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Promoters held 64.17 per cent stake in the company as of 31-Dec-2022, while FIIs owned 4.15 per cent, DIIs 20.77 per cent.

From the Sensex pack, NTPC, Tata Steel, HUL and Bharti Airtel were the top gainers, rising about 0.5-1.5%. M&M, TCS, Nestle, Tech Mahindra, Infosys and HCL Tech also opened with gains. Meanwhile, Axis Bank, Maruti, ICICI Bank, Kotak Bank and Titan opened with cuts.

“Options data suggests a broader trading range in between 17650 to 18200 zones while a shift in immediate trading range in between 17700 to 18000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited

A team of analysts from global brokerage firm Jefferies has raised the FY23 earnings estimates for 47% of 147 companies under its coverage network. Downgrades were made to 46% of companies, resulting in higher upgrades than downgrades for the first time in five quarters.

“The challenge lies in the outlook…industrial companies’ orderbook prospects heavily hinge on global growth. This is because industrial cycle is dependent on demand, prices and liquidity cycle – all of which are heavily influenced by global factors,” Nuvama Institutional Equities said.

IRB Infrastructure Developers is India’s first multinational infrastructure player in the highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, the company has an asset base of over Rs 60,000 crore in 10 states across the parent company and two InvITs.

A total of 218,012 shares changed hands on the counter till 10:31AM (IST)

Ipca Laboratories, incorporated in the year 1949, is a Mid Cap company (having a market cap of Rs 20944.55 Crore) operating in Pharmaceuticals sector.

The stock surpassed its long-term supply zone of Rs 4,950 and rose to a new lifetime-high of Rs 5,095. Above average volume and rise in future open interest signals that major market participants were in favor of the bulls.

“With corrections, smart money will look at these sectors which have corrected in terms of valuation, which will at some point of time, start reporting growth numbers coming back. It could happen as soon as March for AC and fan companies. New-age companies will be left to the traders to participate in. Medium term money may not go into those companies.”