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"I am not even saying show me the cash flow. I am saying show me some profit. I am not even saying make profit at a consolidated level. I am saying be profitable at the product level and these guys do not have it. Most of them do not have credible business models and basically most of them are ponzi schemes."

The dollar has steamrolled through global currency markets lately, benefiting from bets on aggressive Federal Reserve rate hikes. A stronger greenback bodes ill for Asian stocks when it signals lower risk appetite and is also seen as negative for growth in emerging economies, many of which rely on imports priced in the currency.

Despite the multiple unanticipated challenges that have put enormous strain on trade flows and the international financial system, HDFC Bank chairman said he was confident that the government and the RBI will manage to control inflation.

India’s largest private sector lender reported a net profit of Rs7,730 crore in the corresponding period last year. Analysts polled by Bloomberg had estimated net profit of Rs8,197 crore for April-June.“Despite the bond losses, we have produced a 19% rise in net profit. . . it’s a reasonably healthy performance,” said Sashidhar Jagdishan, managing director of HDFC Bank at the lender’s AGM. “We will be able to recoup those losses as yields stabilise. ”

“50% of the performance is driven by the sector performance. So if the sector is in trend, then chances are that the stocks will also perform. If the sector goes out of favour, even though the company might do well, very rarely will you find that the stock will outperform the market or outperform the sector.”

“As the world talks of recession; inflationary pressures are hitting a lot of companies globally and these are the companies with which Indian IT companies do business. For them, IT is a discretionary spend and when they are seeing cuts on earnings, the first space that they look to cut in terms of spends is going to be IT. Even if they do not cut IT spending, the perception that they will cut spending on IT is going to impact multiples.”

The Nifty Bank is critical as its constituent have about one third weightage in the Nifty50 Index. However, banking stocks led the rally in the first week of July which was latter affected by sectoral rotation, as said by analysts.Technically, the index did face pressure at the 200 DMA, where the profit booking move commenced, said Vyas.

“Various mitigation measures were immediately taken in response to the said cyber security incident including, informing Indian Computer Emergency Response team (CERT-In) as per the standard operating procedure, strengthening the required security configuration of the system, etc.,” SEBI said in a statement on Saturday.

Volatility also declined a bit. India VIX came off by 4.34% to 17.60 on a weekly basis. The coming week is likely to start on a buoyant note. The levels of 16,180 and 16,495 would act as potential resistance points. The supports will come in at 15,900 and 15,710 levels. The trading range is expected to get wider than usual.