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The rupee registered the best weekly gain after December 24, amid weakness in the dollar index, rebound in risk-sentiments, stable crude oil price and inflows from foreign funds, said Dilip Parmar, Research Analyst, HDFC Securities.

“While conventionally smallcaps gets crushed in a rising interest rate cycle, what will get crushed in the Indian market and what will underperform the markets will be the largecaps and the new age listings, not the smallcap stocks. Both the largecaps and new age listed stocks are highly overpriced, unlike the smallcaps.”

Over the next two years, the median projection has been pegged at 2.8%, though this looks a little stretched given the expected slowdown in global growth.

"A long bull candle was formed on the daily chart, with a gap up opening, for the second consecutive session. The opening upside gaps of the last two sessions remain unfilled. Technically, this indicates a sharp trended upmove in Nifty50 and one may possibly expect another opening gap up by next week," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“The Russia Ukraine war has led to higher input costs. Also if the summer season is better than what we all planned for, then we may exhaust our stock by May itself and therefore we have decided that we will review the prices by the middle of April once again.”

The Nifty Pharma index closed 1.28 per cent up at 13546.05.

Analysts have also suggested that the enterprise software markets that includes players such as Oracle and Salesforce are showing more positive trends in client spending.

BRITAIN-BOE/Bank of England raises rates to 0.75%, less sure about future moves

In the previous trade, the yellow metal finished at Rs 51,251 per 10 grams.

Shares of IIFL Wealth Management climbed 3 per cent after reports said it was added to FTSE Allcap Index. ET Now reported that this may lead to an inflow of $10-12 million to the stock. The adjustment in the index, that is the inclusion will take place on March 21.