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The stock quoted a 52-week high price of Rs 378.6 and low of Rs 166.8.

The Nifty Auto index was trading 0.52 per cent down at 10916.7.

“Purely from a monsoon perspective, some of the names where we have a positive view are Coromandel International, United Phosphorus and UPL. These are the companies where we like the core business and if we have good traction on the monsoon over the next few weeks, then these companies will see renewed buying interest.”

CESC Ltd., incorporated in the year 1978, is a Mid Cap company (having a market cap of Rs 9265.74 Crore) operating in Power sector.

The Relative Strength Index of the stock stood at 37.06 on Wednesday.

There are many such stocks in the market. Some portion of the portfolio can be allocated to these types of stocks. They have fallen far less and will continue to fall less if markets still correct more from here,” he says.

A total of 285 shares changed hands on the counter till 11:47AM (IST).

“Pullback rallies can be sharp and it was sharp yesterday. The important question is: will this continue? There is no economic news, except the softness in crude, to sustain the rally. There is no reason for FIIs to change their selling strategy since the dollar continues to be strong and US bond yields are attractive and expected to rise further," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"The Indian government has taken the cognizance of extraordinary price increases in the global markets and enhanced subsidy for NPK fertilisers to ensure affordable costs for the farmers. We continue to focus on value added crop specific portfolio and help farmers optimise their costs. Long term growth is expected from our continuous endeavour to transform from a commodity to speciality play in each of the product segments."

The company derives 50 per cent of its revenues from the life science chemicals division while the specialty chemicals and nutrition and health solution business account for 32 per cent and 18 per cent of revenues, respectively.