Market Morning: JSW Steel, UltraTech Cement in action

Both Nifty and Sensex got off to a slow start, with Nifty trading at 23,864.35 points, down by 0.02% and Sensex trading at 78,749.51 points, up by 0.096 % as of 9:57 am.

As for sectoral indices, Nifty bank, auto, IT, financial services, FMCG, PSU, private bank and oil and gas opened the day in red, while media, realty, pharma and metal managed to gain early ground.
Stocks in Action
UltraTech cement informed the exchange that it has purchased 7.06 crore equity shares, or about 23% of India Cement Limited's equity share capital. The deal was finalised at Rs 267 per share. Stocks of UltraTech Cement were trading at Rs 11,830, up by 6.16% during early morning trade.

After JSW Steel announced yesterday that it will be spending around $110 million on upgrading its Texas-based manufacturing facility to produce specialised steel products required by the US government to meet its offshore wind energy targets, the stock was trading at Rs 936.55, up by 1.89%

Grasim, Dr. Reddy's, JSW Steel and Tata Steel were amongst the other stocks that were trading in green this morning. On the other hand, Mahindra and Mahindra, HCLTech, Wipro and Apollo hospitals were trading in red during early morning trade.

Tata Motors announced that it is partnering with Bajaj Finance to enter the commercial vehicle financing space. Reports suggest that the company is looking to introduce a host of consumer finance products and embedded insurance by the end of this year. During early trade today, Bajaj Finance's stock was trading at Rs 7,193.75, up by 0.5%.

According to Mr. Aditya Gaggar, director of Progressive Shares, "select buying in heavyweight counters helped the index end the session at yet another record level of 23,869. With an extremely overbought reading in the Auto sector, we continue to hold our stance of correction in the form of profit booking (2W &3W); however, buying interest can be seen in the Ancillary stocks. Reliance-led rally pushed the energy sector higher; the sustainability of the momentum will depend on follow-up buying. Britannia and GodrejCP look strong in the FMCG segment. Some more downside is still left in the metal and real estate sectors. Agro/specialty chemicals and textile stocks are gaining momentum, so one should keep an eye on the same."

Sameet Chavan, Head of Research, Technical and Derivatives at Angel One, asks traders to stay agile and regularly shift focus between themes. "for the last two sessions, heavyweight counters have driven
the market higher, with Reliance up more than 4% in yesterday's session, significantly contributing to the
benchmark's rise. In this scenario, midcaps have taken a back seat, with no major traction seen from their end. We believe the shift in momentum and sector rotation will continue.".