Rahul sharma - Research head - Equity 99
In the last trading day of the week, market witnessed a pretty volatile session and ended the session with deep cuts. After a debacle yesterday, the mood of the investors was cautious, as the Asian markets made a mixed opening. Weak opening in European markets too put pressure on domestic bourses.
Volatility persisted whole day, after a weak opening under the influence of weak Asian cues the market weakened continuously with no clear direction. Though the US market gave a surprise on Thursday by ending higher as U.S. Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' deposits safe and fresh concerns of a US banking crisis, the Asian market didn’t follow the cue and plunged lower.
Insurance and AMC related stocks were in focus as govt amends debt funds having not more than 35% invested in equity shares would be taxed at the income tax slab level and treated as short term capital gain. Bank fixed deposits are also taxed similarly.
Also, IT sector trimmed most of its gains as Accenture expects Q3 revenue to be around $16.7 billion, which is less than expected. Also, Accenture says that it’s planning to layoff around 19000 employes globally.
Finally, the S&P CNX Nifty lost 131.85 points or 0.77% to settle at 16,945.05 and the 30-share BSE Sensex was down by 398.18 points or 0.69% to close at 57,527.10.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty continued to fall for the second consecutive session on March 24 pulled down by weak global cues. At close, Nifty was down 0.77% or 131.9 points at 16945.1. Broad market indices fell more than the Nifty even as the advance decline ratio fell to 0.32:1.
Global markets were mostly lower on Friday with traders remaining cautious as lingering concerns about the recent turmoil in the banking sector continue to hang over the markets amidst fears of economic slowdown.
Nifty has made a short term top at 17,207. It could go towards 16,748 over the next few days. Over the week, it fell 0.91%, down for the third week. 17,324 could be the resistance for the next few days.
Ajit Mishra, VP - Technical Research, Religare Broking
Markets inched further lower and lost over half a percent, in absence of any favorable cues. The first half was dull however pressure in the index majors changed the tone and pushed the Nifty index below the 17,000 mark. The fall was widespread wherein metal, realty and energy majors felt the maximum heat. Meanwhile, the broader indices underperformed and shed in the range of 1%-2%.
The recent fall has faded hopes of sustained recovery and we might again end up seeing range bound moves in the index. Needless to say, the major support is intact at 16,800 in the Nifty. We thus reiterate our view to limit positions and maintain positions on both sides.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty witnessed an extremely volatile day of trade today. It was consolidating in a narrow range during the first half of the session. However, as the day progressed and especially during the last couple hours of the trading session, the Nifty witnessed intense selling pressure which dragged the Nifty lower to close with a cut of 132 points.
On the hurly charts we can observe that the Nifty is trading in the zone of 16910 – 16970 where the crucial Fibonacci retracement levels of the previous rise from 16828 – 17207 are placed. This zone shall be the make or break support zone and if the Nifty fails hold on to this support, it is likely that the Nifty have started the next leg of the fall.
The daily momentum indicator has a positive crossover which is a buy signal and is also supporting our view that the pullback rally is not complete. Thus considering the above, we shall continue to maintain our positive outlook on the Nifty. On the upside the initial hurdle is placed at 17180 – 17210. Beyond this it has the potential to 17315 – 17430.
Shrey Jain Founder and CEO - SAS Online
The Finance bill 2023 with 64 official amendments was passed in Lok Sabha that includes amendments that raise the Securities and Transaction Tax (STT) on the sale of options to ₹2,100 on a turnover of ₹1 crore, up from the earlier applicable levy of ₹1,700.
However, the move may not have direct impact on retail traders, for scalpers Arbitrageurs and HFT (High Frequency Trading) firms transaction expense goes up by 25% which directly impacts their margins and bottom lines
Also, more than 90% volume in Indian Markets originate from Scalpers, Arbitrage houses and HFT firms. Increase in their cost of trading in markets may impact the overall volumes and spreads for retail may go up.
But it seems that there is some confusion and uncertainty in the trading community following the government's decision to raise Securities and Transaction Tax (STT) on the sale of options from 0.017% to 0.021%. The markets have discovered that the existing STT is already levied at a higher rate of 0.05%, which has caused further confusion.
