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Indian government bond yields dipped on Monday as traders wagered the Federal Reserve will need to be aggressive in cutting interest rates after weak jobs data stoked worries over the U.S. economy.

Ace investor Rekha Rakesh Jhunjhunwala-owned Baazar Style Retail has raised Rs 37 crore from Volrado Venture Partners reducing the fresh issue size to Rs 148 crore from Rs 185 crore.

Bharti Airtel’s consolidated net profit rose 100.81% sequentially and 158% on-year to Rs 4159.9 crore, helped by a one-time gain in addition to strong broadband user additions and an increase in average revenue per user (ARPU).

Allaying frayed nerves, analysts say the sell off is more of a short-term volatility and it does not indicate any long-term panic mode set in the Indian equities. The primary market is taking a hit in terms of IPO demands. Ola Electric’s GMP has fallen to Rs 10, compared with Rs 15 a few days ago. At the current GMP, the stock is expected to list at a premium of 13% to the issue price.

The share of Domestic Institutional Investors (DIIs) also increased to 16.23% from 16.07% during the quarter. Meanwhile, with Foreign Institutional Investors (FIIs) pulling out Rs 7,693 crore from the market during the quarter, their share declined to a 12-year low of 17.38%, down by 34 bps.

Benchmark Indian equity indices, the BSE Sensex and the Nifty 50, closed lower by about 2.7% each, their worst single day decline in over two months.

The market mood swung from greed to fear due to Yen carrying trade unwinding and US recession worries. Nifty 50 fell 2.7% to 24,055, and Sensex dropped 2.74% to 78,759.​​

​There are a lot of people putting a focus on the Sahm rule that has been triggered, but this is the first time we will see whether or not it really does lead to a recession as what the historical backtesting suggests.

The Nifty Pharma index closed 1.46 per cent down at 21583.05.

When markets start going down, everything goes down. Gold, silver, everything, says Jim Rogers. Gold and silver often make the first bottom and start going up before the stocks do. So, this is not unusual. Rogers says he owns gold and silver but he is not buying now. He is waiting for a better chance.