Closing Bell: Sensex drops 48 points, Nifty ends below 19,800; IT stocks slump while pharma, metal gain

Despite muted markets PSU Insurance shares LIC, GIC and New India Assurance surging up after long haul mainly on the back of reports stating that industry growth outlook to “positive” from “stable”. LIC has also projected double-digit growth over the last year and plans to launch new attractive products. New India Assurance zooms after the insurer said analysts and institutional investors will meet senior management in Mumbai on November 29. GIC shares is also in demand after the company said that AM Best re-affirmed the existing ratings and additionally assigned India National Scale Rating (NSR) to the company. We are expecting rerating in the sector.

The Nifty has encountered difficulty surpassing the resistance range of 19850-19900. On the downside, 19700 has held as a near-term support level. As long as there's no breakout, the index is expected to continue moving sideways. A decline below 19700 could potentially trigger a market correction. Conversely, a clear move above 19900 might prompt a significant rally, potentially driving the index towards a new all-time high.

Markets consolidated in a range for yet another session and ended unchanged. After the flat start, Nifty oscillated in a narrow band till the end and finally settled at 19794.70 levels. Meanwhile, mixed trends on the sectoral front kept the traders busy wherein pharma, metal and banking ended in the green. The market breadth was also inclined slightly on the advancing side, thanks to action in smallcap space.

It is a healthy consolidation in the Nifty so far and we feel only a decisive gap-up move above 19,850 could pave the way for a new high else range bound bias would continue. Participants should keep a close watch on the US markets and the performance of the banking majors for cues. Meanwhile, stay selective and avoid contrarian trades.

Stocks that have given 200-DMA breakout

Greaves Engineering, the engineering division of Greaves Cotton Limited (GCL), unveiled Biofuel Gensets at the 14th Agrovision India 2023 Agri Summit, held in Nagpur. These biofuel Gensets represent a significant leap towards bolstering India's journey to energy security, championing sustainability, and upholding environmental responsibility.

Rigorously tested with blended fuels, these gensets exemplify Greaves Engineering's unwavering commitment to developing tailored solutions for a greener and more sustainable future. Greaves specialises in manufacturing powerful, reliable, fuel-efficient pump sets, power tillers, and light agricultural equipment.

Top Private Bank Gainers

The Rs 593-crore public issue of Flair Writing Industries has been booked 8.6 times so far on November 24, the final day of bidding, with bids for 12.39 crore shares against an issue size of 1.44 crore.

Retail investors bought 9.12 times, non-institutional investors picked up 17 times and qualified institutional buyers bought 1.39 times their allotted quotas.

Morgan Stanley anticipates Asian central banks, particularly India and Indonesia, to initiate interest rate cuts starting in June next year. Inflation in these countries has stabilized, allowing for a reduction in relatively high real interest rates, as stated in a report by Morgan Stanley economists led by Chetan Ahya.

Domestic benchmark indices traded flat on November 24 at 1pm. The S&P BSE Sensex was down 8 points or 0.01 percent to 66,001 levels, while Nifty50 was up 0.65 points or 0.01 percent to 19,803.15 levels.

-- Tata Technologies : Rs402 (IPO Price Rs500)

-- IREDA: Rs11.5 (IPO Price Rs32)

-- Gandhar Oil Refinery: Rs78 (IPO Price Rs169)

-- Flair Writing: Rs83 (IPO Price Rs304)

Frontline equity indices traded flat, continuing with a range-bound movement by mid-day on November 24. The Nifty and the Sensex shifted between gains and losses in the morning as Asian markets traded mixed without any overnight cues from Wall Street. US markets remained closed on November 23 on account of the Thanksgiving holiday. READ MORE

Shares of public sector insurance companies Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and the New India Assurance Company (NIACL) jumped up to 17 percent on November 24 morning. READ MORE

Domestic benchmark indices traded mildly in green on November 24 noon trade. The S&P BSE Sensex was up 11 points or 0.02 percent to 66,029.5 levels, while Nifty50 was up 12.7 points or 0.06 percent to 19,814.70 levels.

