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“From October 1 to now, Rs 270,000 crore have been taken out by FIIs. DIIs have brought in Rs 200,000 crore. Up till April, we were only down about 2.5% in the last seven months, but May has been quite cruel and probably sideways markets in India and negative markets abroad is the best case scenario right now. It’s time to be very cautious in these markets.”

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"Being optimistic and finding new opportunities amidst the most difficult times is a lesson learnt during the pandemic. Putting this into practice, we have embraced the ongoing attrition rampage as a challenge and are continuing to explore ways to deal with it in the most positive way creating a better culture for the in-house talent and opening up opportunities to the new talent that is looking forward to coming onboard."

The largest ever IPO of the Indian primary markets, aggregating to Rs 20,557 crore, is open for subscription till May 09. The retail bidders can bid for the issue even on Sunday, an unusual move aimed at attracting investors. According to the data from BSE, investors made bids for 27,65,90,685 equity shares or 1.1 times compared to the 16,20,78,067 equity shares offered for the subscription by 12 noon on Sunday, May 08.

As India chalks a path of economic recovery in the aftermath of the Covid-19 pandemic and gets back on track to becoming a $5 trillion economy, the banking sector will play an integral role in enabling growth. At the same time, as the economy grows, the banking sector will simultaneously witness growth.

Constant outflows from global investors, hawkish commentary from the central banks, muted monsoon expectations, rising inflation and disappointment from India Inc were the key reasons that dragged the indices lower.

The index is quite sensitive to interest rates, which were surprisingly hiked 40 basis points by the RBI governor in the last week, hurting the investor sentiments.

"Technically, the index has formed a Bearish candlestick pattern on a weekly chart which indicates selling pressure.Furthermore, the index has given closing below 61.80 per cent Retracement level of its previous up move from 15,671 to 18,115 level which suggests more selling in upcoming sessions."

The market valuation of Reliance Industries tumbled Rs 1,14,767.5 crore to reach Rs 17,73,196.68 crore, falling the most among the top-10 firms.

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