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“We are in favour of nibbling and in fact post yesterday, it would make sense to do a little more than nibbling. India is not as impacted by inflation as perhaps the US is and so to that extent even the stocks are much better positioned. Speaking of places where one wants to invest, I think the BFSI and particularly banking is interestingly poised.”

The Nifty Realty index closed 3.65 per cent up at 384.3.

The yen dropped 0.8% to a 24-year low of 136.18 per dollar , extending losses after the Bank of Japan on Friday dashed any mild expectations of a change in policy and continued to stand alone in its commitment to ultra-easy monetary settings.

Vedanta would look into buying an incremental 5% stake in Hindustan Zinc from the government, but the rest of the sovereign stake will be sold in the open market.

"We expect oil demand to improve further, benefiting from the reopening of China, summer travel in the northern hemisphere and the weather getting warmer in the Middle East. With supply growth lagging demand growth over the coming months, we continue to expect higher oil prices,"

In the international market, both gold and silver were trading flat at USD 1,837 per ounce and USD 21.66 per ounce, respectively.

The Nifty Auto index closed 2.04 per cent up at 10974.2.

As Nifty bulls are trying to get rid of the scars left by US Fed Chair Jerome Powell, market mavericks Porinju Veliyath, Basant Maheshwari and Saurabh Mukherjea are bullish on these 5 stocks for the next 5 years:

Mamaearth is targetting a valuation of around $3 billion - 10-12 times forward earnings based on sales growth and future revenue potential, a person briefed on the discussions said. It plans to file draft regulatory papers by the end of this year, said sources, who declined to be named as the plan is private.

“The valuations have now come within 5% of historical average levels of 17 years. There would be some more correction if retail were to give out. There is a risk that retail investors will start shunning equity markets and if that leads to some selling, foreigners investors could start smoothening that fall as they are already significantly underweight India.”