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Indian equity indices fell for the second session, with Sensex down 528 points and Nifty dropping 162 points, amid rupee depreciation and foreign outflows. IT, energy, and banking stocks led the decline.

IREDA Q3 Results: IREDA reported a net profit increase of 27% for the December quarter, amounting to Rs 425.38 crore. The total revenue from operations rose by 35.6% to Rs 1,698.45 crore. Sequentially, their profit grew by 10%.

Tata Consultancy Services (TCS) reported disappointing performance on the revenue and profit fronts for the third quarter amid rising employee attrition rate.

The rupee weakened to its lifetime intraday low on Thursday to 85.932 per dollar before closing at 85.848/$1, little changed from the previous day.

Indian frontline indices ended Wednesday with minor losses, as banks, auto, and FMCG stocks dragged markets down, despite IT and energy stocks offering support. Nifty found support at 23,500, signaling potential upward momentum.

The stock traded at a P/E multiple of 10.70, while the price-to-book value ratio stood at 1.26.

​The last two quarters have been pretty suboptimal in the sense the earnings were below 10%, I think so this quarter will be no different and hence from that perspective this will be a good time to build portfolios in the largecap and small and microcap segment.

Axis Securities, a domestic brokerage firm, is optimistic about several small and midcap stocks, forecasting potential rallies of up to 41%.

On the technical charts, the RSI of the stock stood at 46.32.