The Finance Ministry is expected to issue a clarification note and make the required changes.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty bears took over the control on the last day of the week and the index ended on a negative note. The index as long as does not surpass the level of 40000 remains in a sell on rise mode.
The immediate support on the downside is at 39000 and a breach below this will lead to a sharp decline. The momentum indicator RSI trading in the bearish zone confirms the weakness in the index.
Vinod Nair, Head of Research at Geojit Financial Services
Cues from both the global and domestic markets were subdued. The asset management industry was hit hard by tax changes and the elimination of the indexation benefit of debt mutual funds. The volatility was fuelled by weak European markets, which was driven by banking stocks as CDS spread increased. Although all major sectors traded in the red, selling in the IT sector was limited despite warnings of muted growth.
Rupee Close:
Indian rupee closed 22 paise lower at 82.48 per dollar against previous close of 82.26.
Market Close
: Benchmark indices ended lower on March 24 with Nifty below 17,000.
At close, the Sensex was down 398.18 points or 0.69% at 57,527.10, and the Nifty was down 131.90 points or 0.77% at 16,945. About 1030 shares advanced, 2381 shares declined, and 130 shares unchanged.
Bajaj Finserv, Bajaj Finance, Adani Enterprises, Tata Steel and Hindalco Industries were among the biggest Nifty losers. The gainers were Cipla, Kotak Mahindra Bank, Dr Reddy's Laboratories, Infosys and Apollo Hospitals.
All the sectoral indices ended in the red with PSU Bank, Metal, Realty down 2 percent each, while Capital Goods, Oil & Gas down 1 percent each.
The BSE midcap and smallcap indices shed over 1 percent each.
Roopali Prabhu – Chief Investment Officer & Executive Director, Private Wealth Group, JM Financial
The change in debt taxation would meaningfully impact allocation decision. For the same expected return, investors will have to take higher risk going forward. Assuming an investors target return was post tax 7% pa over 3 years, that is currently achievable by investing 100% in a Target maturity fund that invested in AAA papers.
Going forward, assuming yields don’t change, the investor will have to invest over 25% in equities (assuming 13% equity return), to achieve the same target return! The change is risk is high.
CLSA View On IT Space
-Managed services bookings were strong
-Q3 guidance is broadly in-line with consensus at mid-point
-Investors will await guidance commentary from Infosys/HCL Technologies
-Remain cautious on Indian IT, given tough macro environment
-Relatively, like Infosys, is only buy in the sector
The meeting of the Board of Directors of ICICI Bank is scheduled to be held on Saturday, April 22, 2023 to consider and approve the audited financial results (standalone and consolidated) for the quarter and year ending March 31, 2023 and recommendation of dividend, if any, for the year ending March 31, 2023.
Ashiana Housing emerges highest bidder for residential projects in Gurugram
Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) have confirmed Ashiana Housing as the Highest Bidder (H1 Bidder), in an e-Auction organized by them, for the allotment of 43,708 sq. mtrs. of land for residential project in Manesar (Gurugram).
This land would be utilized for the group housing project and has approximate saleable area of 10.30 lakh sq. ft.
Shrikant chouhan, Head of Equity Research, Kotak Securities
The Nifty Index fell by 0.4% last week, while the Sensex fell by about 0.34%. Compared to BSE SmallCap Index, BSE Midcap Index lost 1.37% of its value. While flaws in US and European banks came under scrutiny, macro emotions remained unpredictable. Even as inflation continued to decline both nationally and globally, Indian equity markets were nonetheless concerned about valuation, increased interest rates, and economic slowdown.
The majority of the key industries experienced weekly losses, with BSE Power, BSE FMCG, BSE Telecom, Nifty Pharma, and BSE Consumer Durables seeing the biggest gains. The BSE Auto, BSE IT, BSE Oil & Gas, BSE Metals, BSE Realty, and BSE Capital Goods sectors had significant declines. Throughout the week, Bank Nifty stood unchanged.
The top losers within the Nifty Index were Adani Enterprise (-6.7%), Adani Ports (-4.8%), and Coal India (-5.5%). The top gainers were HDFC Life Insurance (+5.9%), SBI Life Insurance (+4.1%), and ICICI Bank (+2.3%).
