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Nifty mid-cap 100, however, emerged as an outlier with gains to the tune of 0.38 per cent at the close. Sectorally, IT pack continued to see selling pressure, followed by pharma and realty.

“In the next one or two quarters, positive news flow on the pharma side, especially from the US, will start. Channel checks suggest that the pressure on pricing is reducing a lot. Most of the unviable smaller players are out of business. The market has consolidated into a few companies and people are identifying molecules which can have competitive edge,” says Daljeet Singh Kohli.

The dollar reached as high as 7.0188 yuan in offshore trade, its highest since July 2020, and was last up 0.35% at 6.9995.

The banking barometer plunged sharply on Thursday, about 631 points from its new peak of 41,840.15 but did not breach the 41,000-mark.For the day, the bank index closed at 41,209.20, dropping 196.2 points or 0.47 per cent from its previous close. Here’s how analysts read the Nifty Bank pulse.

The benchmark 10-year government bond yield ended at 7.2386%, after closing at 7.1550% Wednesday. The yield posted its biggest single session rise since Aug. 5, after having gained five basis points in previous session. The 10-year 7.26% 2032 bond yield ended at 7.1997% after closing at 7.1254% on Wednesday.

“The Nifty50 index failed to hold above the previous day’s high and slowly drifted down towards 17,860 zones. It formed a Bearish candle on a daily scale and closed near its day’s low,” Chandan Taparia, Vice President and Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Our basic premise is that the next leg of industrial capex will be not just capacity expansion but improvement in efficiency. Because of a lot of competition, all these companies are looking for automation and looking for ways of bringing more productivity. For that, all these companies like Honeywell, ABB and Siemens will play a very major role in Industry 4.0 .”

At 9.16 am, the BSE Sensex was trading 273.92 points or 0.45 per cent higher at 60,620.89. Nifty50 was trading at 18,086, up 82.25 points or 0.46 per cent.

The stock quoted a 52-week high price of Rs 848.0 and low of Rs 595.85.

Foreign brokerage firm BofA maintained a ‘Buy’ rating on the scrip while it raised the target price to Rs 10,500. The target suggests a potential upside of over 14 per cent from current levels.As per BofA, Maruti is set to make a solid comeback. The research firm said the company’s new products and offerings, backed by new design and features, may do well.