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“Look at the long term picture. As long as the picture is good, do not get too worried by the short term. If there is a correction at all, it is an opportunity to invest is what we would look at. The current resilience gives us confidence that if we can manage in this turbulent time, then once things ebbs, we will emerge much stronger.”

IIFL Finance had raised $400 million through its maiden overseas bonds in February 2020 at an issue price of $998.75 per bond to fund its business growth, a release said.

“The market probably wants to still believe that peak inflation this time around would be relatively lesser compared to what it has been in the past weeks. The market is taking comfort that even though inflation might be a little stretched for a while, India will probably end up better and that is simply because we did not really stimulate our economy as much as what some of the developed markets did.”

​​The public issue comprises fresh issue of equity shares, aggregating up to Rs 500 crore, and an offer for sale of equity shares to the tune of up to Rs 100 crore by promoters -- NCBG Holdings Inc and VNG Technology, according to the DRHP.

Sources told Reuters last year that the Reserve Bank of India, which acts as regulator for the financial industry, wants banks to limit ownership stakes in insurance companies.

“It is clearly evident that the entry level cars are not moving much and the two-wheelers are not selling. If you see the latest number of tractors also, there is a negative situation which is clearly evident in rural India or Bharat, which saved us post the first lockdown but has been ineffective in post second lockdown. ”

Wednesday is likely to see the levels of 18,000 and 18,065 acting as potential resistance points. The supports will come in at 17,880 and 17,810.

The index negated its higher-high formations of the last five sessions.

“We have to understand from the management commentary which companies are able to take the price hikes in their end product prices and that is where there is going to be a difference between the men and the boys. The market will reward those companies which have pricing power and will be able to manage their profitability over the next one or two quarters.”

The decision has been taken after National Payments Corporation of India (NPCI) reviewed the systemic readiness required at various intermediaries to facilitate the processing of applications with increased UPI limit.