Over the same time span, FPIs sold more than DIIs did. The US Fed raised the Fed Fund rates by 25 basis points while expressing confidence in the soundness of the US financial system on the economic front.
According to Global News, the US central bank has boosted interest rates once again despite a run of bank failures in the country and concerns that the decision would worsen the financial situation.
The financial system is "strong and robust," according to the Federal Reserve, which raised its benchmark interest rate by 0.25 percentage points. Tensions between China and the United States are rising over a guided-missile destroyer in the South China Sea. Gold prices have more upside potential and could reach $2,600 per ounce.
Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
Indian Rupee depreciated today due to weak domestic markets and a positive Dollar. Sustained FII outflows also weighed on the domestic currency. Dollar rose on safe haven appeal amid weak Asian and European currencies and equities. Dollar also gained on upbeat US current account deficit and new home sales data. Bank of England hiked interest rates by 25 bps to 4.25%, the highest in 15 years.
We expect Indian Rupee to trade with a negative bias on risk aversion in global markets and a positive Dollar. Selling pressure from FIIs and month end Dollar demand from importers may also weigh on Rupee. However, easing crude oil prices may support Rupee at lower levels.
Traders may remain cautious ahead of durable goods orders and PMI data from US. USDINR spot price is expected to trade in a range of Rs 81.80 to Rs 82.80.
Market at 3 PM
Benchmark indices were trading at day's low with Nifty below 17000
The Sensex was down 354.07 points or 0.61% at 57,571.21, and the Nifty was down 97.05 points or 0.57% at 16,979.85.
Manappuram Finance approves fundraising up to Rs 8,000 crore in FY23-24
The Board of Directors at its meeting held on today has considered and approved Fund raising program of the company for FY 2023-24, which includes issuance of Redeemable Non-Convertible Debentures upto the overall limit of Rs 8000 crore by way of private placement or/and Public issue in one or more tranches as may be decided by the Board of Directors or its committee thereof from time to time.
Manappuram Finance was quoting at Rs 118.00, down Rs 3.65, or 3.00 percent.
Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities
Gold prices eased on Friday, with spot gold prices at Comex were trading down by 0.06% at $1984.0 per ounce. Gold April future contract at MCX were trading down by 0.30% at Rs 59388 per 10 grams by noon session.
Comex spot gold prices retreated on Friday as lack of follow up buying after price has reached near resistance level of $2005 per ounce on previous session. Risk on sentiment improved after U.S. Treasury Secretary Janet Yellen on Thursday sought to reassure jittery investors that American bank deposits were safe and promised policymakers had more firepower to battle any crisis. So far this week gold prices have surged almost 2.50% on back of sharp fall in US dollar and bond yield and traders expect U.S. central bank may pause its rate-hike cycle.
We expect gold prices should consolidate in range of $1960 to $2005 per ounce for the day. Comex spot gold having support at $1960 per ounce and resistance at $2010 per ounce. MCX Gold Apr future having support at Rs 58700 per 10 gram and resistance at Rs 59820 per 10 grams.
Satin Creditcare board approves issuance of NCDs of Rs 50 crore
Satin Creditcare Network's board has approved issuance of non-convertible debentures of Rs 25 crore with green shoe option of NCDs of Rs 25 crore aggregating upto Rs 50 crore on private placement basis. These NCDs are having face value of Rs 1 lakh each.
Satin Creditcare Network was quoting at Rs 121.90, down Rs 3.40, or 2.71 percent.
Zydus receives final approval from USFDA for Lubiprostone Capsules
Zydus Lifesciences has received final approval for Lubiprostone Capsules, 8 mcg and 24 mcg from the United States Food and Drug Administration (USFDA).
