Auto, Pharma stocks shine in lacklustre trade; IdeaForge IPO subscribed 3x

CLOSING BELL ON JUNE 26, 2023: The Sensex ended on a flat note, down 9 points, while the NSE Nifty 50 gained 26 points in trade on Monday.

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Stock Market Highlights: After two successive day's of losses, the key benchmark indices consolidated in a narrow band and ended on a divergent note amid mixed global cues. Sectorally, auto and healthcare shares outperformed in trades on Monday.

The S&P BSE Sensex touched a high of 63,136 (up 157 points) in early deals, but thereafter erased gains and slipped into red to a low of 62,854 - down 282 points on the day's high, largely dragged by Reliance, TCS and HDFC twins. The Sensex eventually ended on a flat note at 62,970 - down nine points.

The NSE Nifty 50 gyrated in a narrow 75-point range - the index hit a high of 18,722, and a low of 18,647 - before settling 26 points higher at 18,691.

The broader indices once again outperformed the benchmarks. The BSE MidCap index soared a per cent, while the SmallCap index added 0.7 per cent.

Primary Market Update

IdeaForge Technology IPO received a strong response from investors, mainly retail, and was subscribed up to 2.9 times as of 3:45 PM on Day 1 of the offer period. According to IPO watch, shares of IdeaForge enjoyed a premium of Rs 450 in grey markets. READ MORE

4:15 PM

Comment :: 'Participants should prefer defensive sectors'

We feel it is a breather after the recent dip and needs sustainability above 18,600 in Nifty for any meaningful rebound. Meanwhile, participants should prefer defensive viz. pharma and FMCG and choose selectively from others.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

4:04 PM

Comment :: 'Expect markets to consolidate in the near term'

We expect the market to consolidate in the near term before resuming the upward journey. Sectors like Auto, and FMCG would be in focus with the progress of the monsoon. The primary market is also in buzz with the Ideaforge IPO getting subscribed 2.5x on the first day itself, while Cyient DLM IPO will be open for retail participants on Tuesday.

Views by: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

3:58 PM

Tech View :: '18,650 remains make or break level for Nifty'

Nifty traded around its 20 DEMA support for the entire day and managed to hold above the support level. However, the momentum was missing in the indices but the midcaps witnessed decent outperformance due to which the overall market breadth was healthy.

The Nifty index is trading around its crucial support for 18,650 and it needs to be seen if it manages to resume the uptrend from this support. The momentum readings which were in the overbought zone during last week have cooled-off in last couple of sessions and since the buying interest still continues, we could see a resumption of the upmove in the near term.

Hence, traders are advised to trade with the trend and keep a tab on the support of 18,650. A close below this support would then lead to some price wise correction while if this support remains intact, then a pullback again towards 18,670-18,730 could be seen. T

Views by: Ruchit Jain, Lead Research, 5paisa.com

3:55 PM

Comment :: 'Strength in mid, smallcaps show investors' confidence'

The global market exhibited a negative bias as concerns regarding economic growth emerged in light of the political instability in Russia. This instability led to an increase in oil prices, driven by worries over potential supply disruptions, given Russia's status as one of the largest oil producers. On the domestic front, the market experienced limited downside as the pharma and auto sectors provided support. Additionally, mid and small-cap stocks were seen recovering their positions following a recent sell-off, indicating a regained investor confidence in these segments.

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

3:53 PM

Currency check :: Rupee ends lower at 82.04/$

3:50 PM

IPO Alert :: IdeaForge issues subscribed 3x till 3:30 PM on solid retail push

>> Retail quota filled 11x

>> Employee portion 6.6x

Note: Bidding closes at 5:00 PM

3:47 PM

Buzzing stock :: Parag Milk foods surges 15% as pvt fund buys stake

3:44 PM

Buzzing stock :: Policybazaar zooms over 7%, nearly doubles from 52-week low level

>> Stock hit 52-week high in intra-day trade

3:42 PM

Buzzing stock :: ICICI Securities leaps 11% on delisting plan

3:41 PM

Buzzing stock :: Shree Cement sinks 10% intra-day, ends off lows

Shares of Shree Cement plunged 10 per cent to Rs 22,601 on the BSE in Monday’s intra-day trade after Income Tax department, last week, initiated a survey action at five locations of the cement manufacturer. In past two trading days, the stock has slipped 12 per cent. It hit lowest level since January 2023.