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The research firm, considering the recent traction in the stock price of Nesco to close to its highest in a year, has revised the target price higher to Rs 850 per share which is 20.2x its FY2024E EPS of Rs 42. This at the last traded price of Rs 645.5 will result in potential upside of close to 32 per cent.

"On every dip in the USD/INR pair, importers are hedging their positions because everyone is afraid whether the Reserve Bank of India can hold this position (below 80 per dollar) for long," said Ashish Ranade, forex and treasury chief manager at Cosmos Bank.

Market experts believe that Tamilnad Mercantile Bank is likely to be listed around its issue price due to muted response and mixed analyst views for the lender.The private lender, which raised Rs 831.60 crore from the primary markets between September 5 and 7, is likely to debut on the bourses on Thursday, September 15.

“I do not know how much more one can expect but yes, if the sectoral move is what you are looking at, clearly UltraTech is one of the bigger beneficiaries. If you are looking at companies which will become big, there is a likelihood of volume growth, commensurate with an increase in prices. My own favourite would be something like Dalmia Bharat.”

Vedanta-Foxconn JV is “at a very advanced stage with Gujarat for their investments” and the deal may be signed and announced this week.

The brokerage believes that the domestic OEM volume growth shall accelerate in the ongoing fiscal year for segments such as 2W, PV and tractors, while for MHCV, it would remain the highest at 30%. However, exports and replacement segment growth is expected to moderate in FY23 compared to FY22.

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Some of the marquee investors such as Shankar Sharma, Amit Bhartia-erstwhile Partner, GMO Singapore Pte, have invested in the pre-IPO funding in their personal capacities. Marquee institutional investors, including NAV Capital Emerging Star Fund and Rajasthan Global Securities, have also invested in the pre-IPO stakes in the company.

Analysts said the recent price action suggests the index is preparing for a downward trend. 17,700 and 17,500 will be key supports for the index incoming days, whereas any upside will be dependent upon a decisive break of the 18,000 level, analysts said.

The rolled out number can be attributed to decline in average prices of edible oils in August, reflecting the transmission of the import duty cut by the government as well as the ongoing downtrend in global prices. Some of the key constituents of the Indian staple diet including pulses, rice and wheat witnessed an increase in their average prices on the back of record heatwave and squeezing household budgets.