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SBI was the biggest gainer, rising about 1 per cent. It was followed by up to 1 per cent gains in Bank of Baroda, PNB, IDFC First Bank, IndusInd Bank, Axis Bank and The Federal Bank. Bandhan Bank, Kotak Bank and ICICI Bank traded with marginal cuts.

"Midcap companies are possibly still at a premium and there there can be extended pain, but overall as a sector we are quite positive on it."

At the barest minimum, the rate hike will lead to two things – bank interest rates will increase in tandem, making it expensive to take loans for retail customers, meaning people may think twice before making any discretionary purchases. Similarly, companies will also have to shell out more to raise money from banks and markets compared to earlier.

Hikal Ltd., incorporated in the year 1988, is a Small Cap company (having a market cap of Rs 3634.29 Crore) operating in Pharmaceuticals sector.

"Monetary policy stance has moved from accommodative to withdrawal of accommodation and RBI still has to juggle the issuance of net borrowing programme which has material impact on secondary market yields."

The global cryptocurrency market cap was trading sharply lower at the $1.26 trillion mark, rallying more than 4 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 4 per cent to $84.4 billion.

Gold futures on MCX were trading with a decline of 0.13 per cent or Rs 68 at Rs 50,900 per 10 grams. However, silver futures dropped 0.19 per cent or Rs 118 at Rs 62,125 per kg.

Stocks that were in focus include names like MRPL which rallied nearly 20 per cent, Chennai Petroleum rose nearly 15 per cent, and Oil India gained nearly 3 per cent on Tuesday.

“We have been averaging and advising all our clients to stagger their investments over the next three-six months. One of the sectors we feel very positive about is the financial sector and that is something that we have been positive about for quite some time. . I think that the valuations in that sector stack up well. ”

“The risk reward has got lucrative once again and we are recommending our clients to look at smallcaps aggressively from a six, 12, 18 months perspective because if you go by the breadth data and the technical studies, I do not think there is any way one can lose money buying into smallcaps from an investment perspective.”