India Market Wrap: Session Ends Flat with Cipla, Hero MotoCorp among Gainers
Indian markets closed flat on Monday after range-bound session. Markets recovered towards the end of the trading session and NSE Nifty closed slightly positive while BSE Sensex closed marginally lower. Indian markets are looking for next trigger and the recent rally has pushed some of the blue-chip companies to elevated valuations. In the current market rally, mid-cap and small cap stocks have also participated. If the markets keep on hovering around all-time highs, we might see further strength in value stocks in mid-cap and small-cap space.
Among biggest gainers in today’s session were pharmaceutical major Cipla (up by 3.2%), Adani Enterprises (up by 2.8%), Hero MotoCorp (2.7% higher), Tata Consumer Products (up by 2.6%) and Divis Labs (up by 2 percent). Other stocks that finished the day strong were UPL, Mahindra & Mahindra, Tata Motors, Maruti Suzuki, Adani Ports, UltraTech Cement, Sun Pharma, Tata Steel and PSU banking major SBI.
Among losers in today’s session were PowerGrid, TCS, Reliance Industries, Coal India, HDFC Bank, Bajaj Auto, Kotak Mahindra Bank and Tech Mahindra.
Shree Cement stock faced major decline today after reports of Income Tax department surveys at multiple locations of the company. The official statement from Shree Cement confirmed that the survey has been going on at company facilities and that the management is fully cooperating with tax authorities.
Drone manufacturer ideaForge Technology launched IPO today and the offer has been oversubscribed 10 times for retail investor portion. HNIs have also oversubscribed by 3 times.
European markets were trading mixed today. US Futures opened positive for Dow Jones but negative for technology index Nasdaq.