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The index closed down 1% on Thursday after U.S. data showing a tight labour market and economic resilience fuelled concerns that the Federal Reserve would need to keep hiking interest rates aggressively for longer.

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The Nifty PSU Bank is the top-performing sector in 2022, the index has gained about 64 per cent, the best in the last five calendar years. Even in 2021, the index surged 44 per cent.

Once the darling of investors, shares of IT major Wipro have cracked 47% this year, making it the worst Nifty performer in 2022. Geopolitical risks, including the Russia-Ukraine conflict, recession worries, concerns around margins after acquisitions like Capco and Rizing, and disappointing quarterly results have dampened the outlook for the stock.

“The view on both the indices will remain cautious and stock specific. The market breadth is not doing very well. The 1:4 ratio is there. So the overall view is a little bit cautious. We are not initiating a major long position in this kind of a market because we believe that the downfall is likely to be continued in the coming week as well. ”

AnandRathi is positive on the stock and see a further re-rating, driven by a better sustainable performance.

“I am hoping that some of that hit in the margins will come back in the second half of this year and also next year. So we will still end up at 13-14% earnings growth for the next two years which means that for FY25, if the Nifty EPS is somewhere in the region of 1,050-1,070, we should be able to eke out double digit returns in 2023 on the Nifty.”

The company is selling its shares in the range of Rs 94-99 apiece between December 23-27, with a lot size of 150 equity shares and its multiples thereof. The offer comprises a fresh issue of Rs 60 crore and an offer for sale (OFS) of 3.31 crore equity shares.

Aster DM Healthcare, incorporated in the year 2008, is a Mid Cap company (having a market cap of Rs 11663.63 Crore) operating in Hospitals & Allied Services sector.

As of 30-Sep-2022, promoters held 58.37 per cent stake in the company, while FIIs held 27.73 per cent and domestic institutional investors had 2.71 per cent.