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Existing investors can remain invested while fresh money can be deployed on dips towards Rs 217-205, and further towards 196-187-182, they say.

Banks fell 1% as Credit Suisse said it was likely to see a group-wide loss in the second quarter, a further blow to the embattled lender.

"In some sectors or stocks you can argue that there is resemblance of bear market, but on the broader market it is a correction in a bull market rally," Madhu Kela said.

For the first time on record, the industry also expects sales of more than 900,000 units each in two consecutive quarters. Automakers had sold 920,661 units in the January-March quarter.

Traders who had bet on bond prices declining after the RBI’s policy statement rushed to square off those positions in the secondary market, thereby pushing up prices further.

The company said its existing board of directors has recommended the constitution of an alternate board for approval of shareholders at the ensuing AGM, which will be held on July 15, 2022 via video conferencing.

In a world where new geopolitical alliances are being formed and existing ones are being tested, sound financial plan and prudent asset allocation still continue to remain the best allies for investors to counter the formidable foe of volatility in financial markets, he said in a note to investors.

SBI was the biggest gainer, rising about 1 per cent. It was followed by up to 1 per cent gains in Bank of Baroda, PNB, IDFC First Bank, IndusInd Bank, Axis Bank and The Federal Bank. Bandhan Bank, Kotak Bank and ICICI Bank traded with marginal cuts.

"Midcap companies are possibly still at a premium and there there can be extended pain, but overall as a sector we are quite positive on it."

At the barest minimum, the rate hike will lead to two things – bank interest rates will increase in tandem, making it expensive to take loans for retail customers, meaning people may think twice before making any discretionary purchases. Similarly, companies will also have to shell out more to raise money from banks and markets compared to earlier.