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“Metal is one space to avoid because at least near term, things are not looking that great. The government has come in a big way and typically when the sector is in the eye of the government and if they are looking at what sort of numbers the companies and the sector is showing, that tends to remain a bit depressed.”

Promoters held 38.17 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 17.7 per cent and 3.73 per cent, respectively.

At 9.30 am, the BSE Sensex was trading over 100 points or 0.20 per cent lower at 52,591.13. Nifty50 was trading at 15,705.20, down 26 points or 0.17 per cent.

With May inflation in the US coming at 8.6 per cent against expectations of 8.3 per cent, the Fed is likely to take a relook at its 50 bp rate hike guidance. The market is now bracing for a 75 bp rate hike by the US central bank. The present trends indicate that the Fed will have to continue with its aggressive tightening, taking the terminal Fed funds rate to 3.5 or 3.75 per cent by mid 2023.

“The volatility could continue for some time. The key variables to track will be inflation, both in India and globally. If inflation does start to come down or peak out, especially given the fact that we are seeing early signs of commodity prices correcting, that will be the key trigger point for markets.”

The global cryptocurrency market cap was trading sharply lower at the $971 billion mark, rising about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 26 per cent to $126 billion.

Gold futures on MCX were trading higher, gaining about 0.14 per cent or Rs 70 at Rs 50,265 per 10 grams. Silver futures gained close to 0.73 per cent or Rs 432 at Rs 59,933 per kg.

The Indian rupee opened on a flat note against the dollar on Wednesday ahead of the US Fed meeting outcome, Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

“The regulators, the government, RBI especially has been spot on in implementing these taxes and banning payment gateways from transferring money to crypto exchanges. This probably happened when Bitcoin was at say $50,000 or whatever and in this last fall to $20,000, Indian retail to a certain extent didn’t have to face the extent of trouble their foreign peers might have seen due to opportune regulations.”

Shree Cements Ltd., incorporated in the year 1979, is a Large Cap company (having a market cap of Rs 69317.25 Crore) operating in Cement sector.