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“Nifty formed a small-bodied Bearish candle on the daily frame with a longer lower shadow. It formed a Bearish engulfing candle on the weekly time frame and negated higher lows formation of the last three weeks,” he said.

The Nifty Pharma index was trading 1.14 per cent down at 12402.65.

"Note that this cycle is a lot more granular in the loan mix and appears to have a lower credit cost compared to the corporate NPL cycle that we saw in the previous decade. We do believe that the cost lever is also available if revenue growth significantly slows down, which is likely if the rate cycle reverses sharply. It appears to be a low-probability event today," Kotak analysts said.

The global investment bank expects competition to intensify as a new player comes in. “We believe risk is yet to be completely reflected in valuations. Maintain Underweight on Asian Paints & Kansai Nerolac,” said the note.

Promoters held 46.8 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 13.32 per cent and 16.96 per cent, respectively.

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Indian investors who are risk-averse should diversify their portfolios across different asset classes such as equity, debt and liquid assets like bonds or cash, according to Ayush Aggarwal, chief investment officer at SMC Private Wealth. Aggarwal recommended a balanced portfolio approach with allocation reviewed and adjusted regularly based on market trends and changing economic or political conditions. Aggarwal is bullish on Indian stock markets, particularly those linked to recovery in the domestic economy.

Air conditioner and deep freezer manufacturers are experiencing high demand as the market gears up for the summer season. Blue Star MD B Thiagarajan, said that demand has picked up well across various regions, particularly in the south and west, leading to orders for faster deliveries. He estimates an overall 25% growth in the market from March to June, and predicted that the market would reach 10 million units this financial year.

"When you look at the smallcap and the midcap space and the smallcap is defined as 250th and below, there is a large universe of stocks to choose from. A large part of them are domestic plays. If you are bullish on India from a medium to long term and you believe that the $3-trillion economy is moving to $5 trillion and $7 trillion over a period of time, this is the space you cannot ignore because a lot of businesses will become larger in size. "

The BSE Sensex was trading 167.73 points or 0.28% higher at 59,822.79. Nifty50 was trading at 17,665.90, up 41.85 points or 0.24% at around 9.20 am.