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The brokerage has a BUY rating on HPCL on valuation grounds. OMCs are trading at attractive valuations. Optimism on OMCs will be contingent on crude sustaining below ~USD 80/bbl and the government giving them significant compensation for FY23 auto-fuel under recoveries.

As of 30-Sep-2022, promoters held 45.25 per cent stake in the company, while FIIs held 19.3 per cent and domestic institutional investors had 18.04 per cent.

Lane added that rates are now "ballpark" neutral where they are neither stimulating nor holding back growth and the peak will depend on how the economy responds to hikes that have already totalled 2.5 percentage points since July, the paper quoted him on Tuesday as saying.

A total of 5,147 shares changed hands on the counter till 12:35PM (IST)

Bharat Petroleum Corporation, incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 75316.46 Crore) operating in Gas & Petroleum sector.

Higher base above upper band of falling channel with decline of CY22 provides favourable risk reward.

In the first Fed meeting of 2023, Powell is widely expected to slow down the pace of interest rate hikes. CME FedWatch Tool shows a 91% probability of a 25 basis point rate hike in the two-day Jan 31-Feb 1 meeting.

Promoters held 46.74 per cent stake in the company as of 30-Sep-2022, while FII and DII ownership stood at 15.97 per cent and 15.78 per cent, respectively.

"Many of the global FPIs, which are basically ETFs, are trading out the cash as far as Indian equity is concerned and Reliance is becoming one of the prime stocks for offloading the position and taking out the cash is concerned. So that could be the reason for which the stock price is remaining subdued to downward."

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