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Bharat Petroleum Corporation, incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 72691.66 Crore) operating in Gas & Petroleum sector.

The Relative Strength Index of the stock stood at 23.45 on Tuesday.

Morgan Stanley maintained an Equal-Weight rating on PNB post December quarter results with a target price of Rs 60. The global investment bank expects continued gradual improvement. PAT missed MSE, given higher NPA provisions. Gradual recovery remains on track, said the note.

Interest-rate futures indicate market expectations for a 25 basis point (bp) hike from the Federal Reserve to take the Fed funds rate window to 4.5%-4.75%. Pricing suggests two more 25 bp hikes are expected, before cuts arrive later in the year.

The total valuation of India’s stocks has dropped to $3.2 trillion, or 3.1% of the global share market capitalization. That proportion climbed to as high as 3.6% last year as the Asian nation overtook the UK to become the world’s fifth-largest equity market.

The counter is in a classical uptrend, as it has higher highs & higher lows. On the daily chart, it also saw the breakout of a long consolidation formation with declining volume.The structure of the counter is very bullish, as it trades above all important moving averages. It has broken a neckline at around Rs 360–363 levels on the daily chart.

“MSCI has sent out questionnaires to some of its clients on the Adani pack of stocks and depending on the kind of information flow that they get from the investors, there could be a little bit of overhang whether the stock continues to remain in the MSCI list of recommendations of portfolios.”

Adani index constituents within the FTSE Russell indices will continue to remain eligible in accordance with the underlying index methodologies," it said in a notice published on its website.

Despite strong buying support from domestic institutional investors, Nifty is still down 2.5% this month with several bluechips like SBI, Asian Paints and Titan left bleeding in double-digits. Stocks in the broader market and banks have been among the worst hit.

"The government had introduced new tax regime and we will talk about that, but the problem is that tax rates have not reduced and for higher income brackets, tax rates have only gone up with surcharges etc. Some deductions and exemptions have become largely irrelevant because of inflation over the years where the limits have not changed."