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“One of the best performing sectors has been the capital goods and engineering companies. The second sector where the numbers have been pretty good has been the automobile sector because the volumes which were expected to be good and the benefits of low raw material prices and operating leverage have come. The third, is the largest segment – banks. A major outperformance has come in numbers on account of lower provision of NPAs.”

Grasim Industries Ltd., incorporated in the year 1947, is a Large Cap company (having a market cap of Rs 127995.91 Crore) operating in Diversified sector.

“The way the global geopolitical situation has played out, it is very clear that while the energy transition that we are seeing is likely to continue, especially for a country like India, we will possibly see a period of time where thermal capacity additions will go hand in hand, where green energy capacity additions are also concerned.”

From the Sensex pack, Bajaj Finance and Bajaj Finserv were the top laggards, falling over 2% each. Power Grid, JSW Steel, Titan, and Bharti Airtel also opened in the red, while NTPC, Tata Motors, TCS, M&M, and IndusInd Bank opened in the green.

While the weight of private banks moderated for the fourth consecutive month to 18.7%, the weight of PSU banks declined to 3% to its lowest since February 2021.

At the interbank foreign exchange market, the rupee opened lower at 83.18 against the US currency. It moved in a tight range in morning deals.

The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.

Short-term traders can look to buy the stock for a possible target of Rs 125 in the next 3-4 weeks, suggest experts.

Bajaj Finance had 77 million customers as on Sep-23, of which 42 million had EMI cards and of that, 4 million had Insta EMI Cards. This implies that the product is 5% of total customers and 10% of EMI customers.