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US inflation is at a 41-year high and has been rising steadily: 8.3 per cent in April, 8.6 per cent May and 9.1 per cent in June. Inflation in the UK is 9.1 per cent in June and in Euro Zone inflation is at 8.6 %. A severe US recession, along with the ongoing slowdown in China and Europe, can severely impact global growth and corporate earnings, which is not yet reflected in global equity prices.

"We already have clarified the reason behind the crash to our investors and users. Thankfully, the community has shown its support since the inception of this project. Besides, our team has always been transparent to the investors, and community by sticking to our mission and objectives. We would like to reiterate that this is just a one-off event, we will come back stronger."

The Nifty Bank index was trading 1.24 per cent up at 36163.95.

In its earnings preview, Emkay Global expects IndusInd Bank to log a 49.4 per cent YoY rise in net profit at Rs 1,518.30 crore compared with Rs 1,016.10 crore in the same quarter last year. NII is seen growing at 14 per cent YoY to Rs 4,062.90 crore from Rs 3,563.70 crore in the year-ago quarter. It sees NIM at 4.2 per cent, the same as the March quarter but better than 4.1 per cent in the year-ago quarter.

“We wish to inform you that the Board of Directors of the company through resolution passed by circulation on Tuesday, July 19, 2022, have approved second interim dividend of Rs 19.50 per equity share amounting to Rs 7,250 crore,” said the company in a filing to BSE.

Bharat Electronics Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 62851.91 Crore) operating in Defence sector.

The stock traded at a P/E multiple of 97.28, while the price-to-book value ratio stood at 19.49.

On the technical charts, the RSI of the stock stood at 64.8.

The Nifty IT index closed 0.08 per cent up at 27346.15.

At 9.19 am, the BSE Sensex was trading 619.97 points or 1.13 per cent higher at 55,387.59. Nifty50 was trading at 16,525.85, up 185.30 points or 1.13 per cent. Midcap and smallcap indices rose up to 0.90 per cent.