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"The pace of tightening and speed of normalization of supply chains will decide the future trajectory of inflation. However, for an economy like India with several organic growth levers and stable macroeconomic situation, we believe moderate increase in interest costs may not be a material headwind to the growth trajectory in the medium term."

After Tuesday’s strong move, said Mazhar Mohammad of Chartviewindia.in, such a minor weakness can be considered as an opportunity to create fresh long positions as near term trends may remain positively biased in favour of the bulls. This is as long as the index sustains above the 15,900 level, he said.

A 100% buyout allows all shareholders to exit at a price which is usually higher than the market price. The argument that a reverse book building ensures better price realisation for the public shareholders is not necessarily based on sound logic in this context.

Fortescue jumped 2% after saying billionaire Andrew Forest would takeover the role of executive chairman to oversee its iron ore business for an interim period when Chief Executive Elizabeth Gaines leaves in August.

Typically, a weaker rupee does not bode well for domestic equity or debt markets as foreign portfolio investors’ returns from Indian assets reduce, prompting them to exit such investments. Moreover, with Indians being heavily dependent on imports of certain dollar-denominated commodities such as crude oil, a weaker rupee widens the Current Account Deficit and presents the risk of imported inflation.

When asked whether the market is already factoring in all the bad news, Arora said he is 90% invested. "The thing is that in the long run, wars also do not matter. If you look at the World Wars, the Iraq war and others and look at it on a chart right now, the war does not matter

“FII selling is generally across the board. It is not coming and selling a specific sector. They are selling India and to that extent, we believe in good quality financial services banking stocks at reasonable valuations and that is what we are accumulating. Keep faith in equities because when the bounceback comes, it will help you with the gains.”

The Relative Strength Index of the stock stood at 38.72 on Wednesday.

“Being a good innovator in the generic world is one part of our business. It is the bulk of our business and needs to do that but we have opened up to the fact that MRNA is going to be a very significant part of how the world is going to innovate in future. We believe that some of the other therapies out there based on antibodies are equally important and we are focussing on those as well.”

The brokerage models revenue/EBITDA/PAT CAGR of 9%/24%/35% over FY22-24E. It initiates coverage on the stock with HOLD rating and SoTP-based TP of Rs 550.