While Nifty companies seem to be an attractive proposition for retail investors, other players, with their potential to deliver positive returns, too, have a place in the list of the companies with largest public shareholder base. READ MORE

After a slow start, Fedbank Financial Services IPO was fully subscribed 1.02 times on November 24 morning, the final day of subscription. Investors had bid for 5.68 crore shares against an issue size of 5.6 crore. READ MORE

Gandhar Oil Refinery IPO was subscribed 17.81 times by the morning of November 24, the final day of bidding. Bids have come in for 37.84 crore shares against 2.12 crore shares up for offer. READ MORE

Shares of Gland Pharma traded 3.64 percent higher on the NSE at Rs 1769.90 at 10.57am on November 24 after the drug maker received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (US FDA) following inspection at its Pashamylaram facility at Hyderabad. READ MORE

The Rs 593-crore public issue of Flair Writing Industries has been booked 7 times so far on November 24, the final day of bidding, with bids for 10.2 crore shares against an issue size of 1.44 crore. READ MORE

Sensex Today | Market at 11 AM

The Sensex was up 11.28 points or 0.02 percent at 66,029.09, and the Nifty was up 9.50 points or 0.05 percent at 19,811.50. About 1730 shares advanced, 1273 shares declined, and 110 shares unchanged.

Diamond exports for both natural and lab-grown variants have dropped in the last 7 months. The exports for cut and polished diamonds dipped by 29% to USD 9.96 billion from USD 14.11 billion on a YOY basis during April–October 2023. Whereas, both rough and polished lab-grown diamond exports witnessed a downfall of 19.47% to USD 623 million YOY and 25.84% to USD 832.36, respectively. The dip in exports is primarily due to poor demand in the international markets, led by the geo-political crises, including the Russia-Ukraine war and now the Israel-Hamas conflict.

Having said that, the worst seems to be over, rough prices are stable, there is a shortage of polished natural diamonds in certain sizes and clarities, the industry anxiously looks forward to the revival of demand with the Christmas season. However, it will take another 2 quarters for the industry to come to more robust levels.

Through endorsement agreement, the work has been endorsed to company's subsidiary Hazoor Infra Projects from Arawali Kante Multi Projects and authorised by The Ministry of Road Transport & Highways. The work order includes rehabilitation and up-gradation of NH-66 (Arawali to Kante section) to four lanes in Maharashtra under NHDP-IV on Hybrid Annuity mode in Ratnagiri. The projected value of project is Rs 1,129.81 crore.

The Tata Technologies IPO, as expected, turned out to be a strong success for the Tata Group as the Rs 3,042.51-crore offer saw 16.22 times subscription with bids coming in for 73 crore equity shares against an issue size of 4.5 crore on November 24, the final day of bidding.

The first public issue from Tata Group since the Tata Consultancy Services IPO in 2004, was fully subscribed in the first hours of launch and ended the debut day with 6.54 times buying and Day 2 with 14.85 times subscription.

On Day 3, of the last day of bidding, qualified institutional buyers and high net-worth individuals (non-institutional investors), who have 50 percent and 15 percent reservation in the net issue, bought 8.62 times and 35 times their allotted portions.

The Tata Technologies IPO, as expected, turned out to be a strong success for the Tata Group as the Rs 3,042.51-crore offer saw 16.22 times subscription with bids coming in for 73 crore equity shares against an issue size of 4.5 crore on November 24, the final day of bidding.

The first public issue from Tata Group since the Tata Consultancy Services IPO in 2004, was fully subscribed in the first hours of launch and ended the debut day with 6.54 times buying and Day 2 with 14.85 times subscription.

On Day 3, of the last day of bidding, qualified institutional buyers and high net-worth individuals (non-institutional investors), who have 50 percent and 15 percent reservation in the net issue, bought 8.62 times and 35 times their allotted portions.

Gland Pharma has informed that following the Pre-Market Inspection covering US FDA’s Quality System/Current Good Manufacturing Practice regulations for Medical Devices (21 CFR Part 820) by US FDA at the company’s Pashamylaram facility at Hyderabad between 23rd August, 2023 and 26th August, 2023; the company has received Establishment Inspection Report (EIR) from the US FDA indicating closure of the inspection.

