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Sensex, Nifty see muted start to Monday’s session; top steel stocks plunge up to 15% – Economic Times

NEW DELHI: Benchmark indices opened on a muted note on Monday morning, as investors assess the impact of a slew of fiscal measures by the government to ease inflationary pressure off consumers on fiscal math.

At 9.30 am, the BSE Sensex was trading 54 points or 0.10 per cent higher at 54,380.73. Nifty50 was trading at 16,270.25, up 4.10 points or 0.03 per cent. Midcap and smallcap indices were flattish. Cues from Asia were largely mixed.

Among Sensex stocks

climbed 2.87 per cent to Rs 7,804.70. Axis Security said Maruti Suzuki could emerge as the biggest beneficiary of demand recovery in the post-COVID period, considering its stronghold in the entry-level segment and a favourable product lifecycle.

M&M, , , and rose up to 2.6 per cent each. CLSA has a target of Rs 180 on NTPC.
and Dr Reddy’s Labs gained over 1 per cent each.
slumped 10 per cent to Rs 1,053.20. CLSA has downgraded three major steel counters- Tata Steel (from buy to underperform), (underperform to sell) and JSPL (from buy to underperform). JSW Steel fell 12.45 per cent to Rs 552.30. JSPL dived 15 per cent to Rs 407.10.

ITC, , , and declined up to 1.8 per cent.
said that the roll-back of excise duty on fuel and increased allocation under fertiliser subsidy, along with higher cost inflation and hardening government bond yields are likely to cause fiscal slippages in FY23.

“The hope is that cooling off of inflation will support household consumption demand. The overall policy construct appears to provide a fillip to consumer sectors such as autos, durables, household products, and the employment-intensive housing real estate. On the receiving end are sectors such as steel, cement and plastic, which can experience price erosion, margin pressure and competition from imports,” it said.

Shares of

were trading 1.70 per cent lower at Rs 565.55. Brokerage views differ widely when it comes to One 97 Communications (Paytm) stock. While Macqurie has kept its target of Rs 450 intact, brokers such as Goldman Sachs and have come out with price targets in Rs 1,000-1,300 range, as they differ on Ebitda loss breakeven expectations, following not-so-material fall in sequential losses in March quarter.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)