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I think that is a fair observation and who would have thought finally an ITC or a Mahindra or Tata Motors would actually start performing. Frankly in the past when I have got calls from sell side saying you should look at these stocks.

Shares of Shree Cements fell over 10% to Rs 22,601 after reports suggested that the company has avoided taxes worth INR 23,000 crore. The Income Tax department launched an investigation at five locations including Beawar, Jaipur, Chittorgarh and Ajmer. In its response, the company said that all management personnel were cooperating with officials to clarify the situation and that reports in the media to the contrary were incorrect. Cement sales have increased 10% to 8.83 million tonnes in Q4 FY23 compared to the same period last year.

The Nifty Auto index was trading 0.73 per cent up at 14656.05.

The Relative Strength Index of the stock stood at 39.95 on Monday.

“It is a very interesting move and contrary to the trend over the past many years, whereby many banks or companies with broking arms are trying to get them listed. So, it also shows the kind of pressure which the industry is currently going through.”

The stock quoted a 52-week high of Rs 2916.85 and a 52-week low of Rs 2080.1.

Shares of brokerage firm ICICI Securities opened over 15% as the Board of Directors of ICICI Bank will meet on June 29 to consider a proposal for delisting its institutional and retail broking arm. Shree Cement shares hit a 10% lower circuit amid media reports that tax evasion to the tune of Rs 230 billion ($2.80 billion) has been found in tax searches at multiple locations of Shree Cement in Rajasthan.

Indian markets are predicted to trade higher on Monday following optimistic global cues, with Nifty forming higher highs for thirteen weeks. Monthly maximum Call OI is placed at 18,800, while the monthly maximum Put OI is at 18,500. Suggested stocks for short-term traders include Dr. Reddy’s Laboratories, Bharti Airtel, and IndusInd Bank from Chandan Taparia, while Nooresh Merani’s recommendations include Bharti Airtel, NTPC, and BHEL. Kunal Bothra suggests buying Cummins India, Trent Ltd, and AB Capital. However, these are independent opinions and not the views of the Economic Times.

Analysts expect the indices to consolidate for some time and advise investors to use this opportunity to buy the dips.

Stock has been making higher highs from the last 4 weeks and came out of its consolidative zone.