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“The stock has recently risen after retesting the neckline of a rounding bottom pattern, and a bullish breakout was observed in mid-July 2022, which indicates the start of an uptrend. The breakout is confirmed as it was accompanied by higher volumes,” Omkar Patil, Technical Research Associate at GEPL Capital, said.

The stock traded at a P/E multiple of 53.65, while the price-to-book value ratio stood at 2.59.

"In most of the advanced economies, inflation is between 2.5 to 4 times the historical average; in contrast in India, the latest inflation print also was at 5.8% and that is less than the historical average of 7%. So there is relatively lower inflation in the environment that we are in, together with 7% growth. In a global economy, which is going to be in recession, India, the fifth largest economy growing at 7%, cannot be better news for India and for the world."

Sectorally, buying was seen across all major sectors. Nifty IT rose 1.25% and Nifty Oil & Gas surged 1.23%. Banks, financial, auto, metal, pharma, healthcare and FMCG stocks also opened higher. Whereas, in the broader market, Nifty Midcap50 increased 0.98% and Smallcap50 advanced 1.02%.

A host of brokerage firms, both domestic and global, have initiated coverage on a number of counters and the majority of them remain positive on them. They see a strong potential of value unlocking in these companies, with a targeted upside of up to 41%.

"Bajaj Finance has cracked below a multi-year upsloping support trendline on relatively higher volumes with a marubuzo candle which amplifies the bearish tone on the weekly timeframe. The relative strength has deteriorated extensively, surpassing below the key support, RSI trends below the median with a negative slope and so does the MACD trailing below the zero line with a negative crossover. "

BofA Securities maintained its neutral stance on Paytm. It has disbursed Rs 3,665 crore ($443 million) worth of loans in the month of December.

Returns on the post-earnings day have been negative in the last three quarters. The only two occasions when the stock has given positive return after the earnings in the last two years were both in the January months of 2021 and 2022.

While the addition of high margin products from the Raipur unit and the growing share of VAP should result in margin improvement. The brokerage expects a revenue/EBITDA/PAT CAGR of 16%/24%/31% over FY22-25.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 2,902.46 crore, according to exchange data.