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The Nifty Bank index closed 0.54 per cent up at 43946.55.

“We do the 20-25% kind of compounding with risks lower than the benchmark. Since inception our portfolio beta has been 0.85. We do not have to do the PSUs and the defence plays where they go from very, very, very cheap to being cheap and then very, very, very cheap again.”

Stock price has been in an uptrend as per the positive chart pattern like higher tops and bottoms.

The selling could well be part of a strategy of mutual funds to book profits in the stock which has gone up 3 times in the last 5 years. On the other hand, HDFC Bank has gone up by only about 75% during the period. Even on a year-to-date basis, ICICI Bank is up 22% while its larger peer has returned just about 8%.

“The lower-than-expected November CPI inflation in the US which came at 7.1% YoY and only 0.1% MoM confirms the market expectation that the Fed will hike rate by only 50bp today. The consensus terminal Fed fund rate is now slightly below 5%, which is market positive,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Credit Suisse maintained an outperform rating on InterGlobe Aviation with a target price of Rs 2350 on the back of strong plane addition in Q3, particularly 321 NEO. Indigo is leveraging the robust demand environment, it said. The global brokerage firm is of the view that a combination of higher yield and lower costs may lead to a strong Q3.

Declining for the 5th consecutive month, NSE active user clients fell 1% month-on-month to 3.6 crore, according to a report by Motilal Oswal. Data shows that the top five brokers control over 60% of the market.

As of 30-Sep-2022, promoters held 50.73 per cent stake in the company, while FIIs held 19.21 per cent and domestic institutional investors had 9.18 per cent.

At the interbank foreign exchange, the domestic unit opened flat at 82.60 against the dollar, then lost some ground to quote at 82.64, registering a decline of 4 paise over its previous close.

“Once we get past the short term consequences of Covid problems that China is going to see in the next two to three months, the Chinese government is probably going to have to make up for some of its zero Covid and other actions that have hurt the economy and be much more supportive of the economy in 2023.”