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From the Sensex pack, HCL Tech, Reliance, Tata Steel, Maruti and M&M were the top gainers, rising 0.5-1%. Wipro, TCS, ICICI Bank and ITC also opened with gains. Whereas, Bharti Airtel, Sun Pharma, Tata Motors, Asian Paints and Tech Mahindra saw some selling.

Considering the turmoil in global markets, gold remains an attractive asset at this point. “We feel that it would be prudent to start with a higher exposure to debt and gold in 2023 and move towards equities in a calibrated manner through superior stock selection. Till there is clarity on the global macroeconomic front, it would be advisable to avoid high beta stocks and stick to cash rich and secular stories to generate superior risk-adjusted returns,” Stoxbox’s Chowdhury said.

Brokerage firms Morgan Stanley maintained an Equal-Weight rating on Paytm, Jefferies initiated a buy call on Ambuja Cements, UBS maintained its buy stance on Indian Hotels, and JM Financial maintained a buy rating on PI Industries.

A total of 3,348 shares changed hands on the counter till 10:10AM (IST).

On the technical charts, the 200-day moving average of the stock stood at Rs 299.13.

Chambal Fertilisers & Chemicals, incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 10542.54 Crore) operating in Fertilisers sector.

"The stock has seen strong buying at 565 level and made a high of Rs 743 on 10 March 2023. At present it is consolidating its previous gains. On the daily chart the momentum indicator viz RSI is trading flat, however the stock is showing higher Relative strength. Hence one can hold at CMP = Rs 630 with a stop loss of Rs 560 for target of Rs 740-780 levels in a couple of weeks," said Mileen Vasudeo, Senior Technical Analyst, Arihant Capital Markets.

The Nifty IT index was trading 0.06 per cent down at 27933.3.

The stock quoted a 52-week high of Rs 4606.0 and a 52-week low of Rs 3185.1.

Promoters held 23.28 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 42.91 per cent and 5.67 per cent, respectively.