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The Nifty IT index closed 0.24 per cent down at 30115.0.

Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply.Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets.

The Relative Strength Index of the stock stood at 38.08 on Thursday.

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A total of 576,030 shares changed hands on the counter till 02:10PM (IST).

Dabur is looking very promising as of now. We have witnessed a flag and pendant kind of a pattern breakout in Dabur because from the past two weeks there has been a strong surge in the stock from the approximate level of 560 till the levels of 600.

The index dropped for a fourth straight session on Wednesday on rising concerns over a slowdown in economic growth ahead of a slew of interest rate decisions from major central banks next week.

TCS (Rs 9,548 crore), Infosys (Rs 5,795 crore), HDFC Bank (Rs 4,108 crore) and Bajaj Finance (Rs 3,614 crore) were the other top wealth creators on the list. Adani Transmission, which made investors richer by Rs 2,538 crore during the last 5 years, is the only Adani group stock in the top 10 list.

We believe that we are on the last leg of rate hike cycle and sometime in the mid of 2023 Fed will stop raising the rates and if the market sail through the next six to nine months smoothly we could see the next level of triggers emerging in the market.

On the technical charts, the 200-day moving average of the stock stood at Rs 2437.89.