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While investors widely expect the Fed to raise rates by another 25 basis points at the end of its monetary policy meeting on Feb. 1, markets are also looking for signals that the central bank is pulling back on its hawkish monetary policy amid signs of falling inflation and softness in the economy.

"These may be exacerbated by plateauing export growth on account of slackening global demand. Should the current account deficit widen further, the currency may come under depreciation pressure," said the key document released a day before presentation of Union Budget 2023-24.

The stock quoted a 52-week high price of Rs 440.75 and a 52-week low of Rs 206.1.

The stock has been in an uptrend since then. It rose more than 18% in a month, and over 20% in the last three months. The stock rallied over 30% in the last 6 months.The momentum pushed the stock closer to overbought levels; hence, some consolidation could be on the cards.

"Sharp correction in international diesel prices to ~$115 from the recent peak of USD 170/bbl has improved the marketing segment profitability outlook. Also, ban on the import of Russian oil products from Feb-23 will likely support refining product spreads. Global recessionary pressure along with high-interest rates will keep oil prices range-bound, despite increased demand from China," he said.

"Logically speaking, given that markets have also become normal, given the context that there is talk of global recession and we need very healthy capital markets, it should not get distorted. Having said this, if the time frame changes and for LTCG tax, long term goes from one year to two years, I do not see a meaningful impact on the markets."

Larsen & Toubro (L&T) on Monday reported a 24% year-on-year (YoY) rise in its profit after tax to Rs 2,553 crore for the quarter ended December 31, 2022. >> For more such web stories click on the ET icon below.

The stock traded at a P/E multiple of 8.61, while the price-to-book value ratio stood at 3.37.

The Relative Strength Index of the stock stood at 50.97 on Tuesday.

GCPL continues to have a healthy balance sheet and are also net cash positive, Sitapati said, adding,"we are on track in our journey to reduce inventory and wasted cost and are deploying this to drive profitable and sustainable volume growth across our portfolio through category development."