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“Options data suggests a broader trading range in between 17100 to 17800 zones while an immediate trading range in between 17400 to 17700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

The pharma sector has no growth outlook as patent expiries and earlier growth triggers are no longer there, says independent market expert Mahantesh Sabarad. The focus has shifted to domestic pharma growth, and companies will have to transform their business from generics to branded drugs in order to grow. Sun Pharma stands out as a company that has embraced this strategy. Meanwhile, PSU banking companies will continue to lag due to the NIM compression effect and a situation where deposit rate growth outpaces credit growth, leading to tough times ahead for banks.

Gold futures have yielded gains of 10.61% or Rs 5,839 per 10 grams on a year-to-date (YTD) basis while returning 2.09% or Rs 1,244 in April so far. As for silver futures, YTD gains are at 7.41% or Rs 5,141 while the month-to-date gains stand at 3.24% or Rs 2,337.

Looking ahead, we expect USDINR to stay in a tight band between 81-83 levels over the next quarter. However, growing signs of a slowdown in major global economies could put the domestic currency under pressure going into December. This could prompt a jump higher towards 84.10-84.50 range during the period before it eventually settles around 81-82 band by March 2024.

Breakout above a falling supply line joining last two months highs with a baseat 50 days EMA signalling continuation of the positive bias.

Axis Securities has picked State Bank of India, Infosys, ICICI Bank, Varun Beverages among a host of other large and midcap stocks as its top picks for the month of April.

The Relative Strength Index of the stock stood at 68.41 on Thursday.

Additionally, as per the company, impact of price hike on NOP retention post the recent hike of ~25% in Family Health Optima (FHO) premium, should be less than 3-5% (also evident from past case studies). This should assuage investor concerns.

This is the first time since May 2022 the central bank has not tweaked interest rates. The RBI has raised interest rates by a cumulative 250 basis points since May in its year-long battle against inflation.

The stock traded at a P/E multiple of -92.88, while the price-to-book value ratio stood at 2.79.