Zydus Lifesciences was quoting at Rs 483.75, up Rs 1.40, or 0.29 percent.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY 50 | 16996.30 -0.47 | -2.06 -0.61 | -2.69 -1.31 |
| NIFTY BANK | 39489.30 -0.32 | 11.29 -0.27 | -1.05 11.15 |
| NIFTY Midcap 100 | 29639.75 -0.93 | -2.64 -1.50 | -1.54 1.13 |
| NIFTY Smallcap 100 | 8960.20 -1.27 | -20.63 -1.48 | -2.84 -13.48 |
| NIFTY NEXT 50 | 37627.10 -0.51 | -10.87 -0.42 | 0.33 -7.64 |
Punit Shah, Partner, Dhruva Advisors
The amendment to treat gains on debt mutual fund as short term gains will substantially diminish the attractiveness of such products. The rationale of treating the debt mutual funds at par with MLDs is not very clear.
Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas
WTI crude oil is struggling under USD 70 but holding 3% gains for current week, following a 13% roue in the previous week. The comment from the US Energy Sec. that it may take many years to refill SPR has also dampened the demand sentiments.
Oil may struggle to make robust gains in the near term, with OPEC this week forecasting a modest surplus in the second quarter, a typical period of soft demand before the summer. However, the drop in US gasoline inventories for second straight week may increase the demand from refiners to churn out higher gasoline to keep up with increased demand trend.
The banking system in US is still not yet completely out of woods which may keep overall risk assets under pressure. We see crude oil prices trading in broader range of $66-$72 and for the day we advise to short the rallies.
Nomura View On IT space
-Demand continues to shift towards cost optimisation
-Cuts top end of FY23 revenue estimates, CC growth guidance
-Retain cautious stance on sector; prefer large cap over midcap
-Expect operating performance to vary significantly across companies in FY24
-Top picks are Infosys & Tech Mahindra in large cap & Coforge & Persistent in midcap
Market at 2 pm
Sensex was down 105.17 points or 0.18 percent at 57,820.11, and the Nifty 50 fell 41.40 points or 0.24 percent at 17,035.50.
About 1136 shares advanced, 2091 shares declined, and 105 shares were unchanged.
Career Point awarded an order valued Rs 6.19 crore by NTPC
Career Point has been sanctioned an order by NTPC for delivery of online coaching services. The order valued Rs 6.19 crore is to provide online coaching to 1000 wards of NTPC employees studying in class VIII to XII.
Under this agreement, Career Point’s online tutorial services will be offered to the wards of NTPC employees PAN India who are preparing for various competitive examinations including Pre-Engineering, Pre-Medical and NTSE and Olympiads.
Career Point was quoting at Rs 192.90, down Rs 0.45, or 0.23 percent.
J Kumar Infraprojects JV gets LoA for project worth Rs 249 crore
J Kumar Infraprojects has received Letter of Acceptance from M/s. Bangalore Metro Rail Corporation Limited for the construction & remoting of existing Baiyappanahalli Depot for Bangalore Metro Rail Project - Phase - 2A for a total contract cost of Rs 249,19,35,187, exclusive of GST, in the name of J. Kumar - AICPL (Joint Venture) where the share of M/s. J. Kumar Infraprojects Limited is 55% which comes to approximately Rs 137,05,64,353 exclusive of GST.
J Kumar Infraprojects was quoting at Rs 244.70, down Rs 1.30, or 0.53 percent.
Adani Green Large Trade | 21.75 lakh shares (0.11% equity) worth Rs 221.95 crore change hands at an average of Rs 1,031.45 per share
Promoter entity offloads 0.79% shares in Anand Rathi Wealth
Promoter entity Anand Rathi Financial Services has offloaded 3.3 lakh equity shares or 0.79% stake in Anand Rathi Wealth via open market transactions at an average price of Rs 810 per share, amounting to Rs 26.73 crore.
Anand Rathi Wealth was quoting at Rs 811.35, up Rs 4.10, or 0.51 percent.
Promoter entity buys 0.58% stake in Asian Energy Services
Promoter entity Oilmax Energy has acquired 2.21 lakh equity shares in Asian Energy Services via open market transactions. These shares were bought at an average price of Rs 104.84 per share.
