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Jagwani, who has 28 years of experience of working in the global banking environment, further said, "In the last two years, retail investors have become increasingly interested in equities. The growth of start-ups and unicorns has captured popular imagination."

“In autos, auto ancillary is one part where there would still be opportunities because midcap stocks have still not performed to that extent that the largecap stocks have done in this 2,000 point rally from the bottom. So auto ancillary would be one space and other space is the commodity consumers which will include infrastructure, capital goods, engineering, construction.”

The stock after hitting the 52-week high last year fell nearly 50 per cent and took support above Rs 1,561 on 20th June before reversing losses. It has rallied more than 12 per cent since then.

“The high price of oil and the rupee weakness adds to the imported inflation. So as far as energy prices are concerned, the government has cut back on its excise taxes but that does not really help very much. What could have helped and of course now we are speaking after the event was having the monetary policy being tightened a little bit in advance.”

Sectorally, buying was seen in FMCG, telecom, power, utilities, and energy stocks while some selling was visible in metals, auto, realty, and banking names.

On the technical charts, the RSI of the stock stood at 45.01.

The Ramco Cements Ltd., incorporated in the year 1957, is a Large Cap company (having a market cap of Rs 16879.55 Crore) operating in Cement sector.

The stock traded at a P/E multiple of 105.91, while the price-to-book value ratio stood at 19.49.

Adani Ports & Special Economic Zone Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 169253.91 Crore) operating in Shipping sector

" There seems no further scope for FIIs to sell further. As far as the rupee is concerned, we believe it has hit the bottom of 80, and there would be no further downside for it to go below. The causes that pushed factors like inflation, crude oil prices, and metal prices have all begun to retreat. So, commodity prices will become soft as we advance, benefiting the Indian economy."