Sensex falls 171 pts, Nifty holds 18,300; Dr.Reddy's down 4%, LIC jumps 6%

CLOSING BELL: The key benchmark indices gyrated in a narrow trading band on Monday, before settling with losses as FMCG stocks slipped.

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CLOSING BELL

Stock market highlights: The key benchmark indices exhibited a tepid trading session on Monday, as global markets displayed a mixed trend after US central banker Christopher Waller cautioned against getting carried away by one inflation number, he said it would take a string of soft reports for the central banker to take its foot off the brakes.

The S&P BSE Sensex opened a wee bit in red at 61,766, but soon rebounded into the positive zone and touched a high of 61,916. The index, however, could not hold gains as weakness in FMCG heavyweights dragged the benchmark back in red. The BSE 30-share index touched a low of 61,572, and eventually ended 171 points lower at 61,624.

The NSE Nifty gyrated in a narrow range of 88-odd points before settling with a loss of 29 points at 18,329.

Among the Sensex 30 shares, Dr.Reddy’s dropped over 4 per cent. ITC shed 2.5 per cent. Hindustan Unilever, SBI, ICICI Bank and Nestle were the other major losers, down over a per cent each. On the positive front, PowerGrid Corporation, Kotak Bank, Tata Steel and IndusInd Bank advanced a per cent each.

The broader indices also witnessed a lacklustre trading session. The BSE Midcap index ended almost unmoved, while the Smallcap index added 0.2 per cent.

Sectorally, the BSE FMCG index shed 1.3 per cent. The Power index was the other notable loser. Whereas, the Realty index gained a per cent, and the IT index moved 0.7 per cent higher.

The overall market breadth was marginally negative, with nearly 1,900 declining stocks versus 1,700 advancing shares on the BSE.

Among individual stocks, LIC rallied 6 per cent after the company posted 11 times higher profit in Q2 over the last year. READ MORE

Shares of Hospital companies were in limelight, surging up to 11 per cent after they reported a strong operational performance in the September quarter (Q2FY23). Fortis Healthcare soared 11 per cent, while Krishna Institute of Medical Sciences (KIMS) rallied 8 per cent. Apollo Hospitals Enterprise and Narayana Hrudayalaya, too, logged smart gains. READ MORE

Primary Market Update

Kaynes Technology India IPO was subscribed 33.5 times as of 3:30 PM on the last day of the offer period. The QIB portion was subscribed 97.4 times, while the retail portion saw subscription up to 3.5 times.

INOX Green Energy Services IPO, which closes on Tuesday, was subscribed up to 70 per cent so far. The retail quota was subscribed 2.2 times.

Keystone Realtors' IPO which opened for subscription today, was off to a slow start with mere 6 per cent subscription seen so far on Day 1. Meanwhile, analysts are optmistic on the prospects of the IPO. Here's why

4:12 PM

COMMENT :: 'Utilise intermediate pauses to gradually add top performers from across sectors'

Markets started the week on a muted note and ended almost unchanged, taking a breather after the recent surge. After the initial uptick, the Nifty index hovered in a narrow band and finally settled around the day’s low to close at 18,332 levels.

Though we’re just inches away from the record high, the absence of momentum is keeping the participants, especially traders, on their toes. Besides, the lack of broader participation is further adding to their worries. Amid all, we reiterate our view to focus on identifying the top performers from across sectors and utilise intermediate pauses & dips to add them gradually.

Views by: Ajit Mishra, VP - Research, Religare Broking

4:05 PM

TECH VIEW :: Nifty faces resistance at 18,450; support at 18,250

Nifty remained sideways during the session as it failed to give any directional breakout. On the daily chart, the index has sustained above the 50 EMA (17,619), which confirms the positive trend. The momentum indicator is in positive crossover and rising. The trend for the short term looks positive. On the higher end, resistance is visible at 18,450-18,500. On the lower end, support is visible at 18,250.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:59 PM

MARKET COMMENT :: What put a lid on gains on Monday?

Although there were favourable domestic indicators, the market was under pressure due to weakness in the US and other Asian markets. India's wholesale inflation dropped below forecasts, aided by a slowdown in the prices of manufactured goods and fuel & electricity. The domestic CPI, which is anticipated to continue the trend, will boost confidence in the Indian market as it will lessen the risk indicators for the RBI to maintain its hawkish stance.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:57 PM