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The Reserve Bank of India is estimated to have sold up to $2 billion Friday to stem the rupee’s rout, market sources told ET. At three public sector banks were seen selling dollars through a combination of spot, forwards and futures market, they said.

Public banks are just marginally higher than where they were pre-Covid despite substantial improvement in their asset quality ratios. On the other hand, the improvement in valuations for private banks has been relatively slower," said the brokerage.

"Multi-tasking does not allow you to give due attention to a specific action. And that creates some friction between what you are supposed to deliver and what you are not supposed to. Focusing and concentrating on doing just one thing at a time will enable you to finish that work in the shortest period. Also, the output will be far superior in terms of quality."

The renewed selling pressure in markets came in a week that saw the U.S. Federal Reserve raise interest rates by three-quarters of a percentage point for a third straight time and a vow to keep it going until inflation is under control.

If the S&P 500 closes below the mid-June low in the days ahead, that may prompt another wave of aggressive selling, Stovall said. This could send the index as low as 3,200, a level in line with the average historical decline in bear markets that coincide with recessions.

Furthermore, it believes that the current scale of the business and flexibility in cost structure allows the Indian IT companies margin leverage. Salary costs have the highest mix within total costs with 50-55 per cent of revenues.

The index sank 2.3% by the close in London, to the lowest level since December 2020. Total declines from a January record high are now 21%, confirming a technical bear market.

The company successfully and safely operated the plant on a sustained basis at 100.46 per cent capacity utilization, producing 2.72 Lakh MT of polymers and 55,923 MT liquid hydrocarbons, he said.The products were marketed to downstream industries achieving polymer sales of 2.75 Lakh MT.The authorized share capital of BCPL is Rs 2,000 crore and the paid-up capital is presently Rs 1417.67 crores.

Volumes on the NSE were the lowest since September 12. Technically, the Nifty has formed a lower top formation on daily charts and a long bearish candle on daily charts, which is broadly negative. 17,166 is the next support for the Nifty post, which a sharper fall could ensue.