Nifty IT, Nifty Oil & Gas, Nifty Private Banks, and Nifty Auto led losses, while gains were seen in Nifty Pharma, Nifty Metals, Nifty Media, and Nifty FMCG.
Government's mobile manufacturing, defence indigenisation and semiconductor pushes could create a multi-year opportunity for EMS companies, but rich valuations remain a key concern, says PL Capital's Praveen Sahay.
While Jain Resource Recycling currently trades at a discount to Gravita India on forward price-to-earning, the brokerage expects the company's growth and improving scale to support a gradual re-rating.
