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"This complete dominance of DIIs over FIIs is triggering short covering too. Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive. However, high global inflation and tightening central banks pose headwinds to the rally," Vijayakumar said.

A total of 11,211 shares changed hands on the counter till 11:52AM (IST).

As of 30-Jun-2022, promoters held 54.22 per cent stake in the company, while FIIs held 15.91 per cent and domestic institutional investors had 0.13 per cent.

Gold has been trading flat since the American currency showed signs of exhaustion at the top. However, the hawkish Fed is capping gains in the yellow precious metal, said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities.

On the technical charts, the RSI of the stock stood at 40.12.

Analysts suggest that buying in select stocks on a positional basis can deliver strong returns in the near term.

“After a very long time, we are seeing some initial signs of revival in India’s investment cycle. Engineering and capital goods as a sector has done pretty well over the last 12 months. I still think that it is very early days for the sector. Leadership will come from domestic economy and domestic economy-oriented sectors while global sectors could remain challenged for some more time to come.”

As of 30-Jun-2022, promoters held 59.45 per cent stake in the company, while FIIs held 23.1 per cent and domestic institutional investors had 4.21 per cent.

"Currently, we see lots of opportunities in the small and midcap space, particularly ethanol, 5G, and auto sectors. We believe that this Samvat to next Samvat should be positive for Indian markets considering the positive long term outlook of large foreign institutions towards India, and high growth opportunities and business conviction."

JPMorgan initiated coverage on Apollo Tyres with an overweight rating with a target of Rs 370. The management vision of FY26 prioritises sustainable performance, it said.