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For the day, the index closed at 17,069.10, down 33.45 points or 0.2 per cent. The index stayed below its 50-day moving average throughout the session.

​Total assets under management (AUM) increased to Rs 6.53 lakh crore in March 2022 from Rs 5.69 lakh crore in the previous year. Individual loans comprise 79% of the AUM.

In the international market, gold was trading lower at USD 1,880 per ounce and silver was flat at USD 22.62 per ounce.

"There was no direction in the market today ... Although the rate hike has been already factored in, there were uncertainties among investors how hawkish the Fed would become," said Shuji Hosoi, senior strategist at Daiwa Securities.

“Last year, the loan book of IDFC First Bank grew by only 13% but the operating profit grew by 44%. Our view is that operating profit can again compound by another 44-45% next year and by another 44-45% the year after that. That is how we think the numbers will play out.”

The pan-European STOXX 600 index was down 0.8%, as of 0714 GMT, set to snap a three-day session of gains, although trading volumes were likely thinned by a UK bank holiday.

Hero MotoCorp, TVS, and M&M are their top picks amongst original equipment manufacturers (OEMs), while Ashok Leyland is the top sell.

With this recent announcement, the unexecuted order book for Man Industries now stands at approximately Rs 1,500 crore, which is to be executed in six to eight months. The stock rose about 4 per cent after the company disclosed the contract. The market cap of the company is Rs 548 crore as of last trade on BSE.

“Currently our CAG ratio is 11.6 and with the internal accruals for FY23, our capital is sufficient to take care of our growth requirement but because of the uncertainties outside, it is also important for us to build a buffer on the capital side. So, whenever there would be an opportunity, we would definitely raise capital in the current financial year.”

As investors, we need to ask ourselves how many times we resort to resulting — thinking that we are smart investors just because we made money.