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​​​The levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonne of crude oil produced domestically.

Dutch semiconductor equipment maker ASML, Franco-Italian chipmaker STMicroelectronics and German chipmaker Infineon fell between 3.1% and 4.1% after Micron gave a significantly weaker-than-expected business outlook.

“The tax increase in gold imports is a step in the right direction. Similarly, one has to see what can be done to curb imports without actually damaging the manufacturing capability or the imports for all other things. We have to push the economy higher and at the same time, rein in a depreciating rupee.”

"This indicates that interest in the market has significantly dropped. Further, the number of NSE stocks trading above their 200 day simple moving average (SMA) has dropped to 13.7 per cent against 96 per cent in June 2021. During the Covid outbreak in March 2020 only 10 per cent of the stocks were above their 200 SMA. So right now, the apprehension to invest fresh money seems high," she said.

Data compiled from corporate database AceEquity suggests that there have been at least six instances in the last 15 years, where the BSE Sensex has delivered more than 5 per cent return in July. The index delivered over 1 per cent return in nine instances and positive returns in 11 instances.

Talking about the seeds business, it said that the demand for cotton seeds was impacted due to the delayed monsoon in Maharashtra, impacting sowing activities and increasing usage of illegal BTcotton seeds. Liquidation of inventories was seen in North India because of better rainfall. However, it remained slow.

However, if the market corrects further then a gradual increase in allocation towards equities should be done at lower levels which would be beneficial in the long term. So this should not be a one-time activity, but investors should review the markets from time-to time and accordingly make necessary changes.

The aggregate FPI equity assets stood at Rs 41.5 lakh crore as of June 15, which translated into a 17 per cent holding of aggregate listed Indian equities (Rs 245 lakh crore and is a dip of around 300 basis points from the March 2021 level of 20 per cent).

The government of India has increased the import duty on the yellow metal to 12.5 per cent from 7.5 per cent earlier, which means the gold companies will have to pay more to import the yellow metal.

As of 31-Mar-2022, promoters held 43.49 per cent stake in the company, while FIIs held 35.03 per cent and domestic institutional investors had 2.18 per cent.