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Indian benchmark equity indices settled with modest gains on September 9 amid the weekly expiry of derivatives contracts.
Overall market breadth was positive as 1,844 stocks advanced on the BSE, while 1,345 declined and 161 remained unchanged.
OYO recently raised $9.6 billion in fresh capital from Microsoft at a post-money valuation.
BSE MidCap index scaled to a new peak of 24,715, while BSE SmallCap index touched a new high of 27,645 in today's session.
Nifty 50 index is currently trading at relatively reasonable valuations on P/B basis at 3.6x, 0.77 standard deviation above long term averages.
Management commentaries across large & midcap players suggest some pricing power has come back to the IT-services industry, at least for niche skills.
The long-term interest rates relative to equity valuations have strong predictive power for equity returns.
The price band for Bengaluru based company has been fixed at Rs 734-744 per share having a face value of Rs 2 per share.
Axis Securities highlighted that even in the mid and smallcap space, quality stocks have outperformed the non-quality stocks by a significant margin.
A 200-300 point correction for the Nifty will be healthy at this stage as it will ensure the bulls come back stronger