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The dominant factor determining the market trend, globally, will be inflation and how far central banks, particularly the Fed, will go in hiking rates to contain inflation," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 191723.46 Crore) operating in Gas & Petroleum sector.

The contract is for the supply of ASTRA MK-I Beyond Visual Range (BVR) air to air missile and associates equipment to the Indian Air Force & Indian Navy.Bharat Dynamics’ scrip rose to a high of Rs 836.10 as against Rs 783.75 at the previous close on the BSE.

Markets are pricing in rate hikes in June from the UK, U.S., Sweden, Australia and Canada," said Societe Generale analyst Kit Juckes."The more the markets focus on the inflation data and central bank action, the more likely it is that we have a bumpy start to the summer in risk sentiment and a strong one for the dollar

Shares of IIFL Wealth Management and Advani Hotels & Resorts will go ex-dividend today. While IIFL Wealth had announced an interim dividend of Rs 20 per share, Advani Hotels had announced an interim dividend of Rs 1.4 per share.

Sectorally, selling pressure was seen in power, utilities, banks, oil & gas, and finance stocks while some buying was seen in realty, metals, and consumer discretionary counters.Stocks that were in focus included Adani Power which fell by about 5 per cent

The medium-term outlook for Indian markets remains positive. Earnings growth is strong and diversified across sectors. The economy is set to continue its revival in FY23, despite global headwinds and tightening rates. We remain constructive from a medium-term perspective. We are positive on IT, manufacturing, automotive, chemicals and pharma and high contact sectors like retail and hospitality.

“Near term, because of the expectation of the higher interest rates going up across the world, investors might be a bit cautious on the banking space but it is a good opportunity to accumulate over the next few months. Our preference within the banking space are ICICI Bank, SBI and Axis Bank.”

“Exports have been a fairly large driver of manufacturing. My worry now is that the cost of finance in addition to high commodity prices is likely to be another headwind that we are going to see in FY23. We need to navigate and balance policy in a manner which keeps growth from sinking too much in effort to control inflation.”

Asked in a CNN interview whether she was wrong to downplay the threat that inflation posed in public statements over the past year, Yellen said: "I think I was wrong then about the path that inflation would take.