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Meanwhile, a survey on Friday showed that U.S. business activity contracted for the first time in nearly two years in July, deepening concerns about an economy stunted by high inflation, rising interest rates and dwindling consumer confidence.

The one thing that changed in the past week was FIIs turning positive on the Indian markets. Do you see this trend to be continuing going forward as well? Are you seeing the dynamics of the Indian markets changing, are we factoring in that inflation has now peaked and going forward we can expect better corporate earnings as well? How are you seeing the macro setup and the FIIs buying?

The US dollar index fell 1.2 per cent last week marking its first decline in four weeks and has corrected more than 2 per cent from the 2002 high set earlier this month. The US currency lost momentum last week also as European Central Bank joined other central banks in monetary tightening ECB raised interest rate for the first time since 2011 and decided to raise lending rate directly by 0.5 per cent surprising few who were expecting a more gradual approach.

Net interest income rose 32% at Rs 1,850 crore, while net interest margin for the quarter rose nearly 30 basis points to 2.4%.

The IT major is unlikely to change its revenue growth guidance of 13-15 per cent in constant currency terms and EBIT margin guidance of 21-23 per cent for FY23 when it announces its quarterly earnings on Sunday, said analysts. Kotak Institutional Equities expects Infosys to report a 7.2 per cent YoY rise in net profit at Rs 5,568.10 crore from Rs 5,195 crore in the same quarter last year.

We saw two textures of the market this week; the first half of this week was more ruled by the index moves where we saw the second rung of stocks perform well. I believe that the potential is much higher for the stock over the near term so Rs 110 could be a target which one could look out for the next week and the stop loss could be kept at Rs 100.

​Non-interest income, excluding treasury income, climbed 25 per cent YoY to Rs 4,629 crore from Rs 3,706crore. Fee income was up 32 per cent YoY at Rs 4,243 crore from Rs 3,219 crore. Fees from retail, rural, business banking and SME customers constituted about 79 per cent of total fees, the lender said in a press release.

In the previous weekly note, it was categorically mentioned that the markets may resume their up move after a brief period of consolidation. Against the trading range of 390.35 points in the week before this one, Nifty moved 610.05 points this week as it added strength to its move. Among a few technically important things that took place, the one was that of the Nifty keeping its head above the crucial 16000 levels and then inching higher.

The bank said its non-interest income for the quarter came in at Rs 781 crore. Adjusted for unrealised and realised gain on investments, the non-interest income climbed 35 per cent on a year-on-year basis.

"Looking at the momentum certainly portrays the urge of the bulls of D-Street while favorable conditions. However, significant traction is seen outside the indices; hence it is advisable to keep Identifying apt themes and potential movers within the same, which are likely to provide better trading opportunities. Meanwhile, staying abreast with the global market is advisable," he added.