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These funds are a convenient place for both individual investors and big institutions to keep money temporarily. Their yields have been very low for years, and since the crisis of March 2020, they had hovered near zero, paying investors virtually nothing.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by USD 28 million to USD 18.41 billion, RBI said.

"Machine learning helps us to be devoid of emotion in our investment decision-making process. Working out achieves the same goal where you are decluttering your mind and only looking inward to become stronger for an hour at a time. Decluttering your mind means you are able to remove biases/emotions and get to a zen state of mind. We all make our best decisions with a clear mind and that is extremely critical in investing."

The Nifty Realty index was trading 0.38 per cent down at 403.75.

Following the inflation report, two-year Treasury yields , which are highly sensitive to rate hikes, spiked to 3.057%, the highest since June 2008. Benchmark 10-year yields reached 3.178%, the highest since May 9.

"Today, the inflation data was disappointing. Many hopes for a peak are now dashed," said Ryan Detrick, chief market strategist at LPL Financial. "The fears over inflation and the potential impact of profits in Corporate America are adding to the worries for investors here."

The NSE Nifty shed 1.68% to end at 16,201.80 points. The BSE Sensex fell 1.84% to close at 54,303.44. Shares of lenders, information technology companies and Reliance Industries led the declines.

While the headline index Nifty50 lost 3.03 per cent in May, the selloff was sharper in the broader market. Nifty Midcap 100 lost 5.33 per cent and Nifty Smallcap 100 slipped 10.2 per cent during the period.

We may need one more round of discussion with RBI on IDBI strategic sale. The expression of interest (EoI) may be invited by July-end," the official said. The government holds 45.48 per cent stake in the bank, while LIC owns 49.24 per cent.

Topline growth at the Nifty level excluding financials was at 9.8 per cent quarter-on-quarter and 24 per cent on a yearly basis, ICICI Securities said in a recent note. The bottom line grew at a healthy 14 per cent year-on-year, the brokerage said.