Sensex Today | Nifty Metal index up 0.3 percent led by NMDC, APL Apollo, JSW Steel:

Suprajit Engineering informed that an outright purchase of industrial property with land measuring 1,75,000 sq.ft along with buildings measuring 70,000 sq.ft located at Jigani Industrial Area.

Jigani is one of the prime industrial areas in Karnataka on the outskirts of Bangalore with close proximity to certain key customers of Suprajit.

Suprajit Technology Center (“STC”) is in an advanced stage of negotiating with customers on certain “beyond cables” projects which are expected to be housed in this facility, once all infrastructure updates are done and these new contracts are won.

Siemens had received an order from the Commissioner, CGST & Central Excise, Belapur Commissionerate imposing service tax liability of Rs 23,68,12,903. The said order also mentions about the levy of appropriate interest and penalty amounting to Rs 23,68,12,903 under section 78 of Finance Act.

-Buy call, target Rs 1,200 per share
-‘GPS’ strategy on track, emphasis on partnerships
-Bharat banking a key growth lever; deposits a focus area too
-Bullish on digital offerings; continued investments in tech & analytics

Tata Consultancy Services stock price is set to turn ex-buyback with effect from November 24. The company had approved buyback of shares worth Rs 17,000 crore, at a price of Rs 4,150 per share in October. Meanwhile, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) will also trade ex-buyback with effect from same date.

Smallcap World Fund Inc has bought 23.95 lakh equity shares in Home First Finance Company India via open market transaction at an average price of Rs 870.50 per share.

Fidelity Global Investment Fund Asia Pacific Equity Fund purchased 4.76 lakh shares at an average price of Rs 870 per share. Both buying totaled to 3.2% stake.

However, Indian promoter True North Fund V LLP offloaded 17.88 lakh shares at an average price of Rs 871.13 per share, and 16.72 lakh shares at an average price of Rs 870.40 per share, which is equivalent to 3.92% of total paid up equity.

Foreign promoter Aether Mauritius sold 11.92 lakh shares at an average price of Rs 870.51 per share, and 11.15 lakh shares at a price of Rs 870 per share, which is equivalent to 2.61% of paid up equity.

Foreign company Orange Clove Investments B V sold 14.9 lakh shares in Home First at a price of Rs 870.60 per share, and 13.93 lakh shares at a price of Rs 870.01 per share. Orange Clove had held 26.43% stake or 2.33 crore shares in the company as of September 2023.

Europe-based financial services company Societe Generale sold 6,15,945 equity shares or 0.52% of paid-up equity in Rategain Travel Technologies via open market transaction. These shares were sold at an average price of Rs 663.74 per share and amounted to Rs 40.88 crore. Societe Generale held 1.09% stake in the company as of September 2023.

Prestige Estates Projects has launched, Prestige Glenbrook, a high-rise residential project in the Bangalore's IT Hub. The development comprises of 285 apartments across two high-rise towers with a developable area of 0.7 million square feet and has a revenue potential of Rs 550 crore.

Indian Hotels Company has invested Rs 55 crore in the equity shares of Genness Hospitality, and Rs 35 crore in Qurio Hospitality via Rights issues. Being the wholly-owned subsidiaries, there is no change in the shareholding percentage of the company in Genness and Qurio, post the said investment.

Gold and silver experienced a marginal uptick in a low-volume session, attributed to the Thanksgiving holiday in the United States. This increase in precious metals followed disappointing U.S. durable goods and core durable goods orders data, hinting at a potential pause in interest rates by the U.S. Federal Reserve in upcoming policy meetings. The safe-haven appeal of gold and silver strengthened further in response to lackluster U.S. economic data, coinciding with corrections in the dollar index and bond yields, which also contributed to supporting precious metal prices.

The U.S. manufacturing PMI data is scheduled for release later today and could provide additional guidance for the precious metals market. Anticipate continued volatility in today's session for both gold and silver.

Gold finds support at $1981-1968, with resistance at $2008-2021. Meanwhile, silver has support at $23.48-23.32 and resistance at $23.86-24.05. In terms of INR, gold has support at Rs 60,920-60,760 and resistance at Rs 61,280, 61,470. Silver's support in INR is at Rs 72,050-71,380, and resistance stands at Rs 73,570, 74,130.

