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I must also say that if there is scepticism, I would be less concerned. When there is complete confidence that this market is going to go up, that is when I would be concerned. As we speak today, while markets have done well over the last two months, some amount of money has been made for a lot of people who are invested with the belief is that with each rally, book profits, take money off the table and hence there is scepticism.

At 9.17 am, the BSE Sensex was trading 433.83 points or 0.72 per cent lower at 59,500.18. Nifty50 was trading at 17,743.45, down 133.95 points or 0.75 per cent.

Bharat Dynamics (BDL) was the top gainer in the defence pack as it rallied as much as 12 per cent to hit a fresh 52-week high at Rs 976.20. The stock pared much of the gains later on but was still up around 6 per cent in the afternoon session.

“We are becoming more positive on the smaller and mid-sized private sector banks. In the manufacturing space also we are extremely positive. If there are structural tailwinds and if the input costs ease off, then we could be in a period where it would be margin supportive. I would say these two sectors are where we are incrementally more focussed on over the last few months.”

In the biggest weekly decline since the mid-June amid troublesome global cues, Nifty ended the week down 1.7 per cent. Nifty Bank, on the other hand, advanced for 4 weeks in a row and ended the week higher by 1 per cent but slipped below the 52-week high level achieved yesterday.

“There is nothing on the cards immediately about investing in any other company. But there is a timeline. Swamiji has decided that over the next five years, we will come out with four IPOs and hopefully over a period of time, it will happen. The overseas roadshow will not be about asking for investment but to tell them our plan.”

The pound fell more than 1% against the dollar to 1.1351, its lowest since 1985, its fall accelerating once it passed through the then 37-year low hit last week.

The action was initiated by the probing agency after conducting raids this week against Chinese-controlled loan apps and investment tokens. The funds have been frozen under the anti-money laundering law.

LIC dominates the life insurance industry in India led by a trusted brand, comprehensive product portfolio and large feet on street, the brokerage said.LIC was the largest initial public offering in the history of the Indian primary markets as the government of India raised about Rs 21,000 crore by offering 221,374,920 equity shares or 3.5 per cent stake of the company.

Technology stocks were weak, with the sector down 1.11%. Chip-making equipment manufacturer Tokyo Electron, a major contributor to the Nikkei, dropped 4.33% and weighed the most on the index.