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“The government has assured us that export duty on steel is a temporary action and we are waiting to see this reversed. India should be a big steel exporting country. Why should other countries which do not have iron ore be exporting steel when India has all the iron ore that it needs? India should be encouraging steel exports and not discouraging it.”

The local currency reached 79.0350 around the middle of the session, its highest level since Aug 5. By comparison, the Chinese yuan and the Indonesian rupiah were barely changed.A trader at a Mumbai-based state-run bank said the rupee managing to open above the key 79.40 level was an additional trigger for the USD/INR pair slipping closer to the 79 level.

​The 30-share Sensex advanced 455.95 points to end at 60,571.08. Its broader peer, Nifty50, ended at 18,066.80, up 130.45 points. This was the first time since April 4, when the 50-pack index setted above the psychological mark.

“The whole world is trying to replace China in both its formulation – API, and its intermediate supply chain. We already have significant investments in firms like GMM, Alkyl, Divi’s. We are considering making some more investments in the space but as we invest in companies with barriers to entry with moats and that require careful work at the down level.”

With increasing investor awareness, investors have realised the ease and benefit of investing in an index fund. From an investor perspective, the time spent on researching before investing drastically reduces when investing in an index. Also, one gets access to a well-diversified portfolio. Today, a wide variety of index funds are available across market capitalisations and sectors. So, an investor can easily take care of equity allocation using index funds.

The breakout was confirmed as higher volume participation is present. Bollinger band plotted on the Daily timeframe has started to expand which tells that the volatility for the prices to go higher is rising.

Indiamart has a dominant market share in B2B classified business with around 65 per cent market share in paid listings. The strength of the business model is visible in the 12 per cent CAGR growth in paying subscribers and 31 per cent CAGR growth in the number of registered buyers over

We have been able to execute pricing action given the input costs of edible oil which came down significantly during July-August and we are seeing much better results. Similarly, foods which had high base are doing well. I would see a gradual improvement in volumes. Q2 will definitely be much better than Q1 and then in Q3 and Q4, it will get normalised.

The RBI has hiked key policy rate by 140 basis points in May-August, to tackle elevated inflation and the next policy decision is due on Sep. 30. Apart from Indian inflation reading, traders will be keenly awaiting U.S. inflation data that is due on Tuesday.

Among the larger sectors, Utilities (16 per cent up) Autos (11 per cent up), Industrials (7 per cent up) and FMCG (4 per cent up) have outperformed while Realty (13 per cent down), materials (9 per cent down), IT (7 per cent down) and healthcare (3 per cent down) have disappointed. Banks have been broadly market performers.