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European equities kick-started the week on a subdued note, after scaling two-year highs in the previous session, as heavy losses in travel stocks partially outweighed strong performances in the energy sector.

Oil stocks jumped up to 8% on Monday led by gains in state-run Oil & Natural Gas Corporation (ONGC) and market heavyweight Reliance Industries (RIL) on fuel supply concerns in the aftermath of a missile attack on a Trafigura-operated fuel tanker in the Red Sea.

Jayant Acharya, Jt MD & CEO of JSW Steel, discusses the impact of elevated raw material prices on margins and the increase in steel prices globally. He highlights the drop in standalone volumes due to lower exports and muted domestic sales. However, sales to institutional customers and industrial sectors have reached all-time highs. Acharya expects global steel price improvement to reflect in India, reducing imports and encouraging more exports.

On Saturday, YES Bank reported robust growth in profit for the quarter ended December 2023, with the bottom line surging more than four times year-on-year (YoY) to Rs 231 crore.

The initial public offering (IPO) of Delaplex was subscribed 11.01 times so far on Monday, the second day of the issue. The issue received over 2.64 crore share bids around 2 pm against 24 lakh equity shares available for subscription

The Relative Strength Index of the stock stood at 46.68 on Monday.

Thanks to the domestic and global flows on a positive outlook, India outperformed most Emerging Markets in 2023 with the Nifty gaining about 20 percent. But that has also pushed it to an expensive territory.

Six Nifty50 stocks hit new 52-week highs.

Anand Shah of ICICI Prudential AMC says midcaps and smallcaps are attractive due to their strong earnings and reasonable valuations. He notes that there is selective buying within these segments, particularly in manufacturing and allied businesses. Shah highlights the changing trend from 2020 to 2023, where B2C businesses are facing pressure while B2B businesses are performing well. He emphasizes the importance of manufacturing and allied businesses in the top 100 companies, which have shown incremental earnings growth and comfortable valuations.

Promoters held 44.84 per cent stake in the company as of 31-Dec-2023, while FII and DII ownership stood at 28.83 per cent and 10.19 per cent, respectively.