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Goldman Sachs downgraded Infosys to sell with a target price of Rs 1244. The global investment bank is of the view that the valuations are still high and not factoring in a downcycle ahead.

The Relative Strength Index of the stock stood at 52.49 on Wednesday.

The issue, which kicked off for subscription on Wednesday, September 14, can be subscribed till Friday, September 16. The company will be selling its shares in the range of Rs 314-330 apiece to raise Rs 755 crore via its initial stake sale.

A total of 32,131 shares changed hands on the counter till 12:23PM (IST).

The stock quoted a 52-week high price of Rs 243.0 and low of Rs 190.3.

Nifty50 broke below crucial support placed at 17800 levels in the opening trade but managed to recoup losses quickly. On the downside, 17500 will act as crucial support for the index in the short to medium term, said experts.

A total of 70 shares changed hands on the counter till 11:06AM (IST)

The stock might be trading at a discount when compared to January highs, but it has recouped the majority of its losses. The recent price action suggests that bulls are here to stay.

The Nifty Bank index was trading 0.38 per cent up at 41029.45.

Sun Pharmaceutical Industries Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 213576.80 Crore) operating in Pharmaceuticals sector.