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The rail stock has already rallied over 300% in FY24 on the back of rising demand for wagons from the Indian Railways. In the last three December quarters, the stock has a track record of giving at least 25% return each time.

The stock quoted a 52-week high price of Rs 544.45 and a 52-week low of Rs 336.55.

“I would avoid BHEL. Maybe at correction, I would look at it for a longer-term play. But if I have to look at something like Siemens or something like ABB, though the valuations are expensive, there would be a safety and risk reward would be quite favourable from here. Though the valuations are expensive, there would be a safety and risk reward would be quite favourable from here.”

The Nifty Pharma index was trading 0.61 per cent up at 15422.45.

On the technical charts, the RSI of the stock stood at 63.48.

Meanwhile, Tesla is still working on developing a software that will make its cars truly self-driving, though experts and analysts see a broad adoption of fully autonomous cars as still years, if not decades, away. Jonas had lowered his estimate for Tesla Mobility, the carmaker’s ride sharing/robo-taxi business, by about 82% by mid-2019.

I think one needs to be very clear about these themes really showing in terms of numbers and those will eventually do well is what I feel and hence the focus has to be there on quality and in the short term, it is very difficult to take calls but to me these small falls will be brought into and hence I do not see major correction unless there are some big negative events which turns out.

Promoters held 30.3 per cent stake in the company as of 30-Jun-2023, while FII and DII ownership stood at 19.08 per cent and 15.26 per cent, respectively.

The profit booking in the stocks was accompanied by large volumes with over 13.80 crore shares changing hands for IRFC while over 6.56 crore shares in the case of RVNL. The situation was similar for other stocks as well.

At the interbank foreign exchange, the rupee was trading in a narrow range. It opened at 82.92 against the dollar. It touched a low of 82.95 against the American currency in initial trade.