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​The INR fell to a new record low of 81 per USD as FIIs began selling. The extended hawkish monetary policy is bound to further slow down the global growth engine. India is in a better position with a decoupled economy with a pickup in credit growth and tax collection, Nair added.

For both direct equity investors and derivatives traders, it is a common practice to book profits consistently and keep the received capital in a savings bank account at marginal interest rates or hold it in the broker’s margin account, which does not offer any returns.

Indication of further rate hike by the US Federal Reserve, fears of a recession, depreciating rupee and continued tensions in Russia and Ukraine will affect FPI flows, Basant Maheshwari, smallcase manager and Co-founder, Basant Maheshwari Wealth Advisers LLP, said.

Signs of extraordinary times were everywhere. The Federal Reserve delivered its third straight seventy-five basis point rate hike while Japan intervened to shore up the yen for the first time since 1998. The British pound slid to a fresh 37-year

“In the market there are bears along with bulls; there are people who go short as well. Bears should also get time to celebrate and make money. Coming back, it is more of a factor that the global sell off has come in after the US Fed decision. The RBI’s credit policy is next week and hopefully, the interest rate hike should be on the expected lines, says Kunj Bansal.”

"Getting a robust process for stock selection along with a detailed checklist is the best way to navigate the complexity and difficulty of picking up likely future wealth creators."

“Nifty may see a further dip towards 16,800 levels and Sensex to 56,000 levels in the current scenario. Investors may consider this fall as an opportunity to pick value stocks from auto, FMGC, IT, banking and power sectors. Investors should divide their investment into three parts starting from current levels till lower levels of Nifty.”

"When times are volatile; participation increases in defensive packs like FMCG. However, this time along with this trading psychology we have one leader who is dominating this pack and that is ITC. We have been constantly upbeat about ITC since the 210 level and we continue to remain bullish on the stock for the coming months too."

While following the basics, it is strongly suggested that the highly-leveraged positions must be avoided and overall exposures should be kept at modest levels. A short-covering from the lower levels cannot be ruled out as we head into the monthly derivatives expiry week. A cautious view is advised for the coming week.

We are likely to see a 50 bps kind of rate hike in September as against the general expectation a month ago of around 6% terminal rate. Repo rate expectation has gone up to 6.5& purely because you would not want interest rate differential to come down, that puts your currency at risk especially because you are a deficit country.