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The insolvency of Go First, previously known as GoAir, may impact select banks, resulting in concerns about the net interest income and raising resources. The market has been moving in a narrow range for many weeks, and many months need a good earnings season like this to break out on the upside, says Dipan Mehta, Director, Elixir Equities. InterGlobe Aviation looks like a good trading bet with strong performance and returns.

The Nifty Pharma index was trading 0.04 per cent up at 12594.95.

Airline stocks in India rallied up to 8% following the insolvency filing of Go First, with investors expecting consolidation in the industry. Jefferies analyst Prateek Kumar said the unexpected shutdown of Go First is likely to drive supply constraints, which could benefit air fares, especially with recent strong traffic trends in the Indian aviation sector. The Wadia Group-owned airline had not defaulted on its total debt of Rs 65.21bn ($873m) to financial creditors as of 30 April, but had defaulted on payments to operational creditors.

Dipan Mehta, Director of Elixir Equities, suggests that the aviation, hospitality, healthcare, entertainment and retail sectors are worth considering as they all show strong signs of growth. On the other hand, cement manufacturers are facing difficult times due to added capacity and the inability to pass on cost increases due to competitive intensity, whereas cement consumers, such as real estate companies, are experiencing record sales.

A total of 4,546 shares changed hands on the counter till 11:38AM (IST)

On the technical charts, the 200-day moving average of the stock stood at Rs 44471.74.

Indian equity indices started the day in the red with the Nifty 50 index falling 0.44% and S&P BSE Sensex dropping 0.46%, dragged by banking and IT stocks. Experts believe the Indian market could remain resilient because of FIIs who bought equity for Rs 8,212 crore during the last four trading days. US markets have been weak in light of a sharp 5% correction in the US Regional Bank Index. Globally, Asian stocks too were down over fears of banking sector turmoil and jitters over interest rates.

Share buyback is a corporate action in which a company buys back its own outstanding shares to reduce the number of shares available in the open market

Breakout from symmetrical triangle on the hourly time frame with jump in volumes.

A total of 29,787 shares changed hands on the counter till 10:15AM (IST)