Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 ended a volatile session sharply lower on Monday. Losses in financial, oil & gas and FMCG shares dragged the headline indices lower, though gains in select IT counters lent some support. Broader markets also weakened though the losses were less severe compared to headline gauges. The Nifty Midcap 100 index declined 0.3 percent and its smallcap counterpart slipped 0.1 percent. Tega Industries made a strong market debut with shares listing at a premium on BSE and NSE.
Market to watch Strides Pharma quarterly numbers before sustainable rerating: Kunj Bansal
Kunj Bansal, CIO of Karvy Capital, believes the market would want to watch the quarterly numbers of Strides Pharma before giving it a sustainable rerating.
“The quarterly numbers of Strides Pharma for last few quarters haven’t been encouraging and that is reflecting in the stock price as well,” he said.
View on Reliance Industries shares remains positive: Kunj Bansal
Kunj Bansal, CIO of Karvy Capital, continues to be positive on Reliance Industries shares. “In the medium to long term, the stock continues to give returns, and we have a lot more triggers which are coming in going forward. We can also see the demerger of various businesses and that will change the valuation of the respective businesses but one will have to be patient. Our overall view continues to be positive,” he said.