NMDC has fixed prices of lump ore (65.5%, 6-40mm) at Rs 5,400 per tonne and fines (64%, -10mm) at Rs 4,660 per tonne. These prices will be fixed with effect from November 23.

Karnataka Bank has announced a strategic corporate tie-up with Bajaj Allianz Life Insurance Company to distribute life insurance products to its customers. This collaboration will leverage the strength of Bajaj Allianz' s product capabilities and Karnataka Bank's large customer base with wide distribution of over 900+ branches across India.

LTIMindtree has launched Quantum-Safe virtual private network (VPN) link in London, to secure data transmission for the approaching quantum era. LTIMindtree collaborated with its partners Quantum Xchange, and Fortinet for Quantum-Safe VPN platform.

Sensex Today | Nifty pharma index up 1 percent led by Lupin, Divis Laboratories, Zydus Lifesciences:

Lupin has received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Canagliflozin tablets, available in 100 mg and 300 mg strength, to market a generic equivalent of Invokana tablets of Janssen Pharmaceuticals, Inc, in the US. Canagliflozin tablets had estimated annual sales of $561 million in the US. Canagliflozin is a sodium-glucose co-transporter 2 inhibitor indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Meanwhile, Lupin has also received approval from the US FDA for its abbreviated new drug application for Bromfenac Ophthalmic Solution, 0.07%, to market a generic equivalent of Prolensa ophthalmic solution of Bausch & Lomb Inc. Lupin is the exclusive first-to-file for this product and is eligible for 180-day exclusivity.

The dominant trend in the market this year is the huge outperformance of the mid and small caps. While Nifty is up only 8.82% YTD, Nifty midcap index and Nifty Smallcap index are up 33.38% and 41.66% YTD. It is important to understand that Nifty is depressed by the poor performance of banks which have the largest weightage in Nifty. The Nifty Bank index is almost flat this year with measly growth of 0.87%.

Banks are underperforming despite very good results because they are over-owned and sustained FII selling is weighing on bank stocks. Mid and smallcaps are under-owned and retail exuberance is largely driving these stocks. There is no valuation comfort in the broader market but valuations are fair in large caps.

Therefore, the next leg of the rally, driven by institutional money - both foreign and domestic- will be driven by large caps.

RailTel Corporation of India has received the work order from Gujarat Informatics Limited for Supply, Installation and Operations and Maintenance of State Wide Surveillance and ITMS Project across the state of Gujarat under flagship program called “Video Integration and State Wide Advance Security-VISWAS”- Phase-II.

The estimated revenue for 5 years is Rs 52.87 crore.

The Board of Directors of Maruti Suzuki India at its meeting held on November 24, 2023, has approved the allotment of 1,23,22,514 equity shares of the Company to Suzuki Motor Corporation (“SMC”) on a preferential basis

With the last tranche of investment of Rs 75 crore, JSW Steel has completed making the entire investment of Rs 750 crore in JSW Paints. And accordingly, JSW Paints has completed the allotment of shares. Post this allotment, the company holds 2.94 crore equity shares in JSW Paints, representing 12.84% of the paid-up equity capital.

-Buy call, target cut to Rs 1,425 per share from Rs 1,440 per share
-Details of FDA Warning letter to Pithampur Plant hints at a lengthy resolution time-line
-Details of FDA Warning letter to Pithampur plant hints at incremental costs
-Details of FDA warning letter came as a setback for Cipla
-We don’t assume additional risk for Gadvair for which site transfer is underway
-Traction in its key marketed products to back US sales in FY24-26

: Indian indices opened on a flat note on November 24.

The Sensex was up 26.49 points or 0.04 percent at 66,044.30, and the Nifty was up 19.10 points or 0.10 percent at 19,821.10. About 1615 shares advanced, 434 shares declined, and 121 shares unchanged.

Cipla, Divis Labs, Dr Reddy's Laboratories, Grasim Industries, NTPC were among major gainers on the Nifty, while losers were TCS, BPCL, Kotak Mahindra Bank, Apollo Hospitals and Bharti Airtel.

A positive sentiment is expected today as investors speculate that the Federal Reserve has concluded its interest rate hikes against inflation—a narrative favouring Nifty bulls. Our bullish stance is backed by Nifty's robust 3.79% November rally, convincing us of its potential to hit a record high by year-end.

