Sensex, Nifty trade choppy; Ashok Leyland, Alembic Pharma stocks down
Equity benchmarks were trading on a flat note as gains in State Bank of India, ICICI Bank and Tata Steel were offset by losses in Maruti Suzuki, Infosys and Sun Pharma.
Benchmark indices pared its opening gains within minutes on Monday as investors reacted to power change in Karnataka after Bhartiya Janta Party failed to win confidence vote in the Parliament. A positive trend in global markets, however, capped the losses.
Century Textiles & Industries (CTIL) stock fell 6% after the company announced to demerge its cement business (13.4MTPA) and merge it with UltraTech, as the company looks at debt reduction and focus more on its real estate business. CTIL aims at unlocking the value of cement business for the shareholders and deleveraging of the balance sheet.
At 10:32 AM, the Sensex was trading at 34,802, down 44 points, while the broader Nifty50 was ruling at 10,584, down11 points. In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose 0.41% and 0.35%, respectively.
Strides Shasun stock declined 5% after it reported 2% yoy decline in the revenue to Rs664.2cr. Also, the brokerages downgraded their ratings and target prices on the stock post its dismal Q4.
Bhushan Steel stock surged 5% after reports that Tata Steel has completed the acquisition of 73% stake in Bhushan Steel as part of its resolution plan under the Insolvency and Bankruptcy Code.
UltraTech (+2.8%), SBI (+2.3%), ICICI Bank (+2.1%), TCS (+2%) and ONGC (+1.7%) were the top gainers on the NSE.
Maruti Suzuki (-2.4%), Hero MotoCorp (-1.7%), Sun Pharma (-1.4%), Bajaj Auto (-1.3%) and Indiabulls HF (-1.2%) were the top losers on the NSE.
Out of 2,035 stocks traded on the NSE, 689 advanced, 893 declined and 453 remained unchanged today.
The Indian rupee opened lower at 68.08 per U.S. dollar against Friday’s close of 68.00.
Asian indices saw a muted start with the Japanese Nikkei trading in the green.
On the political front, JD(S) leader H D Kumaraswamy is all set to take over as Karnataka Chief Minister on Wednesday.
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