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Promoters held 51.14 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.34 per cent, DIIs 24.96 per cent.

The Nifty Bank index was trading 0.06 per cent up at 40510.95.

A total of 12,059 shares changed hands on the counter till 10:20AM (IST).

The counter is in a downward trend, but it is trying to bottom out from the lower levels at around Rs. 130. The overall figure of the counter is distorted, as all the important moving averages are above the trading price.

“One can buy one-third of the quantity when Yes Bank gives a strong bullish candlestick closing above the Rs 18.6 level. Second, buy another 50% quantity when you see the stock walking the Bollinger bands with consecutive green candles on the weekly chart,” Ghose said.

Godfrey Phillips shares have outperformed the bench marks on a consistent basis. According to data sourced from StockEdge, the returns given by this counter over the last 2, 5 and 10 years are 112%, 138% and 220% respectively with an exception of the last three months where they have been nearly negative 2%.

The market is currently in a range-bound movement, with indices at levels seen about 18-20 months ago. This reflects a broader range that the market has been moving in, as well as the fact that we had gone ahead of justifiable levels in terms of valuation. Last week, PSEs, the heavyweights from the banking space, felt pressure but that may not be indicative of any trend.

The comments come in the wake of the announcement that Riyadh and Tehran had agreed to restore diplomatic relations in a China-brokered deal, potentially paving the way to the revival of a nuclear deal that would allow exports of currently-sanctioned Iranian crude.

Fed policymakers next meet to set rates March 21-22. Early trading in Asia Monday suggested investors are betting the Fed will opt for a smaller rate hike as it balances concerns about financial strains with its campaign to bring down inflation.

Spot gold was up 0.5% at $1,877.30 per ounce, as of 0051 GMT, after hitting its highest since Feb. 3 earlier in the session at $1,893.96. U.S. gold futures gained 0.8% to $1,882.10. The dollar index was down 0.4%, making bullion cheaper for buyers holding other currencies.