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The 10-year bond yield was trading at 7.2404%, as of 0340 GMT, after rising to as high as 7.2526% in early trade. It had ended at 7.1962% on Tuesday.

“How can a small bank in any way compare or can compete with the likes of the ICICIs, HDFCs and SBIs of this world? So my vote goes to the largecap banks. I would be totally invested in largecaps until and unless they have a niche financial capability which I do not think Yes Bank has at the moment.”

The S&P BSE Sensex slipped below 58,000 while the Nifty50 also broke below 17,300 levels.Sectorally, IT and healthcare saw some gains while selling was seen in telecom, banks, auto, and capital goods.

The stock quoted a 52-week high price of Rs 915.49 and low of Rs 451.6.

NOCIL Ltd., incorporated in the year 1961, is a Small Cap company (having a market cap of Rs 4458.59 Crore) operating in Chemicals sector.

A total of 8,781 shares changed hands on the counter till 10:15AM (IST)

Our opinion is to wait for a fresh entry. Let the stock correct till Rs 95 odd levels and then we can buy for higher levels of Rs 130-150 in the next 6-8 months. Hence, we recommend waiting for some correction and then buying at lower levels of Rs 95 and more on dips of Rs 85 with a stop loss of Rs 75 on a weekly closing basis on the upside, we can see levels of Rs 130-150 in the next 6-8 months.

Godrej Consumer Products, Oracle Financial Services Software, Nuvoco Vistas Corporation, BASF India, Birlasoft, Firstsource Solutions, Gujarat Pipavav Port, TTK Healthcare, Nelcast, and Simplex Realty will have their annual general meetings (AGM) today.

"The midcaps and the small caps usually underperform the large caps during tough times, but at the same time they tend to outperform when the markets rebound. Hence it makes a lot of sense to increase allocation to midcaps/ small caps. However, within this space, the exposure should be taken only in high-quality stocks, as they would be able to survive if the crisis was to get elongated."

“We think that the next three years may be a golden phase for banks in general. Within the financial basket, I will just buy the top four, five banks. One can argue whether one is better than the other. I think all of them will do well. You pick your stock and just stay put for three years. There is a lot of money to be made in the banks.”