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“The central banks in the western developed economies are significantly behind the curve. In that scenario, the traditional defensives may not work because even if there is a slowdown and not a recession, while the central banks will have to keep hiking rates,” says CIO-Equity Investments of Nippon India MF.

Bloomberg, earlier in the day, reported Paytm Payments Bank was barred from taking on new customers because it violated rules by allowing data to flow to servers abroad and didn’t properly verify its customers.

Diversified FMCG company Ruchi Soya will launch its follow-on public offer on March 24. A follow-on offering is an issuance of additional shares made by a company after an initial public offering.

“For Bernstein, the big call is to look at the defensive side of the market which can either be played through high quality stocks or even through low volatility stocks. The high quality low volatility sectors would be healthcare, staples, technology. Within value, late cycle inflation hedges will do well.”

Money markets are currently pricing in 163 basis points of monetary tightening from the Bank of England this year, equivalent to at least six 25 basis point rate increases.

The global cryptocurrency market cap today dropped lower to $1.72 trillion, down about 3 per cent in the last 24 hours. Total cryptocurrency trading volume jumped as much as 16 per cent to $62.45 billion.

The stock traded at a P/E multiple of 136.03, while the price-to-book value ratio stood at 8.87.

Promoters held 54.9 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 20.19 per cent and 10.75 per cent, respectively.

A total of 463,177 shares changed hands on the counter till 02:10PM (IST).

Halfway through the global financial crisis in 2008, while the Nifty had corrected, India’s 10-year bond yields had increased from 7.9% to close to 9.5% (and only later fell due to a very steep cut in the repo rates, in line with the quantitative easing undertaken by the US Federal Reserve).