At 9.40 am, the BSE Sensex was trading 150.95 points or 0.25 per cent higher at 61,300.99. The NSE Nifty rose 51.45 points or 0.28 per cent to 18,263.80.
“The market is now completely under the control of bulls and is set to move higher. Having realised that even their relentless selling has not brought the markets down, as perhaps they expected, the FIIs are now on the backfoot,” said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Among Sensex stocks, Tata Steel jumped the most, up 3.96 per cent at Rs 1,192. Power Grid, Sun Pharma, NTPC and L&T advanced 2.6 per cent, 2 per cent, 1.6 per cent and 1.6 per cent, respectively. Infosys rose 1.35 per cent while TCS added 0.9 per cent.
“As Infosys has been outperforming TCS, we expect no valuation divergence between the two companies. Based on our revised estimates, the stock is currently trading at 28 times FY23 EPS. We value the stock at 30 times FY24 EPS, implying a target price of Rs 2,310,” said Motilal Oswal Securities.
Shares of Wipro stood at Rs 654.70, down 5.3 per cent. BofA Securities maintained an ‘underperform’ rating on Wipro with a target of Rs 700, following a minor miss to Q3 revenue and Q4 revenue guidance. It sees risk-reward in Wipro less attractive compared with peers.
Tata Motors fell 0.8 per cent to Rs 503. The retail sales of JLR dropped 37.6 per cent to 80,126 units in October-December 2021, with China sales falling 6.9 per cent and European sales down 6.8 per cent compared to the previous quarter.
MindTree, CESC, GPTL Hathway, Tata Metaliks, Mishtann Foods, Plastiblend India, Aditya Birla Money, Surana Solar, Mega Corporation, Palm Jewels and Gautam Gems are among the companies that will announce their December quarter results later in the day.