Crossing the 19889 mark would signify a bullish trend. Positive catalysts include sluggish WTI Oil prices, FIIs and DIIs as net buyers, and global markets expecting the Fed to halt rate hikes.

Technical support for Nifty is expected around 19681. Options data suggests a trading range of 19300-20000, with 20500 as a crucial resistance.

Our trade recommendations: Buy Nifty (19802) at CMP, with a stop at 19421 and targets at 19829/19889, aggressive targets at 20000.

For Bank Nifty (43578), buy at CMP, stop at 42671, targets at 44000/44500, aggressive targets at 45100-45500.

Chart of the day is bullish on PI Industries, Indigo, Muthooth Finance, Tata Consumer, and Titan. Our top stock pick is NTPC; buy at CMP 253, stop at 247, targets at 261/266, and aggressive targets at 277 (Intermonth Strategy) due to its momentum play.

Rangebound trade continued for yet another session and Index settled the weekly expiry at 19,802. To start a fresh round of rally, a compelling close above 19,840 is a must. The positive side is that the support levels are shifted upwards and forming an Ascending Triangle Formation on an hourly chart.

Currently, the immediate support is placed at 19,740. Traders should book partial profits and can trail stop loss for the remaining quantity in 2-wheeler Auto stocks, as they are about to enter an overbought condition while long-term investors can carry their positions.

OMC's from the Energy sector are advancing as per our anticipation, one can opt to buy on dips (BPCL-Cup and Handle Breakout and HPCL-Symmetrical Triangle Breakout). Heavyweight ITC is likely to lead the FMCG sector rally ahead as the stock is on the verge of giving a reversal from the lower end of the rising channel.

Indian rupee opened flat at 83.34 per dollar on Friday versus Thursday's close of 83.34.

Benchmark indices are trading marginally lower in the pre-opening session.

The Sensex was down 76.53 points or 0.12 percent at 65,941.28, and the Nifty was down 2.10 points or 0.01 percent at 19,799.90.

Yesterday, U.S. markets took a break for the Thanksgiving holiday, while major European markets saw modest gains of 0.2%. The dollar index experienced a slight dip of 0.1%, settling at 103.75. Gold saw a marginal uptick of 0.1%, reaching $1992 per ounce. In the energy sector, Brent futures declined by 0.7% to $81.42 a barrel, whereas WTI crude remained steady at $77.10.

In the financial realm, Fils were active buyers in both stocks and stock futures, with amounts totaling Rs 256 crore and Rs 936 crore, respectively. However, they took a different stance in index futures, being net sellers with a total of Rs 554 crore. DIIs, on the other hand, contributed positively to the market as net buyers, adding Rs 457 crore.

Examining the Nifty, it reached a peak of 19875 last week, creating an immediate hurdle. A crossover is deemed necessary for a fresh upward movement. On the hourly chart, the 19600-19550 range is identified as the immediate support zone. Traders are advised to maintain long positions with a stop loss at this level.

For Banknifty, the immediate support is at 43230, the low recorded on Wednesday. If breached, attention should be directed to the next downside levels at 43000 and 42600, representing the 61.8% and 78.6% retracement levels of the recent up move since October 26th. The immediate obstacle for Banknifty is situated at 43800.

Siemens on November 23 said it received an order demanding a payment of about Rs 24 crore, including interest for short payment of service tax during FY09, FY11 and FY12. The company said it received the order on November 13 and the delay in reporting was “unintentional”.

“It has been alleged in the order that the company has short-paid the liability of service tax to the extent of service tax payable on the difference in values disclosed in financial statements and service tax returns during FY 2008-09, FY 2010-11 and FY 2011-12,” said Siemens in an exchange filing.

The order has been sent by Commissioner, CGST & Central Excise, Belapur Commissionerate and relates to the liability of service tax along with interest and penalty imposed in terms of Sections 73(1), 73(2), 75 and 78 of Finance Act,1994. The tax demand is Rs 23,68,12,903. Read More

Fedbank Financial Services IPO has been subscribed 90 percent on November 23, the second day of bidding, with bids coming in for 5.03 crore shares against the issue size of 5.6 crore shares.

