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“There are still opportunities in a lot of areas. Specialty chemicals, agri, IT services or tech have not moved as aggressively as what the industrials have done from a risk-reward perspective and there are opportunities. But the message is that if you are invested even in some of the leading sectors like industrials, capital goods and power, you should remain invested in those sectors."

Options data suggests a shift in a higher trading range in between 19750 to 20300 zones while an immediate trading range in between 19850 to 20150 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said

After shedding 2.5% in August, the 50-stock index has gained about 4% in just seven trading sessions in September and hit a lifetime high of 20,008.15 points on Monday.

As of 30-Jun-2023, promoters held 46.79 per cent stake in the company, while FIIs held 13.94 per cent and domestic institutional investors had 17.0 per cent.

“Rather than getting bothered much about the exuberance, there are some companies which have gone much beyond its fundamentals or justifiable limit. I definitely agree. That is where you have to do capital allocation and move to stocks or businesses still available at very reasonable valuation or stocks that are still underpriced.”

Mazagon Dock is among the stocks that analysts are not comfortable with from a valuation standpoint, after the stellar rally. It has an average target price of Rs 806, according to Trendlyne, which implies a downside of over 64% from the current levels.

A total of 310 shares changed hands on the counter till 10:05AM (IST)