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​​The levies come at a time when commodity costs had been cooling down, which had led companies to state they would not increase prices further, and on the eve of the festive season when consumption peaks.

"Multi-decade high inflation has ensured that major central banks are hiking rates and withdrawing liquidity – a complete opposite of what we saw in the bulk of 2020 and 2021. As a result, we are seeing valuations reverting towards mean. Nifty one-year forward PE has reduced from all-time highs of 22.8x in Oct’21 to 17.5x now (close to the 10-year average valuation). "

“Mahindra Finance appears to be a good potential candidate for giving reasonable returns over the next two to three years. Vedanta can be the second considering the basket of products and verticals that they are into. The third is ITC. It is one of the companies which can give a very stellar performance because the secular growth can be quite good.”

Barring the dollar-pegged USD Coin and Tron, all other crypto tokens were trading higher on Tuesday. Polygon zoomed more than 15 per cent, whereas Ethereum jumped 9 per cent. Avalanche gained about 8 per cent.

“We put down 15 bets of 2 per cent to 3 per cent each with reasonable confidence in high returns. These are the stocks for which you do with as much detail as you would do for a 5-6-7% position which is normally a big position for us; but you are confused.”

“A lot of these larger companies as well as the midsize companies – be it discretionary consumption, non- discretionary consumption companies like Nestle, Britannia, Marico and Dabur have gone through underperformance. Even companies like Relexo Footwear which probably bore the brunt of not only the Covid slowdown, but post that, the rural slowdown as well. Most of these themes now look ripe for a good story again. ”

Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 163417.83 Crore) operating in Gas & Petroleum sector.

A total of 8,193 shares changed hands on the counter till 10:05AM (IST).

IndianOil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by Dec 2024 through this JV, an official statement said.

The stock has outperformed its benchmark-Nifty and proved that it’s a strong defender. After such a stellar up-move, the stock is poised for a high-level reversal, as its daily RSI formed a bearish divergence around its overbought zone and massive call writing seen at the Rs 2,600 strike price option.