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PFC stock has seen a strong build-up of long positions in the derivative segment. Since the expiry of the December derivative series, the stock has gained 14% and hit an over-five-year high of Rs 160.80 on Friday. If the stock manages to cross Rs 170 and trades above that level, it will become eligible to enter into the MSCI index.

That was followed by a surprisingly poor services sector report from the Institute for Supply Management. The report showed the first contraction since spring of 2020, with the gauge of activity hitting 49.6 percent, and its business activity index and new orders index both plunging.

A sustained deceleration in wage growth could offer some comfort to central bank officials that a key part of the inflation puzzle is losing steam.

Retail inflation, as reflected by the Consumer Price Index, remained above the RBI’s upper tolerability level of 6% for 10 consecutive months to November, when it eased slightly to 5.88%. Retail inflation recorded an eight-year high in April, with rural inflation rising to 8.4% and urban inflation being recorded at 7.1%.

At present, AIF regulations focus on disclosures to investors regarding the valuation of investments and presently do not prescribe any guidelines.

A separate Reuters poll of economists expected the government to focus on fiscal consolidation in its budget, the last full one before a 2024 general election, as slowing economic growth would limit it from spending more.

Axis Bank acted as arranger for 127 bond issues for an amount of Rs. 92,904.5 crore and ended the year 2022 with a market share of 19.2%

"There was a bit of a fear that this could be quite a blockbuster print in terms of job growth," which was a risk due to seasonal adjustments that are common in December, said Mazen Issa, senior foreign exchange strategist at TD Securities in New York.

"Today I would be comfortable with either a 50 or a 25 (basis point increase). If I start to hear signs that the labor market is starting to ease a bit in terms of its tightness then I might lean more into the 25 basis point position," Bostic told broadcaster CNBC.

The Dow Jones Industrial Average rose 125.22 points, or 0.38%, at the open to 33,055.30