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The Reserve Bank of India (RBI) is estimated to have sold about $1 billion on a day the US financial markets are shut. The RBI could not be immediately contacted for comments.

"In the last two quarters, we have hired 35,000 freshers. In the last six to nine months, we have actually invested in organic talent development of these people coupled with some additions from the market. So bringing all of that talent and making them productive, and whatever is the gap we bring it from the market is what is driving this quarter’s growth and the future growth will also be like that."

In the past, such a “pivot whipsaw” would normally have been due to some off-the-cuff dovish comment by Fed Chair Jerome Powell that suggested a replay of his big U-turn in the middle of the market volatility of the fourth quarter of 2018 — that is, the notion that the long-standing Fed “put” was back in the money.

ADRs of Infosys traded nearly 3 per cent higher at $17.52, and those of Wipro rose about 4 per cent to $4.91 on the New York Stock Exchange.

“We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate,” Chief HR Officer Milind Lakkad was quoted as saying in the release.

"On the equity side, actually there is a net inflow of about Rs 14,000-15,000 crore, which, given the market volatility, is a very healthy number."

"We have seen GDP downgrades coming through and I would not be surprised to see the margin pressures coming back because while WTI has been fairly strong, CPI has yet to catch up"

The Dow Jones Industrial Average rose 122.30 points, or 0.42%, at the open to 29,419.09. The S&P 500 opened higher by 7.85 points, or 0.22%, at 3,647.51, while the Nasdaq Composite gained 7.54 points, or 0.07%, to 10,659.95 at the opening bell.

​A few weeks back, media reports had said that India Cements was in talks with several players to sell the Madhya Pradesh project. Besides JSW Group, UltraTech Cement and Adani Group were also in the race to acquire the asset.Springway Mining, a wholly-owned subsidiary of India Cements, owns limestone-bearing land in the Panna district of Madhya Pradesh and is in the process of setting up a cement plant in the state.

"Margin improvement will definitely happen, but moving towards 26-27% is a big challenge and when it comes to the supply-side situation, unless the attrition rate is really handled properly or addressed quite well, we will see more margin pressures."