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On the technical charts, the RSI of the stock stood at 43.21.

However, on the short-term time frame, the momentum indicators suggest that the stock is in an overbought zone and high chances of quick short-term correction are not ruled out if the stock trades below 368 or 10-Day SMA.

Amid impressive credit growth, banks remain the top pick of most brokerages despite the FII selling. On IT, however, many analysts have a cautious stance saying they expect more pain ahead due to global macro factors.

The assets held THLZV through THL Zinc Ltd (Mauritius) comprising shares held in Black Mountain Mining Pty Ltd, South Africa (69.6 per cent) and THL Zinc Namibia Holdings (Pty) Ltd (100 per cent), Namibia, will be sold to the proposed wholly-owned subsidiary (SPV) of Hindustan Zinc Ltd (HZL) for a cash consideration not exceeding USD 2,981 million.

Maintaining a positive outlook on the company’s long-term performance, the brokerage retains its BUY rating on the stock with a rolled forward target price of Rs 110 based on 1.1x FY25E BVPS.

The maker of Rin detergent and Dove beauty bar expects inflation to moderate somewhat but remain higher than a year ago, so growth will continue to be price-led.

Investors have been looking for signs of weakness in the labor market as a key ingredient needed for the Fed to begin to slow its policy tightening measures. Other data showed manufacturing activity in the mid-Atlantic region was subdued again in January, while data from the commerce department confirmed the recession in the housing market persisted.

According to most economists in a Reuters poll, the Fed will end its tightening cycle after a 25 basis point hike at each of its next two policy meetings, and then likely hold interest rates steady for at least the rest of the year.

Data on Wednesday showed U.S. retail sales fell by the most in a year in December, while producer prices fell more than expected last month, offering more evidence that inflation was receding.

The brokerage is of the view that RBI’s approval for MD’s term extension will be a key monitorable for the stock in the near term.