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Among the top gainers from the Sensex pack, Bajaj Finance, IndusInd Bank, Bajaj Finserv, Tata Steel, and HDFC Bank rose by up to 2%. On the other hand, UltraTech Cement, Kotak Bank, Power Grid, and NTPC opened in the red. Sector-wise, the Nifty Bank and Financial Services indices gained 0.45% and 0.65%, respectively.

With valuations still slightly above historical averages, the market may require a period of stabilization before regaining strength.

JM Financial recommends buying Vodafone Idea at Rs 7.98, targeting Rs 9. The company needs significant tariff hikes, partial government payment relief, and a sustainable capex increase for long-term viability. Vodafone Idea reported a Q3 2024 total income of Rs 11366.80 crore but a net loss of Rs 6609.30 crore. Promoters hold a 37.32% stake.

Promoters of Nifty50 firms are selling their stakes at an unprecedented rate, leading to promoter ownership hitting a 22-year low of 41.1% in the December quarter. As they cash out at peak valuations, institutional investors, particularly domestic mutual funds, are stepping in to fill the void.

Despite a five-month market downturn, 60% of NSE500 stocks are still trading above their 5-year PE levels, suggesting overvaluation. Analysts advise focusing on quality stocks in banking, financial services, FMCG, and metals for long-term gains, with balanced portfolio allocation.

Shares of wires and cables manufacturers plunged as UltraTech Cement announced its foray into the industry. Polycab India and KEI Industries hit 10% lower circuits. UltraTech plans to become a holistic building solutions provider with Rs 1,800 crore capex, sparking fears of margin pressures and competition.

Jefferies has maintained a Buy rating on Jubilant FoodWorks, expecting strong growth fueled by industry trends in the Quick Service Restaurant (QSR) sector and strategic efforts to revitalize its dining business.

ICICI Securities recommends buying Solar Industries India with a target price of Rs 13,720, noting its promising growth in defence and aerospace sectors. The company s revenue grew 37.68% YoY, reporting a net profit of Rs 336.54 crore in Q3 FY24. With strong management and strategic plans, Solar Industries is expected to see robust EBITDA growth.

Shares of IndusInd Bank, Bandhan Bank, and NBFCs surged up to 8% after the RBI eased risk-weight norms on loans to NBFCs, effective April 1. The move, reversing a tightening measure from November 2023, is seen as a positive for the sector, especially for lenders with microfinance exposure. Analysts expect further adjustments in the RBI s risk-weight framework.