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"Unless there is a very large growth opportunity, do not get into that company. When one assembles a portfolio, go for a small portfolio of maybe three, four, five, or seven companies that are available and that is how you structure the portfolio with a number of growth factors. We follow a scientific investing framework."

“While refining companies were enjoying super normal gross refining margins, the stock had responded but not completely priced in the super normal gross refining margins. It was expected that at some point of time, there is always a risk that the government might want to take some part of that super normal profits on them to fund the local fuel subsidy.”

It’s a sharp departure from the previous two years, when the fortunes of the ultra-rich swelled as governments and central banks unleashed unprecedented stimulus measures in the wake of the Covid-19 pandemic, juicing the value of everything from tech companies to cryptocurrencies.

Nifty is also facing resistance at short-term 20-DMA which presently stands at 15,827. On the support side, coming back to the weekly charts, Nifty has successfully held on to the 100-week MA which presently stands at 15,404. It would be crucially important for Nifty to stay above this 100-week MA on a closing basis.

"Infosys should be good for at least another Rs 25-30 on the upside over the very near-term. Traders could look at a target of Rs 1,520 approximately and stop loss at Rs 1460. The two other calls which I would probably want to focus on are Federal Bank and Hero MotoCorp."

Coming off the worst first-half since 1970, US equities now face a triple whammy of sticky inflation, recession risks and the threat to corporate profits from sinking consumer confidence. After just about everyone on Wall Street got their 2022 predictions wrong, investors are now focused on a toxic mix that spells stagflation, as well as more damage to valuations.

The Ministry of Finance on Friday increased export duties on select petroleum products and announced an additional windfall tax on gains made by domestic refineries.

The imposition of export duty on oil products is estimated to garner Rs 655 billion on an annual basis. But it comes as a detriment to corporate profits, just like the earlier move to impose a 15% export duty on steel has made steel exports uneconomical, thereby increasing inventory level and depressing price realization for steel players in the domestic markets.

Gold is considered a safe haven, as well as, an inflation hedge. However, it has struggled to gain despite increasing growth concerns, persisting inflationary pressures, and selling pressure in the equity market.

"Spot gold prices for 24-carat gold in Delhi surged by Rs 1,088 after India raised import duty on gold by 5 per cent," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.