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In afternoon London deals, sterling shed 2.1 percent to $1.1158, one day after the Federal Reserve hiked its own rate and warned it would go higher than previously thought to tame inflation.

The Dow Jones Industrial Average traded 273 points lower, or 0.85%. The S&P 500 and Nasdaq Composite slid 1.1% each.

“The CGD (city gas distribution) industry continues to face a challenging scenario with significantly higher input gas prices mainly due to geopolitical factors as well as supply shortages across the globe,” said CEO Suresh P Manglani in a press release.

Revenues from operations in the quarter under review increased 7.4% to Rs 9075.35 crore, from Rs 8453.40 crore in the year-ago period. Earnings before interest, tax, depreciation and amortisation (Ebitda) stood at Rs 1038 crore in the period under consideration.

“This calendar year US yields would have probably gone up by as much as 300 bps but Indian 10-year yield has gone up by around 100 bps. To some extent, this is because of the fact that the Reserve Bank has actually raised 190 bps of repo rate but it is also combined with the fact that Indian insurance companies and provident funds and the banking system have been picking up such long duration bonds.”

From NSE500 list of stocks, 50 stocks fit the criteria but in terms of price performance, most of these stocks traded weak in the last one year timeframe. However, there are seven stocks in the list which have gained anywhere between 30% to 100% during the same time period.

The Nifty Auto index closed 0.42 per cent down at 13262.65.

The central bank forecasts inflation will hit a 40-year high of around 11% during the current quarter, but that Britain has already entered a recession that could potentially last two years - longer than during the 2008-09 financial crisis.

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“For our valuation and pricing exercise, we have spoken to almost 100 institutional investors across India and internationally. There are leading sovereign funds like GIC from the Government of Singapore. We have almost all leading mutual funds in India in our anchor book. Leading institutional investors from various parts of the world are there as well.”