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"We have not done too much work on this space on 5G and what could be good opportunities. Overall, in the automation space, we are very bullish. We have Honeywell Automation in our portfolio that we like and then Siemens is another one which has again been taking a lot of news flow on the locomotive and other things. "

From the Sensex pack, Tech Mahindra, L&T, Reliance, Tata Steel and Sun Pharma were the top gainers, rising about 1-2.5%. Bajaj Finserv, M&M, HDFC, HCL Tech and Wipro also opened with gains. However, only Maruti Suzuki opened with losses.

While the Nifty Bank is down about 3% so far in the calendar year, both PSU and private sector lenders have seen double-digit losses after a fantastic 2022.

Yesterday, it was reported that IndiGo promoters have put 1.56 crore shares on block and the floor price for the sale is Rs 1,875 a share. The deal was estimated to be worth $350 million with Goldman Sachs as the broker. As of December 2022, promoter and promoter group entities held about 72% stake in the company that owns IndiGo airline.

“IT is now a market performer if not marginal outperformer for many of the frontline companies. Overall, the earnings season has been particularly good in terms of surprises on the upside. In fact, downgrades were reasonably large and merit attention. One has to keep focus on the sectors where growth is expected and that will keep banks among the large ones.”

The stock quoted a 52-week high of Rs 3698.5 and a 52-week low of Rs 2352.95.

Analysts said that a favourable global backdrop and FII buying can sustain the rally but breaking the 18,200 Nifty resistance would be tough.

Buying demand emerging at the rising demand line joining last two months lows and 50 day EMA signaling continuation of up move.

FII holdings in Nykaa rose to 11.06% at the end of December quarter from 5.98% in the March quarter. Mutual funds have taken their overall holdings to 4.06% at the end of December from 2.0% in March.

The Nifty Pharma index was trading 0.56 per cent up at 12306.2.