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The Nifty Pharma index closed 0.35 per cent up at 12261.35.

By 9.22 am, the BSE Sensex topped the 53,000 market and was trading 539 points or 1.03 per cent higher at 53,080.31. Nifty50 was trading at 15,840.95, up 149 points or 1.03 per cent. Midcap and smallcap indices rose up to 1.14 per cent.

The global cryptocurrency market cap moved up to the $961 billion mark, rising about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied about 26 per cent to $127.41 billion.

“There is no visibility of a timeline as to when the current crisis around inflation and the Ukraine war will end. There are too many unanswered questions and in such times, it is better to not to have a cowboy attitude and just be on the safer side and take defensive positions and create as much cash as and when you have an opportunity to do so.”

A total of 9,484 shares changed hands on the counter till 10:15AM (IST).

The US Federal Reserve on Wednesday approved a 75-basis-point interest rate hike, its largest in more than a quarter of a century, to stem a surge in inflation, and flagged a slowing economy.

Infosys Ltd., incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 598176.40 Crore) operating in IT Software sector.

The stock quoted a 52-week high price of Rs 153.4 and low of Rs 93.2.

"The current year is panning out more like what we experienced in 2011 where after 2 years of phenomenal returns market witnessed a slow but steady correction. In such markets, a stock-specific bottom-up approach should be adopted instead of a basket buying top-down approach. Sectors, where input cost pressure and valuation discomfort exist, should be avoided and value investing should be a preferred methodology for investment."

“People can say the IPO timing was good or bad but LIC itself is a contrarian investor and we do not look at the market being good or bad at any point of time. So, I think it was a good time and we did it but now only time will tell how things shape up, but we are very positive about it.”