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But analysts acknowledged that some optimism that possibly prevailed at the start of the January derivative series gradually withered with the continued selling by foreign institutional investors (FII).

Asian Paints is likely to report moderation in sales growth and a likely decline in volumes in the December quarter, according to analysts. For more such web stories click on the ET icon below

“The crucial issue influencing equity markets globally is whether the US will succeed in containing inflation without falling into a recession. There is no consensus on this,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

The Nifty Auto index was trading 0.37 per cent down at 12770.75.

On the technical charts, the RSI of the stock stood at 50.75.

Ahead of Union Budget 2023, brokerage LKP Securities has selected some promising stocks, which have the strength and potential to yield decent returns. The brokerage firm believes stocks such as ITC, Power Finance Corporation, and Tata Power will provide good opportunities for the short term.

The stock traded at a P/E multiple of 96.28, while the price-to-book value ratio stood at 6.61.

ICICI Prudential Life Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 70055.77 Crore) operating in Financial Services sector.

A total of 1,023 shares changed hands on the counter till 10:15AM (IST).

The markets on Wednesday rallied and held on to their gains, to close the sessions on a positive note. The financial services stocks, which were recently in a sort of sleep mode, appear to be waking up.