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"RSI trending up" means that the Relative Strength Index (RSI) values are increasing, suggesting strengthening momentum in the price of the stock.

Indian conglomerates, including the House of Tatas, Adani Group, Bharti Group, Murugappa Group, and Aditya Birla, have seen their stock rise and added significant value to investor wealth. The group, helmed by N Chandrasekaran, added nearly Rs 6 lakh crore to investor wealth since September 24, 2021 when the Sensex touched 60,000 points - a return of 25%.

The rupee reached a new low against the dollar while the sensex hit new all-time highs. This anomaly occurred as the rupee breached 83.39 for the first time on the day the sensex closed at a new high. The surge in domestic investors and the decoupling of the rupee-dollar from other currency pairs have contributed to this phenomenon. Indian corporates’ robust earnings and inclusion in emerging market bond indices by JP Morgan have also played a role. RBI has used its reserves to support the currency and protect the economy from a higher import bill.

The Initial Public Offering (IPO) is entirely a fresh issue of 2.74 crore equity shares and there is no Offer For Sale (OFS) component.

In the primary markets side as well, there is a strong pipeline of issuance, and we expect 2024 to be another great year for the Indian markets.

The stock quoted a 52-week high of Rs 5820.8 and a 52-week low of Rs 4120.0.

At 11.03 am, the scrip was trading 1.5% higher at Rs 180.8 on BSE. The stock has also delivered multibagger returns to its investors, as the stock rallied over 160% year-to-date, while it has surged nearly 400% in the last two years. The stock also delivered over 670% in the past three years.

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

“FMCG companies right now are priced adequately and there is little less headroom available. Unless the market gives some meaningful sharp correction in a given period, one would not buy immediately or wait for time corrections and then buy with a future outlook on FY25-26 earnings that would be more meaningful going forward.”

Devalkar is of the view that as long as India has the right structural and fundamental themes, 2024 will be good for the investors.