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In the December quarter, RIL’s consolidated EBITDA is expected to decline by 2% on-quarter to Rs 39,997 crore due to weak refining & petchem margins which would offset decent performance from retail and Jio.

RIL shares were consolidating from 2,200 to 2,700 for over two years. Last week, the stock broke out of this range after a long time with good volumes. Traders can buy the stock for a target price of 3,000. The stop loss for the stock would be 2,690 on a closing basis.

Investors have priced in a near 80% chance of Fed rate cut in March and expect the central bank to cut the rate in nearly each of the successive meetings this year.

As of 31-Dec-2023, promoters held 74.65 per cent stake in the company, while FIIs held 7.67 per cent and domestic institutional investors had 7.27 per cent.

Vodafone Idea price fell 3.32%, and open interest saw an increase of 4.58%. Syngene International price declined 2.71%, and open interest saw a rise of 3.88%.

A total of 16,611 shares changed hands on the counter till 12:59PM (IST).

The Nifty Pharma index was trading 0.61 per cent down at 17413.7.

Sanjiv Bhasin, Director, IIFL Securities, believes there is still room for specific stocks like Kotak Bank, Dixon, Paytm, Nalco. He highlights the positive traction shown by Kotak Bank and the potential for it to deliver strong results. Bhasin also emphasizes the long-term potential of Dixon due to the growth of electronic manufacturing services (EMS). Additionally, he discusses the positive outlook for Paytm.

When the closing price falls below the VWAP, it signifies that the closing price is lower than the average price at which it was traded throughout the day, with the average being weighted by trading volume.

The board of directors held a meeting on Monday to discuss the progress of the transaction between Affinity Holdings and Alpha GCC Holdings for segregation of the company’s GCC business.