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The stock traded at a P/E multiple of 33.23, while the price-to-book value ratio stood at 12.22.

A host of brokerage firms have initiated coverage on a number of stocks across various sectors, including infrastructure, banking, gold loan, textile and QSR. They majorly have a positive view on these counters and see an upside potential of 155% in these stocks.

“Largecaps led the indices higher and it is always followed by the midcaps. We have not seen that kind of a fancy catching up in the midcap space. So, in the near term, midcaps could be a short-term play for the next one or two months and then there will be the Budget. All these things will start playing. Then the rally will get shifted to the largecap space and in the next one-two months, midcaps should be in focus.”

InterGlobe Aviation, incorporated in the year 2004, is a Large Cap company (having a market cap of Rs 74492.85 Crore) operating in Airlines sector.

A total of 20,480 shares changed hands on the counter till 10:10AM (IST).

“We are sticking to India at a market weight allocation because of performance and high valuations. But we think there are other north Asian markets such as China and Korea which could do better next year because of the reopening catalyst in China as well as the global economic recovery in the later half of next year which should help Korea.”

The Nifty Pharma index was trading 0.21 per cent down at 13116.85.

In an eagerly-awaited speech, Powell said the central bank could scale back the pace of its interest rate hikes "as soon as December," but cautioned that the fight against inflation was far from over.

The board of Orchid Pharma will consider and approve, amongst other things, raising of funds and issuance of securities via Qualified Institutions Placement basis. The pharma stock is a multibagger and has surged nearly 18 times in the last five years.

"With all the structural reforms in place and focus on infrastructure, and manufacturing incentives, we expect earnings growth to continue. The impact of higher input costs due to inflation has likely abated. One of the leading brokerages projected a 15% growth for 2023 and 2024. Other than a massive global recession, this expectation should play out over the next couple of years."