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Net premium income for the company stood at Rs 1,44,158.84 crore, up 17.88 per cent from Rs 1,22,290.64 crore in the corresponding quarter year ago. This is the first earnings statement from the insurance behemoth after getting listed on the bourses.

“We are seeing a relief rally or pullback rally and the US markets have also stabilised quite a bit over the last couple of days. We are underweight on equities for quite a while. We are at 42% in equities and will bring that down to 35-36% if we cross 17,500 levels.”

Sun Pharma said India formulation sales were at Rs 3095.6 crore, up 16 per cent over same quarter last year. US formulation sales were at $389 million, registering growth of 5 per cent. Emerging Markets formulation sales at $206 million, up by 7 per cent while Rest of World formulation sales were at $178 million, up by 7 per cent over same quarter last year.

“We have been left a little concerned about whether La Opala can respond to the ramp up in competitive intensity. There is no reason that they cannot, it is a well run company and Ajit Jhunjhunwala does a wonderful job but we did not quite see the competitive response and hence the exit. If we see La Opala stepping up to the plate, we will obviously revisit that exit.”

“I expect to see volatility in the dollar till the end of the year. We have seven months left and the inflation story has to get under control and whether the Fed manages to get it under control. This is the first part. The second part is going to be additional softness as far as the US dollar is concerned. I would not be surprised to see it back at 100.”

The EU is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, actions which Moscow calls a "special military operation".

This sink to a one-month low versus major peers on Friday was primarily due to lowered Federal Reserve rate hike expectations by traders amid signs the central bank might slow or even pause its tightening cycle in the second half of the year.

The portion meant for qualified institutional buyers received 17.57 times subscription, while non-institutional investors category was subscribed 2.52 times and retail individual investors 1.14 times.

“Investors should wait for some more dip in the metal sector and once the situation settles down, they should start accumulating fundamentally good scripts for long term gains,” said Mohit Nigam, Head - PMS, Hem Securities.

“JSW Steel recently commissioned a 5 million tonne capacity expansion at Dolvi; another 5 million tonne is under implementation and will get commissioned in the next financial year. These projects will continue and whatever is going on right now will be implemented. We will take a call on future plans based on how it unfolds.”