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On the technical charts, the RSI of the stock stood at 73.32.

The stake sale will be done through the stock exchanges via an offer for sale (OFS). The decision was made at a meeting held today, and the company informed about the development after market hours.

In Q4 FY24, Asian Paints reported a net profit of Rs 1,257 crore, up 2% year-on-year (YoY) from Rs 1,234 crore in the same quarter of the previous year. However, its revenue from operations slightly declined to Rs 8,731 crore compared to Rs 8,787 crore in the same quarter last year.

The Sensex closed down over 400 points at 79,924, while the Nifty ended just above 24,300, a decrease of 0.45%. Both indices hit new highs early but turned bearish throughout the day.

Bernstein has an outperform rating for Persistent Systems and KPIT, setting a target price of Rs 5,920 for Persistent, reflecting a 30% upside scope, and Rs 2,120 for KPIT, indicating a 25% upside potential.

First Abu Dhabi Bank is considering bid for Yes Bank stake. The stake sale has also drawn preliminary interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., although it remains unclear how strong their appetite for a deal is and whether they will proceed, the people said.

Nifty on Wednesday formed a bearish engulfing pattern on the daily chart as the index ended 109 points lower but sustained above the immediate support of 10-day EMA around 24,180 levels ahead of the Thursday weekly expiry.

Axis Bank and Federal Bank ended the day with gains, whereas SBI, AU Small Finance Bank, Bank of Baroda, PNB, and Bandhan Bank experienced selling pressure. The banking index is currently trading near the critical support level of 52,000, suggesting a potential technical rebound. However, if the index closes below this key support, it could trigger additional selling pressure.

The Nifty Auto index closed 2.02 per cent down at 25302.8.

Angel One denies new data breach, clarifies leaked data from April 2023. Company assures customers of enhanced security measures including two-factor authentication. Client base grows significantly in June 2024. Personal information of 7.9 million customers leaked in previous breach.