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The Nifty Realty index was trading 1.61 per cent up at 381.95.

"Spot gold prices for 24-carat gold in Delhi fell by Rs 133 in line with decline in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

“India is looking at the start of an economic upcycle which should have probably started two years ago but because of Covid got delayed. Even if the western world slows down, which we think is likely, it is unlikely that Indian growth rates will slow down materially. India is looking at least four-five years of very strong GDP growth rate.”

Recession fears seem to dampen the market mood, which is in increasing contrast to the previous weeks dominated by supply concerns. The sentiment setback is not one of swelling pessimism but rather ebbing optimism. While the global economy looks set to leave inflation and rate scares with bruises and scratches, we do not see business activities meaningfully derailed from the ongoing turbulence

The index appears to be finding some support at 15,380, said Mazhar Mohammad of Chartviewindia.in. This is the lower end of the bullish gap zone registered on June 21, he said, adding that as long as this counter sustains above 15,382 on a closing basis, hopes of a pullback rally remain alive.

“The Indian story this time is different, it is appealing, we are growing, and inflation is not a large concern like what it is for European markets and for US yet the intensity of FII selling is at record high. Why is that?”

Accenture, which makes more than half of its revenue from outside the United States, said it now expects a negative foreign-exchange impact of 4.5% in fiscal 2022, worse than its previous forecast of a 3% forex hit.Shares of the company fell 2.8% in trading before the bell. They were down about 31% so far this year as fears of aggressive interest rate hikes by the U.S. Fed to tame red-hot inflation led to a sell-off in the tech sector.

The Indian rupee erased early morning gains as safe-haven demand drove the greenback ahead of quarter-end adjustments, said Dilip Parmar, Research Analyst, HDFC Securities.

“ RBI is on record saying that while they will control inflation, they will also support liquidity and so we might see some action on that front also. Liquidity has been coming down in the system and as loan growth goes forward, liquidity will come down further. We will settle at some spot where RBI will be comfortable and the banks themselves will be, ” says Ashwini Kumar Tewari, MD, SBI

The Nifty Realty index closed 1.66 per cent up at 382.15.