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The local unit also touched an early high of 82.57 against the greenback in initial deals.

Overall, the SMA-2 book stands at ~0.3% of loans. Improvement in the corporate credit cycle along with the fact that trailing loan growth in the corporate segment has been muted in the past few years should moderate NPL formation further.

"The bank has managed asset quality well throughout the epidemic, and the bank intends to aggressively extend its footprint through partnerships with fintech companies as well as physical expansion. We value the company at 12.8x FY23 EPS to arrive at the target of 161," the note said.

“Recognition will come that valuations paradigms that have been built over decades, do not change in one or two. The entire theory that valuations do not matter will go through the window. Initially, domestically linked stocks should do better and then as we move through the year, some of the externally linked sectors like technology, pharma should start giving opportunities sometime during 2023.”

On the weekly chart, the stock gave a breakout from 88 weeks consolidation patch. From a pattern perspective, it can be considered as a rounding bottom pattern which is a bullish development.

MOIL is the largest producer of manganese ore in the country with a market share of about 45%, operating eleven mines in the state of Maharashtra and Madhya Pradesh. The company has an ambitious vision of almost doubling its production to 3 million tonnes by 2030. MOIL is also exploring business opportunities in the state of Gujarat, Rajasthan and Odisha besides other areas in the state of Madhya Pradesh.

Continuation of problem in transfer of software platform pose downside risk.

PSUs, financials and consumer staples outperformed the market, while IT Services, healthcare and realty underperformed the market. Largecaps did better than the mid and smallcap indices.

After almost a year of cautious view, we turn positive on India metals; China started to ease Covid-19 policy and support its ailing property sector. We believe the worst-margin quarter for Indian Steel, and the big chunk of earnings cuts for Tata Steel are behind," the brokerage firm Jefferies said.

Over the weekend, a report showed that Chinese manufacturing contracted for a third consecutive month in December, in the biggest drop since February 2020, as the country grapples with a nationwide COVID-19 surge after suddenly easing anti-epidemic measures.