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“We thus believe India will be able to weather this storm. However, risks could emerge if global conditions remain unfavourable beyond 2023.”

Traders will now need to watch if the Nifty50 can cross the immediate resistances of 16,263-16,415 for the bulls to gain control, said Subash Gangadharan of HDFC Securities, who sees support for the index at 16,006-15,903.

“The global economy has really got disrupted much more than anyone expected or anticipated and within that, India is looking pretty positive. Our GDP growth rates still remain intact, our central bank has been very proactive on inflation and so I think India stands out. There is enough liquidity available in the market for Indian companies and the start-up ecosystem also. The capital will halt and then calibrate going forward.”

Buying was seen in beaten-down sectors like IT and banking, with Wipro, TCS, and Tech Mahindra rising around 2 per cent each, while Bank of Baroda, SBI, AU Bank and Bandhan Bank added between 3-5 per cent each.

According to the dealers active in the grey markets, Paradeep Phosphates is commanding a premium of merely Rs 0.5 in the grey market, which is hinting towards at par listing for the fertilizer player.

“In the coming quarter, we are putting our sincere efforts to continue the highest level of production. Last year, for the first time in the history of the company, we produced 4,60,000 tonnes of metals. This year, we will be producing the maximum and we are making alternate arrangements for coal supply. The market is volatile and it is impossible to predict at the beginning of the year. We do it for seven months, eight months and nine months. ”

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Domestic brokerage YES Securities sees continuation in growth momentum on the back of multiple acquisitions, along with improvement in margins, and thus, has maintained its buy rating on the stock.

“In terms of buffer stocks, we have ensured that buffer stocks of wheat and rice are above requirements. We had to do some rationalisation in distribution ratio immediately after the mandi procurement got reduced and now we are in a comfortable position. Our sugar exports are projected to be in the range of about 10 million tonne, and after catering for that, we still need about two-and-a-half to three months requirement from September onwards.”

Shares in the firm, a joint venture between the group controlled by Asia’s richest person Gautam Adani and Singapore’s Wilmar International Ltd., have outperformed 121 Asian initial public offerings worth over $100 million this year. Almost two-thirds of the region’s new listings are in the red as rising interest rates and the war in Ukraine take a toll.