After opening higher, the Sensex and Nifty have pared gains in the afternoon trade on Monday. The Sensex is down about 12.75 points to 38007.59, while the Nifty is trading above the 11,400-mark. Maruti Suzuki shares are trading 2.7% lower at Rs 6,898.70 to emerge among the biggest Sensex losers. Amid ongoing reports that L&T is planning a hostile takeover in Mindtree, the share of mid-sized IT services firm is trading 1.8% higher at Rs 1,383.
Stocks to watch:
Maruti Suzuki: Shares of automaker Maruti Suzuki are in focus today after media reports doing the rounds that it would cut down its production by 26% because of slowdown in demand. Maruti Suzuki shares trading 2.72 lower on BSE at Rs 6,899.
Jet Airways: Debt-ridden Jet Airways is in focus for cancelling its flights to Abu Dhabi. Its shares are trading marginally higher by 0.51% at Rs 236.15 on BSE.
Bharti Airtel : DoT has rejected Sunil Mittal-led Bharti Airtel’s demand to take cognizance of court observations while deciding whether the watchdog could recommend that three incumbent market players should be fined for allegedly colluding and denying Mukesh Ambani-led Reliance Jio’s access to their network . Bharti Airtel shares are trading at Rs 332.95, down by 4.05 points on BSE.
IL&FS: According to media reports, cash-strapped IL&FS will receive its first set bids under asset monetization as part of its resolution process. IL& FS Engineering and Construction shares are trading lower by 3.54% at Rs 9.27 on BSE.
Bandhan Bank: Bandhan Bank is in focus today, after the firm received RBI approval for merger with Gruh Finance. Bandhan Bank’s shares are trading lower by 15.90 points at Rs 495.15 on BSE.
Meanwhile, Asian share markets moved ahead on Monday while bonds were in demand globally on speculation the US Federal Reserve will sound decidedly dovish at its policy meeting this week. Japan’s Nikkei led the way with a rise of 0.7 per cent, and MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, Reuters reported.