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“We are truly going through a renaissance like the Europeans went through a renaissance in the 1500s. In every field of human endeavour, suddenly Indians matter. We are even managing to throw javelins further than everybody else. Who knew that a few years ago? We are managing to land on the moon.”

The BSE Sensex was trading 68 points or 0.10% lower at 65,812. Nifty50 was trading at 19,590, down 21 points or 0.11% at around 9.16 a.m.

On the weekly options front, the maximum Call OI is placed at 19700 and then towards 19600 strikes while the maximum Put OI is placed at 19500 and then towards 19400 strikes.

"This is the best market that we are seeing after a very long time and the foundation looks strong for extended upswing in the Indian market. Hence, the fear of inflation and rate hike concerns are unlikely to dampen the Indian market momentum and in fact, any dip is surely a buying opportunity to build portfolios."

The dollar index has surged more than 5.0% since its 15-month nadir in July. That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates.

Investors in recent months have increasingly embraced hopes that the Fed could lower inflation to its 2% target without sending the economy into a tailspin, as economic data showed the economy has remained strong despite the rapid increase in interest rates over the past 18 months.

Backed by a strong economy and rising U.S. Treasury yields, some of the highest among developed economies, the dollar despite bouts of weakness has stayed resilient against most major currencies.

The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across the curve Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed Thursday, edging higher.

Stocks that were in focus included names like Petronet, which rose 5.56%, IRFC, which fell 4.5%, and RVNL, whose shares declined 4.15% on Wednesday.

​This pattern suggests an upcoming change in the current bullish trend.​