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Barring a few altcoins, all major top crypto tokens were trading in the red. Litecoin plunged 5%, while BNB and Dogecoin dropped 4% each. Solana and Tron gained 2% each.

Polycab India is the market leader in wires and cables (W&C) industry with 22% share in the organized space. It boasts of an extensive product portfolio and has wide distribution reach with retail touch points of 2,05,000 - second only to Bajaj Electricals.

A total of 7,144 shares changed hands on the counter till time (IST).

Shares of Rashtriya Chemicals will trade ex-dividend in respect of its interim dividend (Rs 1.6 per share) and final dividend (Rs 2.5 per share) today. Also, shares of Sukhjit Starch (Rs 8 per share) and PTC India (Rs 5.8 per share) will go ex-dividend today.

“The real outperformance in banks started once the rates started moving up. Before the rate cycle started moving up, the IT sector was doing much better. Going forward, the view is that the rates have come up a long way but they will not be cut in a hurry. As rates can remain higher for longer, the banks’ margin scenario remains quite good.”

“Among smallcaps, we like EMI Ltd. It is another stock based in Hyderabad and Telangana area and they also have a good presence in Delhi. We believe that that stock should perform well and our target on that stock is Rs 180-200 in the next two to three years. You are looking at a more than 100% run from the current levels.”

PNB Housing: Buy | Target Rs 507 | Stop Loss Rs 455 | The stock has an ascending triangle breakout.

In November 2022, mutual funds (MFs) showed interest in oil & gas, banks and technology stocks, leading to a month-on-month (MoM) increase in their weights.

“Even though the Fed downshifted the rate hike to 50 bp as expected, the tone of the commentary was unexpectedly hawkish. The FOMC statement, “the ongoing hikes will be appropriate to reach a sufficiently restrictive stance that returns inflation to 2% over time” is hawkish but the market seems to ignore this expecting inflation to cool down earlier than Fed’s expectations,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

The Fed adopted its 2% inflation target in 2012 amid a similar push by other major central banks, believing that it best defined price stability, which it is legally mandated to achieve. Officials have argued that the target level is the sweet spot: Any lower and price pressures might run the risk of tipping into negative territory, or what economists call deflation, which is damaging to an economy.