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A strong dollar overseas and higher crude prices also kept the domestic unit under pressure, forex dealers said.At the interbank forex market, the rupee opened strong at 78.03 against the greenback and witnessed an intra-day high of 78.02 and a low of 78.09.

The Nifty Pharma index closed 2.18 per cent down at 11803.95.

“I will keep pharma and IT on radar. IT is looking more promising than pharma so on a ranking scale, IT first and then pharma next but pharma needs to confirm from a market perspective on the price charts that it is reversing from there. Nifty Smallcap is nearing support at about 8,200. If it tries to hold then we can explore possibilities out there but that will be just a trading play and not an investment play.”

The Nifty Realty index was trading 1.06 per cent down at 373.7.

“ I am not saying that markets will go up from here or they cannot correct more but I feel that over time, as strong growing businesses are available at reasonable valuations, the risk reward is looking better than what it was looking a few quarters back.”

The US Fed hiked interest rates by 75 basis points for the first time since 1984, bringing it to a range of 1.5-1.75 percent. However, this was expected as inflation is elevated in the short term.It is important to stick to long-term asset allocation goals

Even after more than 40 per cent stock price correction in the past one year, the stock has delivered 15 per cent 5-year CAGR return and 30 per cent 10-year CAGR return,"

“We had a central bank bull market which pulled stocks too much above fair value. Central bank bear market can pull stocks too much below fair value also and we are in that phase where we could be in a central bank bear market and that is a problem at this point of time. It has not nothing to do with equity investors.”

The 30-share pack lost 135.37 to close at 51,360.42. Its broader peer Nifty50 fell below the 15,300 mark. For the week, the Sensex fell around 5.19 per cent, whereas Nifty50 dropped 5.36 per cent, logging their worst week in nearly 2 years.

Additionally, the company may consider a preferential issue of equity shares or any other method aggregating up to Rs 50 crore. If such placement is completed, the fresh issue size will be reduced.