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“The Avenue Supermarts stock has held up because many of the funds, PMSs, Mutual Funds who hold the stock do not sell and to that extent, the stock sustains. But I do not think such valuations can sustain. The 20-25% growth stocks trading at 100-110 valuation will never sustain. In the next couple of years’ returns from this stock will be below par in my view.”

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 1,011.23 crore on Friday, according to exchange data. FIIs have pulled out nearly Rs 7,500 crore from the Indian equity markets in the first two weeks of October on concerns of monetary policy tightening by the US Federal Reserve and other central banks globally, which could hamper global economic growth.

Physical gold buying improved in India last week as prices cooled ahead of Dhanteras and Diwali festivals later this week, while Chinese premiums stayed elevated amid robust demand. In the spot market, the highest purity gold was sold at Rs 50,438 per 10 grams while silver was priced at Rs 56,042 per kg on Friday, according to the Indian Bullion and Jewellers Association.

On the technical charts, the RSI of the stock stood at 44.62.

With HDFC Bank’s multiple 30% lower than in the past, improving core PPOP growth and a good start to its deposit mobilisation journey, we believe it is at the end of its underperformance period," global brokerage firm CLSA said.While the ramp-up in deposit mobilisation will remain a steep task, its current standalone valuation at 2.4x FY24CL book and consolidated valuation of 2.1x FY24 book are undemanding, and incremental risk-reward is favourable, it said.

The Nifty Pharma index was trading 0.25 per cent up at 12982.8.

The stock also recorded a breakout from the neckline of a head and shoulder pattern on the weekly charts which augers well for the bulls. This is the second breakout from the said pattern since September.

Rating on ICICI Prudential, JPMorgan remained underweight on D-Mart and Tata Elxsi, BofA Securities maintained its buy rating on Federal Bank and Citigroup maintained sell call on Shree Cement.

Shares of BLS International have delivered multibagger returns to investors, rising more than 230 per cent on a year-to-date basis, whereas the stock is up 90 per cent in the last six months. According to Trendlyne data, Shankar Sharma publicly holds seven stocks with a net worth of over Rs 117.1 crore as per the latest corporate shareholdings filed.

Infosys Ltd., incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 625841.51 Crore) operating in IT Software sector.