L&T Stock Falls for Third Straight Day Despite Macquarie's 'Outperform' Rating

 Larsen & Toubro (L&T) shares fell for the third consecutive day on Wednesday, despite receiving an "outperform" rating from Macquarie. The stock, which had seen a steady rise earlier this year, experienced a drop of 1.5% during afternoon trading.

Macquarie analysts raised their target price for L&T to ₹2,700, citing strong growth prospects in the company's infrastructure and technology sectors. However, the market's reaction has been cautious, with investors seemingly unconvinced by the optimistic outlook amid broader market volatility and global economic uncertainties.

Analysts suggest that the lack of significant near-term catalysts and concerns over rising input costs may be weighing on the stock's performance. Despite Macquarie's positive stance, many market participants remain wary, reflecting the ongoing caution in the Indian stock market.

L&T's stock has experienced a series of ups and downs in recent weeks, influenced by various factors including fluctuations in commodity prices and global market conditions. With the outlook for the infrastructure sector remaining mixed, it remains to be seen whether L&T can turn its fortunes around in the coming days.