Asian Energy Services was quoting at Rs 101.59, down Rs 3.63, or 3.45 percent.
| Company | CMP Chg(%) | Conc. Price Chg% | Volume |
|---|---|---|---|
| Avanti Feeds | 333.20 -0.13 | 334.35 -0.34 | 14,308 |
| Venus Pipes | 728.00 -0.02 | 731.15 -0.43 | 223 |
| Sanofi India | 5,678.00 -0.05 | 5,720.70 -0.75 | 281 |
| MOTHERSON | 65.07 -0.31 | 65.56 -0.75 | 998,413 |
| SGBAUG24 | 5,801.00 -1.51 | 5,853.05 -0.89 | 6 |
| Goodyear | 1,062.20 -0.54 | 1,071.90 -0.90 | 1,137 |
| Axis Bank | 847.40 -0.16 | 855.15 -0.91 | 62,585 |
| Orient Paper | 36.62 -0.25 | 36.97 -0.95 | 39,992 |
| Container Corp | 589.10 -0.17 | 594.85 -0.97 | 8,185 |
| Grindwell Norto | 1,761.10 -0.17 | 1,779.10 -1.01 | 1,991 |
| Company | CMP Chg(%) | Conc. Price Chg% | Volume |
|---|---|---|---|
| Sparc Electrex | 0.33 17.86 | 0.20 65.00 | 15,868 |
| Dhanlaxmi Fabri | 57.95 17.76 | 36.39 59.25 | 89,591 |
| Advait Infratec | 292.00 8.96 | 222.00 31.53 | 5,500 |
| DRC Systems | 45.06 4.99 | 35.54 26.79 | 13,729 |
| Nagreeka Cap | 23.92 4.96 | 19.20 24.58 | 2,147 |
| Mangalam Ind | 2.73 2.25 | 2.21 23.53 | 3,164,615 |
| RMC Switchgears | 260.50 4.81 | 215.75 20.74 | 12,000 |
| Shivalik Bimeta | 494.30 2.78 | 417.40 18.42 | 31,850 |
| SAB Industries | 78.99 4.98 | 67.01 17.88 | 821 |
| Dhampure Specia | 53.00 1.86 | 45.06 17.62 | 78,130 |
IDFC shareholding in IDFC First Bank increases to 39.99%
IDFC FHCL, subsidiary of IDFC, has received 37.75 crore equity shares of IDFC FIRST Bank on payment of the application money of Rs 2,196.30 crore to IDFC FIRST Bank.
With this investment, IDFC's holding, through IDFC FHCL, in IDFC FIRST Bank will go up to 39.99%.
In February 2023, the board of IDFC, and IDFC FHCL had approved subscribing to 37.75 crore shares of IDFC FIRST Bank on a preferential basis at a price of Rs 58.18 per equity share, through subsidiary IDFC FHCL.
IDFC First Bank was quoting at Rs 54.75, down Rs 0.38, or 0.69 percent on the BSE.
Praveen Singh – AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas
Depressed yields, as banking concerns, especially after the US Treasury Secretary Yellen’s negating the idea of broad increase in deposit insurance, continue to linger, thus supporting gold. Last night, Ms Yellen once again flipped her take on deposit insurance saying that they would look at the situation as warranted. Nonetheless, bonds aren’t impressed with this flip-flop, which doesn’t help in boosting investors’ confidence. Overall, buy the dips strategy is favored with close monitoring of headline risks.
Today it is global PMI data day. Besides S&P US PMI, we have US durable goods orders data on the cards, too.
Support for the yellow metal is around $1962 (MCX June Gold -- Rs 59000) , while resistance is at $2010 (Rs 61000).
Gold prices dip as traders assess Fed rate-hike pause
Gold prices slipped on Friday as the dollar edged higher, while investors assessed the U.S. central bank's hints at a potential pause in its rate-hike trajectory.
Spot gold was down 0.4% at $1,986.40 per ounce at 0707 GMT, after two sessions of sharp gains. U.S. gold futures also fell 0.4% to $1,988.90.
Cipla Large Trade | 8.90 lakh shares (0.11% equity) worth Rs 77.80 crore change hands at an average of Rs 875 per share
Cipla was quoting at Rs 875.20, up Rs 5.70, or 0.66 percent.
Srikanth Subramanian, CEO, Kotak Cherry
The amendment in the finance bill will have significant structural changes to the way we invest. For mutual fund to get investor interest, it’ll now have to purely be on their ability to add extra “risk adjusted returns” and not because of any tax arbitrage.
