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Till trust returns to the crypto ecosystem, one can expect Coinbase stock price to stay muted, said Nigam. "Institutional investors are reconsidering the asset class given the recent controversy," he added.

Within weeks, the movement had spread to Twitter, TikTok and Discord, and GameStop’s stock price rose to a zenith of $380, up from a pre-spike baseline of below $5. Although prices would subsequently fall, Bloomberg estimates the furore cost short sellers a total of $8 billion.

“The trend going forward hopefully should be that instead of putting money in an emerging market basket, wealth funds should be willing to put more money into India directly as a single country. Hopefully, sovereign wealth funds or large institutions will be a bit more nimble footed, a bit more agile and more likely to be directly registered in India as FPIs in their own right.”

The benchmark 10-year government bond yield ended at 7.2910% versus its close of 7.2852% on Tuesday. "Enough Fed governors have given hawkish comments over the past few days. The market knows that the rate hike cycle is not going to stop," said Dwijendra Srivastava, chief investment officer-debt at Sundaram Mutual Fund.

In the international market, gold was quoting lower at USD 1,745 per ounce while silver was flat at USD 21.27 per ounce.

In the Sensex pack, Bajaj Finance, Dr Reddy’s, SBI, Maruti, Kotak Bank, Sun Pharma and NTPC were the top gainers in Wednesday’s trading session, rising about 0.5-1.5%. ICICI Bank, HDFC, Axis Bank, M&M, Tata Steel and HDFC Bank also closed higher

On the technical charts, the RSI of the stock stood at 35.1.

The stock traded at a P/E multiple of 7.09, while the price-to-book value ratio stood at 2.3.

A total of 25,718 shares changed hands on the counter till 02:12PM (IST).

“To me, it still looks like a corrective trend and within that, the market is trying to push towards an all-time high. The market is alright as long as it stays above 17,969 as below that, things start to get weakish for the Indian market. But as long as that is happening, the short term is higher for the Indian market.”