A total of 5,820 shares changed hands on the counter till 11:46AM (IST)

On the technical charts, the RSI of the stock stood at 51.6.

The stock traded at a P/E multiple of 54.18, while the price-to-book value ratio stood at 6.41.

Indraprastha Gas Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 26673.53 Crore) operating in Gas & Petroleum sector.

Promoters held 59.47 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 26.51 per cent and 2.45 per cent, respectively.

“There are several factors due to which we need to be wary of technology companies because their valuations are much higher than historical valuations and they are very over-owned. In my view, the bigger risk is in the midcap IT where in the past we have seen that small misses and small outlook changes can lead to sharp stock price falls.”

“Our personal favourite still remains Voltas which is the market leader in the air conditioning business and we expect that the company should report excellent numbers. But a dark horse could be Symphony which is India’s largest air cool manufacturing company and that has been underperforming for the last two-three years or so.”

Barring the US dollar-pegged stablecoin, USD Coin, all other major crypto were up during early hours. Solana and Avalanche rallied 7 per cent each, whereas Dogecoin and BNB advanced 4 per cent each.

Pritam Patnaik Head - Commodities, Axis Securities said gold investors are having to deal with news flows and developments that is making a directional call on gold difficult.

"We still think that the markets are under pricing energy stocks and some of the metals and mining stocks. We think the gold has a place in the portfolio. If one combines the margin resilience, the high dividend paying theme, the compounding growth theme and then the real asset theme, that would guide in the direction of having a more insulated portfolio from the macro challenges and the headwinds that are buffeting markets now."