According to Securities and Exchange Board of India (Sebi) data, the value of P-note investments in Indian markets -- equity, debt, and hybrid securities -- stood at Rs 89,143 crore by the end of February, compared to Rs 87,989 crore at January-end.

The Nifty Auto index closed 1.18 per cent up at 10676.85.

The brokerage said it analysed eight PSU stocks and upon analysis, it found the thesis around Indian Bank interesting.

KFin Technologies is majority owned by funds managed by General Atlantic, a leading global private equity investor, which holds a stake of 74.94 per cent. Kotak Mahindra Bank acquired a 9.98 per cent stake in KFin Technologies in 2021.

“We are heading into blocks again and one block cannot afford to be reliant on the other. I focussed on the investment boom in the developed world but China is trying to build lots of capacities, particularly in chips where it is deficient and everybody is preparing now for there to be two blocks that do not trade with each other. What the world really does not get yet is the scale of the capital expenditure boom that is coming, particularly as we invest in a huge scale to reduce our reliance on China, not on Russia.”

Both indices have gained in four out of five trading sessions and have managed to log their second best week in seven months. In the financial year ended March 31, the Nifty and the Sensex rose more than 18% each.

The stock quoted a 52-week high price of Rs 2577.45 and a 52-week low of Rs 1718.0.

On the technical charts, the RSI of the stock stood at 65.32.

Data on sectoral deployment of bank credit released by the Reserve Bank of India on Thursday suggests a firm pick-up in loan disbursements across key areas, with overall non-food credit registering an on-year growth of 8 per cent in February 2022.

"Investors tend to sell stocks at the beginning of a new fiscal year to book profits so that they can feel comfortable having cash available in the new year," said Shoichi Arisawa, general manager at the investment research department at IwaiCosmo Securities.