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Several of the country’s major startups shed billions of dollars in value since their listing as concerns over high valuations and rising interest rates globally dented demand for technology stocks. The selloff worsened as early investors pared stakes after the end of lock-up periods.

“The Fed has startled the market by maintaining its hawkish tone, as investors were expecting a softer approach after the release of better-than-expected inflation numbers. The market now awaits the BOE and ECB decisions, which are likely to follow a half-point hike,” said Vinod Nair, Head of Research at Geojit Financial Services.

The AMFI rejig will majorly be classified by size, taking into account data from July to December 2022. This period saw rising valuations as the Indian equity market rose by over 5% with Nifty and Sensex at record highs.

“The most recent rally that we have had is more akin to a bear market rally because of very negative technical positioning. I am not convinced that it is going to last and so instead of buying the dip, people might consider selling the rip, that is the change. Defence will be peoples’ best offence in this market environment. I am quite bearish on the outlook for 2023.”

The US Fed on Wednesday increased interest rates by 50 basis points on expected lines and signalled more hikes ahead to fight inflation. The US central bank raised the interest rate to 4.25-4.50 per cent to the highest level in 15 years.

"We continue to remain overweight on banks and NBFCs and cement despite the negative impact of USD/INR, primarily due to the expected turnaround in construction," Credit Suisse in its India market strategy report for 2023.

On the daily charts, Dabur formed a Pole and Flag pattern which is also a bullish continuation pattern. Most of the technical indicators suggest that the momentum is likely to continue on the higher side.

The research firm further stated that "we had been concerned about their post moratorium capital structure, ability to improve their liability franchise and retaining their existing employees, given that the organization needs time to recover."

The quota for employees was subscribed 2.41 times, whereas the retail portion was booked 44%. The allocation for non-institutional investors was subscribed 91% but the portion for qualified institutional bidders was booked only 30%.

A total of 363,791 shares changed hands on the counter till 02:11PM (IST)