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"Oil has been a saving grace no doubt in the recent past. The key trigger is the direction of oil prices - as our sensitivity to this commodity is among the highest," Iyer said.India is due to sell bonds worth 330 billion rupees ($4.14 billion) on Friday which includes 130 billion rupees of a new 10-year bond that will replace the existing benchmark note in coming weeks.

Data showed mutual funds cut stakes in 29 of 50 index constituents, with JSW Steel, Wipro, Bajaj Auto and Tata Steel among stocks on their sell radars. HDFC Life Insurance, Tata Motors, Maruti Suzuki, UPL and ONGC were, on the other hand, stocks where they bought additional stakes during the month.

“There is still no clarity in terms of how soon we are going to see improvement in terms of earnings. At the same time, most people believe that FY24 earnings may not get impacted to a large extent even after what was witnessed in June quarter or what is likely to happen in the September quarter going ahead. After a bit of consolidation, the market may start looking at FY24 rather than worrying too much about FY23 earnings.”

The stock traded at a P/E multiple of 72.56, while the price-to-book value ratio stood at 2.85.

Bharat Electronics Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 71440.91 Crore) operating in Defence sector.

The Relative Strength Index of the stock stood at 69.07 on Thursday.

Pointing out that until September 2020, value was out of favour but as the market became expensive value was back in focus and has since then delivered encouraging returns, he said investors need to remember that value investing will deliver over the long term for a patient investor.

Overseas investors bought Japanese stocks worth a net 393.85 billion yen ($2.91 billion) last week, marking their biggest weekly purchase since July 22, data from exchanges showed.They purchased 122.9 billion yen in cash equities and acquired 270.95 billion yen worth of derivatives, in a fourth straight week of net buying.

A total of 64,791 shares changed hands on the counter till 01:50PM (IST).

The Relative Strength Index of the stock stood at 60.51 on Thursday.