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Automakers fell the most, while defensive sectors such as real estate and healthcare posted small losses. Oil stocks also edged up.

Experts believe that the market will mature in the longer term and segregated crypto themes will come into play, individually. They seem optimistic on Defi, Metaverse and NFTs, followed by smart contracts and utility tokens.

“The basic fundamentals for oil remain quite sound. One would have to suggest that the Brent price is certainly not going to visit prices below triple figures, that is below $100 anytime soon. One would think that it is probably going to stay around $110. If there further news of oil producing countries increasing production, then again we could see oil price falling back.”

This rating increase is made even as the brokerage cut its price target on the stock to Rs 980 from Rs 1,030 earlier.

Despite near term margin pressure due to rising raw material costs, Morgan Stanley analysts believe the new profit cycle is intact, and they expect earnings to compound at 22 per cent annually (24 per cent previously) over the coming two years.

“The future of the Congress is quite grim. Some people are asking whether Congress will split? That is silly. The party is a party of the Gandhi family. Without the Gandhi family, the party would be called the Janata Party which is how Janta Party originally was. The days of the Congress are getting over and so rather than BJP versus Congress, we will see BJP versus regional parties.”

The current exodus has hit a record, exceeding the foreign outflows seen during the 2008 global financial crisis, according to Bloomberg Intelligence analysts Nitin Chanduka and Kumar Gautam.

Promoters held 29.33 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 52.41 per cent and 6.64 per cent, respectively.

The Relative Strength Index of the stock stood at 42.89 on Thursday.

A total of 12,794 shares changed hands on the counter till 01:39PM (IST)