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“What is happening now is a long lost catch up of the service sector that was missing from action for a long time, plus, the lag effects of easy financial conditions. The government has focussed a lot on capex and bank credit growth is slowly picking up. So, in the near-term, growth looks fine and we should expect a strong momentum in the next GDP print or so.”

"Investors have turned their focus on upcoming Fed policy in the backdrop of heightened US inflation," said Vinod Nair of Geojit Financial Services.

IAMAI claimed that the association has limited resources and it would like to utilise them for other emerging digital sectors, which make a more immediate and direct contribution to digital India.It said that it is looking for immediate opportunities for financial inclusion and promoting Central Bank Digital Currency (CBDC).

Silver also tumbled by Rs 1,075 to Rs 54,326 per kg from Rs 55,401 per kg in the previous trade."Spot gold prices for 24-carat gold in Delhi fell by Rs 293 reflecting overnight fall in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

“All commodity prices are falling and effectively speaking, inflation in India has already peaked. Commodity prices are coming down globally as well as the RBI’s high FX reserves provide protection to the rupee. As the numbers begin to roll down, both the equity and the bond markets will be convinced that inflation is yesterday’s story, at least for India.”

Goel and his spouse Seema Goel raised stakes in Nahar Spinning Mills. At the end of the June quarter, Goel held 17,64,000 shares or 4.89 per cent stake, up from 17,56,400 shares or 4.87 per cent stake. His wife, on the other hand, upped her stake to 6,16,000 shares or 1.71 per cent from 6,12,000 shares or 1.70 per cent. The Goel duo has been holding this stock at least since the June quarter of 2021.

At the interbank foreign exchange market, the local currency opened at 79.95 and witnessed an intra-day high of 79.82 and a low of 79.96 against the US dollar in the day trade.The local unit finally settled at 79.91 a dollar, up 8 paise over its previous close.In the previous session, the rupee had settled at a record low of 79.99 against the US dollar

“The rupee is obviously depreciating against the US dollar but do note that it is appreciating against every other currency whether it is the Euro, the British Pound, the Yen and so on and I think on a weighted basis it is appreciating.”

Economic growth in top metals consumer China slowed sharply in the second quarter, expanding 0.4% year-on-year and missing expectations, as widespread lockdowns to curb record COVID cases hit industrial activity and consumer spending.

“We are constantly prodded by customers to go ahead and do acquisitions. We are still careful, we try to make sure that we understand the thing very well and then take a measured call and then take the asset over. Yes, that delays it a bit, but there are a tremendous number of requests for us to take over companies.”