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From the Sensex stocks, Infosys, Tech Mahindra, Wipro, HCL Tech, IndusInd Bank, and Bajaj Finance were the top gainers, rising 3-4%. On the flip side, Power Grid, Nestle, JSW Steel, Maruti, and Asian Paints closed in the red. The rise in IT stocks comes after the Fed acknowledged it is making real progress in easing inflation while maintaining a rate pause.

“They have been making enquiries about a potential infra bond sale. Conditions in the bond market have improved of late because the Reserve Bank of India did not catch the market off-guard in its latest policy statement while more recently, the Federal Reserve has finally struck a dovish tone,” a source said.

The retail portion of the public offer was booked 4.19 times and the NII part was subscribed 5.21 times. The part reserved for qualified institutional buyers was subscribed 60%.

The Nifty Pharma index closed 0.08 per cent up at 16155.7.

The Nikkei ended 0.73% lower at 32,686.25 after rising as much as 0.6% earlier in the session. The index opened higher tracking overnight Wall Street gains.

The DCF-based fair value of the stock is Rs 670 which is valued at 55X 1-year P/FCF, Kotak said.

Pankaj Pandey’s stock pick for 2024 is Sagar Cement, largely because “there is a lot more room for it to catch up in terms of valuation. Margins are expected to be better for cement as a pack. And on top of it, the gap we see between largecap and smallcap cement companies is fairly large. Sagar Cement would be the pick.”

The Federal Reserve kept its key interest rate unchanged on Wednesday for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight a painfully high inflation.

Promoters held 51.14 per cent stake in the company as of 30-Sep-2023, while FII and DII ownership stood at 17.18 per cent and 18.85 per cent, respectively.

The long buildup is the occurrence of a long (buying) trend in the share market.