Large trade in Delhivery, buying interest in Apollo Tyres: What kept dealers busy on Monday?

Sentiment did not receive a boost even after the stock was added to the FTSE All Cap Index, with the adjustment for the same taking place on December 16, 2022.

According to IIFL Alternative Research, Delhivery may witness estimated inflows of nearly $8 million post its addition to the FTSE All Cap Index.

Benchmark indices ended lower for the third day in a row with the S&P BSE Sensex shedding over 500 points. The Nifty 50 also declined 150 points but managed to hold the 18,150 mark.

Dealing rooms indicate that the market weakness is due to low volumes and a lack of fresh triggers. However, stock specific action continues within the broader market space. They also suggest that flows are currently mixed with a negative bias at the FII desk.

Banking stocks continue to be well bid with select PSU Banks ending with strong gains on Monday. Dealers suggest that 18,300 remains a resistance on the upside for the Nifty.

HDFC Life Insurance: The stock ended 0.2 percent higher on Monday but gained after three trading sessions. FIIs are said to be buyers in the stock as per dealing room checks.

Apollo Tyres: Another stock where FIIs have been buyers. The stock is trading close to its 52-week high and ended 2.4 percent higher on Monday. Apollo Tyres is also a beneficiary of dropping crude oil prices, which have declined 12 percent over the last 11 trading sessions.

Bharat Electronics: Profit booking is being seen across defence names after a stellar run and BEL was not isolated from the same. We spoke about how shares like Cochin Shipyard and Mazagon Dock have corrected close to 10 percent over the last two trading sessions, BEL also ended 1.4 percent lower on Monday, declining for the second day in a row. Dealers indicate that FIIs have been sellers in the stock.