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The Nifty IT index closed 0.78 per cent up at 27020.6.

The global investment bank raised earnings for SBI by 3-5 per cent. It has factored in better credit growth as it is well-placed to gain market share. Net interest margins (NIMs) may be range-bound as the share of corporate credit rises. Healthy credit growth and low credit costs will support earnings growth, said the note.

The benchmark 10-year U.S. Treasury yield jumped to its highest level since 2011 on Tuesday and hit 3.60%. The two-year yield, which typically reflects interest rate expectations, was trading close to a 15-year high.

“If we see any minor correction in the names like Ambuja, that would be a good entry because having seen this kind of capital infusion and the expansion plans because of a huge amount of interest in this name both from institutional investors as well as retail, another 5-10% correction in Ambuja would be a good entry point for short and long-term investors.”

A total of 29,242 shares changed hands on the counter till time (IST).

The Relative Strength Index of the stock stood at 62.03 on Wednesday.

ICICI Lombard General Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 59586.12 Crore) operating in Financial Services sector.

Based on the ideas of Graham, a custom screen made by MarketSmith emphasizes securities that are cheap on a PE and price-to-book basis but still show signs of financial stability.

XRP was a standout gainer with a 9 per cent rise, whereas Dogecoin, Shiba Inu and Cardano added 2 per cent each. Bitcoin, Polygon and Avalanche dropped over a per cent each.

"While picking a new stock , we go through are a) Revenue growth expectations, b) industry growth and competitive scenario, c) management quality and history, d) return ratios (ROCE, ROE), e) cash flow generation (CFO/EBITDA) and allocation and its f) valuations (on absolute and relative basis). We take utmost care that we do not overpay for growth."