The tax arbitrage that was available at an “instrument” level seems to be getting evened out across the board be debt MF or MLD.
However, this will benefit the corporate bond market where there will be renewed interest from retail investors, and this will also add depth to the liquidity which again will mean better pricing for the end customer.
Market at 1 PM
Market continued to trade flat amid volatile in the afternoon session.
The Sensex was down 49.58 points or 0.09% at 57,875.70, and the Nifty was down 25.10 points or 0.15% at 17,051.80. About 1178 shares advanced, 2009 shares declined, and 106 shares unchanged.
Zen Technologies bags Rs 127 crore order from armed forces
Defence training solutions firm Zen Technologies on Friday said it has bagged Rs 127 crore order from armed forces.
After setbacks faced in 2012 due to cancellation of large tenders, Zen said in a regulatory filing that it had stopped participating in large tenders and has now made a complete turnaround over the last 10 years.
Zen Technologies was quoting at Rs 303.70, down Rs 4.95, or 1.60 percent.
NBCC sells 1.05 lakh square feet built up area of World Trade Centre, New Delhi
NBCC (India) being the implementing agency for redevelopment of 3 nos. GPRA colonies, has conducted 18th e-auction sale of commercial built-up space at world Trade Centre, Nauroji Nagar, New Delhi.
In the latest e-auction four buyers had participated and were successful in purchase of approximately 1.05 lakhs square feet built up area amounting to Rs 415.10 crore. Till date total area sold is 15.49 lakh square feet built up area amounting to Rs 6,251.90 crore.
Vishal Goenka, Co-founder, IndiaBonds
Taxation rules across bond investments should be uniform as this simplifies the choice for investors who should focus on analysing the investment itself rather than the taxation disparity.
We welcome the proposed changes via the Amendments to the Finance Bill as this creates a uniform level playing field between debt mutual fund and direct bond investment.
We always encourage investors to have fixed income in their portfolio for adequate diversification and the proposed changes will make direct bond investments by individuals more attractive.
PNB to consider fund raising for FY24 via issuance of bonds on March 29
The board meeting of Punjab National Bank is scheduled to be held on March 29 to consider raising of capital for FY24 through issuance of Basel-III compliant additional Tier-1 bonds and Tier-II bonds, in one or more tranches.
Punjab National Bank was quoting at Rs 46.15, down Rs 0.72, or 1.54 percent on the BSE.
| Company | CMP | Chg(%) | 30 SMA |
|---|---|---|---|
| Tarapur Trans | 4.6 | 22.67 | 3.75 |
| SAB Events | 4.35 | 19.83 | 3.63 |
| TTK Healthcare | 1023.1 | 12.49 | 909.52 |
| Delta | 76.45 | 10.67 | 69.08 |
| Vaxtex | 3 | 10.29 | 2.72 |
| UTIBANKETF | 43.76 | 7.05 | 40.88 |
| UTISXN50 | 51.82 | 7 | 48.43 |
| BLB | 24.85 | 6.84 | 23.26 |
| UTINIFTETF | 1951.7 | 4.62 | 1865.54 |
| Minda Corp | 211.05 | 4.58 | 201.8 |
Morgan Stanley View On IT sector:
-Accenture Q2FY23: More positives than negatives for India IT vendors
-Believe there could be positive sentiment from Accenture's results
-Slowdown in North America hi tech + communications verticals came as a bigger negative
-Any weakness around Q4 results & FY24 guidance should be used as buying opportunity
-Preferred picks are LTIMindtree, Infosys & HCL Tech within large cap
JUST IN | Government increased STT on Options by nearly 25%
Rail Vikas Nigam board declares interim dividend of Rs 1.77 per share for FY23.
Rail Vikas Nigam was quoting at Rs 65.60, up Rs 0.94, or 1.45 percent.
Gold prices struggle for momentum as US dollar firms
Gold prices eased in range-bound trading on Friday due to a firmer dollar, while investors digested the U.S. central bank's hints at a potential pause in its rate-hike trajectory.
Spot gold was down 0.1% at $1,991.59 per ounce, as of 0344 GMT, after two sessions of sharp gains. U.S. gold futures also dipped 0.1% to $1,993.30.
