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While the US dollar index has once again shot up above the 109 mark pushing the Indian rupee to a record low level, the US 10-year bond yield has also spiked above 3.1 per cent. Analysts say a surge in these two indicators are signals enough that FIIs would be very reluctant to be net buyers on Dalal Street, at least in the near term.

A total of 32,403 shares changed hands on the counter till 01:55PM (IST)

The Nifty Auto index was trading 0.8 per cent down at 12825.4.

"Historically, midcaps tend to perform well in the month of September as per seasonality analysis. So, we believe this theme would continue to be in play for the coming month. P&F ratio analysis shows a thought-provoking finding i.e. post an anchor column (bullish) it staged a bullish turtle breakout – which implies outperformance of midcaps against Nifty."

The pharma major fell more than 5 per cent in a week which triggered the breakdown from a 50-point range where Rs 700 acted as a stiff resistance while levels of Rs 658-660 and above acted as strong support. The stock closed at Rs 652 on 26 August 2022.

Bharat Forge Ltd. key Products/Revenue Segments include Steel Forgings, Scrap, Export Incentives, Job Work, Wind Mills for the year ending 31-Mar-2022.

Dipan Mehta, Director at Elixir Equities, said there is always excitement around Reliance AGM, and one should expect some announcements, even as there may not be the fireworks we saw in earlier AGMs.

On the technical charts, the 200-day moving average of the stock stood at Rs 758.99.

Experts believe that about half of the incremental Nifty earnings growth in the next 2 years would come from the financial sector. In a rising interest rate scenario, the repricing of loans happens faster than the repricing of deposits, and margins are likely to expand for banks. The improvement in margin is likely to be better reflected in the September and December quarters, as compared to the June quarter.

“I would think that Reliance could languish for some more time and I do not think any demerger is going to happen fast. The new generation is just taking over some operating businesses. I do not think Mr Ambani will risk demerging the companies at this stage or if ever.”