.00, well above its 52-week low of Rs 4,222.55. Gillette India has a market cap]of Rs 217.42 billion and an average daily volume of 11,630 shares. Its price-to-earnings ratio is a lofty 55.47, while it offers a dividend yield of 1.43%.
Overall, the Indian stock market witnessed a broad-based rally, with several stocks hitting new highs, as seen on the Nifty 50 before its close. Investors remain optimistic about the country’s economic opportunities, driving the benchmarks to record levels.
