homebusiness Newscompanies NewsNykaa at 52 week low; Pidilite may replace HDFC: What kept dealers busy on Monday?
Nykaa at 52-week low; Pidilite may replace HDFC: What kept dealers busy on Monday?
A note from IIFL says Pidilite can be a likely candidate to replace HDFC in the Nifty 50.
Shares of FSN E-Commerce Ventures, the parent company of Nykaa ended at a 52-week low on Monday. The stock dropped 4.4 percent, declining for the fifth day in a row.
Sources within dealing rooms tell CNBC-TV18 that the stock has been seeing selling pressure at a leading FII desk.
The company has recently announced a slew of collaborations with leading fashion labels, including a partnership with Revolve. It was also in the news for approving five bonus shares for investors for every one share held.
An Attempt To Rebound
Benchmark indices ended at the day's high on Monday with financials leading the outperformance. The PSU Bank index was the top sectoral gainer, ending 4 percent higher.
However, dealers suggest that overall flows have remained mixed with a negative bias at the FIIs desk. PSUs are also witnessing selling pressure from the institutional desks today.
Dealing rooms say that the Nifty 50 is likely to face resistance at levels of 17,450 on the upside in the near-term.
Besides Nykaa, here are some other stocks that have been part of the dealing room chatter today:
Pidilite: Shares of the Indian adhesives manufacturer ended 2.7 percent higher on Monday, gaining after a two-day drop. Monday's gains were the best for PVR in nearly a month. Dealers indicate that the stock has been buzzing on strong buy flows from the FII desk. A note from IIFL cites Pidilite to be a high-probability candidate to replace HDFC in the Nifty 50 index, once the latter's merger with HDFC Bank is completed.
Apollo Tyres: Shares of the tyre manufacturer also ended 2 percent higher on Monday on the back of strong buy flows on the FII desk. The stock gained after a two-day drop. ICICI Direct has highlighted Apollo Tyres has one among its 10 diwali picks, expecting the company to benefit from a cyclical upswing in commercial and private vehicle sales.
First Published: Oct 17, 2022 4:00 PM IST
Note To Readers
Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.
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