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The differential that used to be as high as 40 paise has shrunk to about 5 paise as domestic banks that could trade in the non-deliverable forwards (NDF) instead of just the foreigners with access to the NDF market before RBI letting banks take position.

Outlook commentary suggested that Q1FY23 adjusted EBITDA will return to $500 million-plus as one-time operational cost incidence is behind the company, brokerage ICICI Securities said while maintaining a buy call on Hindalco.

The overall health of the company is reflected in the price of the share. With the Fed hiking rates, borrowing would become more expensive. Additionally, in a high inflation scenario, a company is likely to incur higher costs to pay its employees and in other expenses.

The net interest margin of the lender improved to 10.1% in the fourth quarter against 7.9% in the year-ago period. Net interest income for the quarter stood 48% higher at Rs 544 crore against Rs 368 crore. Operating profit rose 40% to Rs 217 crore against Rs 155 crore in the same period.

The capital regulator wants to replicate the story as seen in the equity segment, where the ETFs and index funds have deepened retail investors’ participation in the markets.

The largest crypto token -- Bitcoin -- has dropped 13 per cent to test $26,500 levels, whereas its counter-peer Ethereum has lost over 28 per cent to breach the $1,750 mark. BNB, XRP, Cardano, Solana, Polkadot and Avalanche dropped up to 35 per cent during the day. Meme tokens such as Dogecoin and Shiba Inu took plummeted up to 40 per cent.

In its first rate move in two years and its first hike in nearly four, the Reserve Bank of India (RBI) raised the repo rate by 40 basis points (bps) to 4.40% following a emergency meeting earlier this month. In April, RBI raised its inflation forecast for the current fiscal year to 5.7%, 120 bps above its forecast in February, while cutting its economic growth forecast to 7.2% for 2022/23 from 7.8%.

Dalal Street analysts believe that after the recent rout in IPO or platform-based stocks, Delhivery IPO will test the relish for other upcoming startup IPOs, pipelined to hit primary markets to raise funds with initial stake sales.

Even as the index is in oversold territory, as suggested by the 14-day RSI reading of 27, analysts said the trend broadly stays negative and the index could retest a swing low of 15,670 sooner than later. For the day, the index closed at 15,808, down 359 points or 2.22 per cent.

At the interbank forex market, the rupee opened steeply lower at 77.52 against the greenback and moved in a range of 77.36 to 77.63 in the day trade. The rupee finally ended at 77.40, down by 15 paise over its previous close. The rupee had settled at 77.25 against the US dollar on Wednesday.