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Coinbase has filed a petition urging the US Securities and Exchange Commission (SEC) to create new rules for digital assets. This process comes almost a year after the company submitted a petition of the same nature requesting that the regulator provide transparency as to how and when a digital asset is deemed a security, and the creation of a market structure framework more compatible with cryptocurrencies. As the SEC has not provided an answer to this request, Coinbase filed a legal challenge.

"There is a bit of a defensive part of our portfolio. We have got consumer staples, we have got the likes of Power Grid in our portfolio. Over six-nine months, there will be higher weight for consumer discretionary. They are still part of our portfolio, but one would like to increase weights there as one gets confidence that we have gone through this economic downturn and things improve significantly or growth outlook would improve significantly in 24 and onwards."

Based on the idea of Peter Lynch, a custom screen made by MarketSmith emphasizes securities that are trading for below-average prices on a PE or PEG basis and are not already widely owned by institutions.

Fundamentally, the valuations had turned at 16,800-17,00 level with PE of 17.5-18x FY24 earnings and continued healthy double-digit growth in earnings despite rapid rate hikes and uncertainties globally.

"When the core business starts moving up, the re-rating happens and that is what happened in the case of ICICI. The stock is up in a very dull market. So you can imagine what it could have done in a bullish market! We feel this is the sector where the real re-rating happens. Obviously, as things pick up, our consumption sector should also kick in in a big way in terms of re-rating when the demand comes back again."

If one looks at the voting pattern of the MPC, the interesting part was that this time the voting was unanimous compared to February 2023, where only 2 members had voted for a pause.

"IT will lead this market. IT is now very close to very key technical support, which my team tells me. I think TCS and HCL Tech can be bellwethers which can lead this market higher. You cannot but make money in the coming month. Mark my words, we are going to 18000 faster than you could think about."

Promoters held 26.7 per cent stake in the company as of 31-Mar-2023, while FIIs owned 27.25 per cent, DIIs 23.03 per cent.

The issue opens for subscription today and will be available for the public to bid till April 27. Investors can bid for 13 shares in one lot and in multiples thereof. The price band is set at Rs 1,026-1,080 per share.

India VIX was up by 0.32% from 11.63 to 11.66 levels on Monday. Volatility spiked above 12 zones but later sunk and has now dried up. It is now consistently hovering at its lower zones which is a positive sign for the bulls.