Shares of Zomato Ltd and JSW Energy Ltd hogged the spotlight during the trading session on Monday after the former one became the latest entrant in the BSE's benchmark index Sensex, replacing the former one. However, the movement in JSW Steel was upwards after Sensex exit.
Shares of Zomato dropped nearly 3 per cent to Rs 273.15 on Monday, with its total market capitalization falling to Rs 2.5 lakh crore. However, the stock turned flat 280.05 during the session, hovering near its previous close at Rs 281.85 on Friday.
Zomato scripted history on Monday as it became the first new-age tech stock to be included in the BSE's benchmark index, replacing JSW Steel in a half-yearly rebalancing of constituents. This signals a significant shift in the Indian business landscape, underscoring the growing prominence of the digital sector.
On the other hand, shares of JSW Steel surged about 3.4 per cent to Rs 949.50 on Monday, with its total market capitalization nearing Rs 2.35 lakh crore mark. The stock had settled at Rs 918.45 in the previous trading session on Friday. Steel stocks were shining on Monday.
Directorate General of Trade Remedies (DGTR) has initiated the investigation of safeguard provisions pertaining to imports of non-alloy and alloy steel flat products into India. Analysts believe Tata Steel and JSW Steel could be major beneficiaries of this. DGTR has noted that sufficient evidence exists that sudden influx of imports has adversely impacted the domestic industry.
According to Nuvama's estimates, the food delivery firm is likely to see an inflow of $513 million on its Sensex entry, while the exit-bound JSW Steel may see $252 million in outflows as institutional investors adjust portfolios.
Zomato is projected to see buying of 15.1 crore shares worth $513 million, which is 2.6 times its average volumes. Shares of Zomato have surged nearly 125 per cent in 2024 so far. JM Financial has retained its 'Buy' rating on Zomato.