The Nifty Pharma index closed 0.47 per cent down at 14156.4.
UBS suggested that the spring of the Indian market may be over and a dry and harsh winter may follow
The Relative Strength Index of the stock stood at 56.0 on Monday.
LIC is the most awaited issue this year, but the company has not filed its DRHP yet and it requires ample clearances and regulatory approvals before knocking on the doors of the primary market.
A total of 17,511 shares changed hands on the counter till 01:54PM (IST)
The stock traded at a P/E multiple of 15.07, while the price-to-book value ratio stood at 0.99.
As of 30-Sep-2021, promoters held 38.18 per cent stake in the company, while FIIs held 18.51 per cent and domestic institutional investors had 3.2 per cent.
“We cannot ever deny the structural demand for housing in India because of the demographics as such a large proportion of our population is young. A combination of factors led to the growth and I see no reason why that growth should subside. I would expect that momentum to continue through 2022.â€
“It will be very tough for Reliance to give outsize returns from the current levels.â€
The stock quoted a 52-week high price of Rs 5930.7 and low of Rs 2385.0.
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