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“The lack of ability of the smaller participants to be able to raise capital at reasonable rates will push more money towards the larger NBFCs and to some of the banks as well. So while I say this, nobody knows what will happen. If worldwide there is a crisis, then most of this analysis can kind of go for a toss.”

Japanese Finance Minister Shunichi Suzuki said on Tuesday that the government would take all possible steps necessary to respond to currency moves, repeating his usual mantra that excessive swings were undesirable.

The yen had jumped briefly against the greenback in New York hours on Monday after striking the year-to-date low, which analysts attributed to a flurry of trading in options that come due this week.

The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, the biggest step by Washington since an imposed price cap to restrict oil revenues to Moscow.

Wall Street economists expect the headline CPI to have slowed to a 0.1% rise in October, from a 0.4% increase in September, according to a Reuters poll. The core inflation number is seen at 0.3%, unchanged from September.

While the near term could see volatility coming from global geopolitical tensions, higher for longer interest rates and coming Lok Sabha elections, investors are expecting double-digit returns in the next 2-3 years.

The government is keen to take advantage of the sharp rally in share prices of public sector banks (PSBs) that are riding on much-improved financial performance and fundamentals. The stake sale can be conducted through the offer-for-sale route for lenders that are not inclined toward a rights issue, said people aware of the deliberations.

The index has jumped 1,219 points, or 9%, since October 26 against the 2.8% gains in the Sensex and the 3.1% advance in the Nifty. Six stocks contributed 469 points, or 38%, of the 1,219-point upside in the index. These included Suzlon Energy, BSE, CDSL, Global Health, MCX and Piramal Pharma. Three stocks - Suzlon Energy, BSE and CDSL - contributed 323 points, or close to 27%, of the up-move in the Small-cap index.

"Indian markets, though relatively expensive globally, are expected to maintain consistent investment flows due to promising growth prospects and FDI dynamics. While inflows will persist, they may not be as rapid as in cheaper markets. The valuation landscape in India is primarily influenced by domestic factors, such as the shift of investors from real estate to stocks, which is still in its early stages. This trend will likely continue and provide valuation support independent of foreign investors."

The Nifty Pharma index is trading at a price-to-earnings multiple of 31, lower than its five-year average of 36. Fund managers bought into stocks like Aurobindo Pharma, Cipla, Pfizer, Lupin, JB Chemicals, Alkem, and Syngene International.