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A total of 2,721 shares changed hands on the counter till 11:49AM (IST).

The consensus recommendation for the IT firm is a hold. Out of the 26 analysts covering the stock, 17 analysts have strong buy and buy ratings, while only four have strong sell and sell ratings and the remaining five have hold ratings.

The strong yen of the past several months will also weigh in earnings announcements as the reporting season gets going towards the end of next week, increasing downside risks for stocks, Ikeda added.

The brokerage maintains its positive view on the bank with a TP of Rs 1,408, valuing it at 1.6x P/ABV on its FY25e book.

The stock quoted a 52-week high of Rs 3698.5 and a 52-week low of Rs 2334.35.

Promoters held 0.0 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 12.81 per cent and 7.04 per cent, respectively.

The brokerage tweaks its FY23E/FY24E estimatesto factor in lower credit costs, partly offset by downward pressure on NIMs.

Mumbai, Jan 19 (PTI) The rupee depreciated 15 paise to 81.45 against the US dollar in early trade on Thursday, weighed down by a muted trend in domestic equities and foreign fund outflows. At the interbank foreign exchange, the domestic unit opened weak at 81.

However, due to the recent rally in the stock price and limited upside on its TP, the brokerage downgrades its rating to ADD.

Analysts flagged multiple reasons for the FPI selloff - expensive valuations due to the recent outperformance of Indian equities over their global peers, reallocation of funds to China and Taiwan for their relatively cheaper valuations, the reopening trade in China and global growth concerns.