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“The consumers of the auto sector have also changed, individuals have now moved to things like ride sharing etc. So from that perspective, maybe the pattern of buying has changed but the fact that the auto industry is moving more into EV, more into new age technology etc. is indisputable and to that extent I am positive on the auto space at these levels.”

The increase in US rates also raises a major possibility that apart from the equity market, other markets like debt and bond markets may also see some FIIs outflow anytime soon in India, said Ravi Singh, Vice President & Head of Research, ShareIndia.

Markets have been extremely bearish of late amid rate hikes by global central banks, unrelenting foreign fund outflows and jump in crude oil prices.The market valuation of the 10 most valued domestic firms eroded by Rs 3,91,620.01 crore last week.

Shares of Baid Leasing will turn ex-bonus on Monday, and the record date for the same is Tuesday. The company had announced a bonus issue of 1:1 on May 4. The same company had announced a stock split from face value of Rs 10 to Rs 2 in April.

Going forward, FPI flows to remain volatile in the emerging markets on account of rising geopolitical risk, rising inflation, tightening of monetary policy by central banks, among others, Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities, said.

This recent hike has closely arrived on the back of the 50-bps rate hike in May and 25-bps in March. From March to date, the Fed has already seen a 150-bps rate hike. So, within four months - March, April, May and June, the Fed has accelerated the rate hike.

Asutosh Mishra, Head Of Research, Institutional Equity, Ashika Group said that banking counters have been reeling under the pressure due to change in view of global investors towards equity in general and India, particularly.

China wants to reduce its steel exports because it wants to reduce the carbon footprint for the steel industry in China. So, I see a far better balance in global trade over this decade than we have seen in the last decade and if China is not an aggressive exporter, said Narendran.

In fact, such a plan, especially when it is in a sector where the company doesn’t have core competency may even become a distraction and may also paralyze it from making any other investment that could reap higher rewards. Another spillover of such plans is that they tend to intensify the competition and cause FOMO among the existing players, which eventually leads to more capex than required.

By doing this, from the most immediate short term, Nifty has dragged its resistance levels further down to 15,700. As and when a technical pullback occurs, it will find strong resistance at 15,700 levels. Apart from this, the index has also ended up creating a 300-point gap between 15,900-16,200 levels.