Retail investors have bought 1.25 times the allotted quota of shares, non-institutional investors (NIIs) picked up 52 percent while qualified institutional buyers (QIBs) have subscribed for 56 percent shares.

The firm has reserved Rs 10 crore worth of shares for its employees who will get them at a discount of Rs 10 to the final offer price. Employees have bought 78 percent of their allotted quota.

Gandhar Oil Refinery IPO has been subscribed 15.25 times so far on November 23, the second day of bidding, with bids coming in for 32.39 crore shares against 2.12 crore shares offered.

Non-institutional investors (NIIs) took the lead, booking 26.23 times their quota of shares. The portion set aside for retail investors was booked 17.24 times and that of qualified institutional buyers 3.14 times.

The company has reserved 50 percent of the net issue for QIBs, 15 percent for NIIs and the remaining 35 percent for retail investors.

Flair Writing Industries’ Rs 593 crore IPO has subscribed 6.11 times on November 23, the second day of bidding, receiving bids for 8.8 crore shares against the issue size of 1.44 crore shares. Retail investors bought 7.14 times, non-institutional investors picked 10.04 times and qualified institutional buyers bought 1.36 times the allotted quota.

The USD/INR 28 November futures contract exhibited a narrow trading range. According to the daily technical chart, the currency pair is currently trading above its moving average trend-line support at 83.25, and the RSI remains above the 50 level. Despite the positive divergence seen in the MACD, the pair is encountering significant resistance at higher levels.

Upon analyzing the daily technical chart, it is evident that the pair has support at 83.25-83.08, while resistance is positioned at 83.50-83.66. We recommend close monitoring of the levels within the range of 83.22-83.38 before considering fresh positions in the pair. A breakout on either side of this range could provide further insight and guide future trading decisions.

Brent crude futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether OPEC+ would come to an agreement on further production cuts.

Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session.

U.S. West Texas Intermediate crude slid 38 cents, or 0.5%, to $76.72, from its Wednesday close. There was no settlement for WTI on Thursday as it was a U.S. public holiday.

Cipla shares may extend the previous day's losses on November 25 as the details of the US FDA warning letter came as a setback for the pharma company. Cipla stock fell over 7 percent in the previous session as the details of United States Food and Drug Administration's (USFDA) letter surfaced.

On November 24, Cipla shares tanked 7.6 percent to close at Rs 1,174.40 on the National Stock Exchange. HSBC has retained 'buy' rating, but has cut the target price on Cipla stock to Rs 1425 per share from Rs 1440 per share on concerns over a lengthy resolution and incremental costs.

Cipla was issued a letter earlier this month for routine good manufacturing practices inspection at its Pithampur facility in February 2023. Upon the conclusion of the inspection, Cipla had received 8 inspectional observations in Form 483 from USFDA.

The Indian Renewable Energy Development Agency's IPO was subscribed 38.8 times on November 23, the final day of bidding. Investors sent bids for 1,827 crore equity shares against the offer size of 47.09 crore.

Qualified institutional buyers (QIBs) and high networth individuals (HNIs) bought 104.57 times and 24.16 times their allotted quota of shares. The public sector undertaking (PSU) has reserved 50 percent of the offer for QIBs and 15 percent for HNIs.

The remaining 35 percent of the net offer has been set aside for retail investors, who booked 7.73 times their allotted quota. Employees had bid 9.8 times for their reserved portion. The Mini-Ratna PSU has set aside 18.75 lakh shares for its employees.

Tata Tech IPO oversubscribed 15 times by Day 2 as investors show strong interest. High demand expected till the final day on November 24. High net-worth individuals subscribed 31.03 times, retail investors 11.19 times, and qualified institutional buyers 8.55 times. Tata Technologies employees and Tata Motors shareholders heavily participated, buying 2.35 and 20.02 times their respective portions. Total issue includes shares reserved for employees and shareholders, with the net issue excluding these reservations.

Gold prices edged up on Thursday as the U.S. dollar ticked lower, but investors remained largely on the sidelines in holiday-thinned trading with uncertainty around the Federal Reserve's rate path.

Spot gold was up 0.1% to $1,991.79 per ounce at 3:22 p.m. ET (2022 GMT). U.S. gold futures were flat at $1,993.30.