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A total of 7,981 shares changed hands on the counter till 10:20AM (IST)

"The retail sales data is better than expectations, and I think the economy is on track for a recovery," said Linus Yip, chief strategist at First Shanghai Group."Nonetheless, economic growth is still much lower than its potential, as the fear of COVID outbreaks continues to hurt consumer and corporate sentiment," said Zhiwei Zhang, Chief Economist at Pinpoint Asset Management.

"Overall June quarter earnings are expected to be muted with the impact of profitability will be high considering high input cost across and which may not be possible to pass on immediately. Chemicals, paper, banking, auto, auto ancillary, realty are likely to do well. Metals, FMCG, textile, cement and infra are likely to be weak."

“Ultimately markets are a slave of earnings. So despite all the flows which are happening in largecap funds or the ETF money going into the largecap companies, TCS is at a 52-week low, more than 20% off from the top. Ultimately it is all about how companies do or the economy does and how the overall earnings picture is.”

Higher interest rates would make riskier assets like cryptocurrencies and stocks less attractive as investments. However, the top crypto token - Bitcoin - continued to trade above the $20,000 mark.

“Nazara, Paytm, Nykaa, Zomato and maybe any new listings which may come. Eventually, among these companies and maybe some of the new listings where one will be more circumspect in getting into, one will find the growth story of the decade and will want to own them in the 2020-2030 portfolio. If you are holding it for 10-15 years, then you can make some spectacular gains. ”

Larsen & Toubro Infotech Ltd., incorporated in the year 1996, is a Large Cap company (having a market cap of Rs 67912.42 Crore) operating in IT Software sector.

India’s NSE Nifty 50 Index has slipped nearly 14% from its all-time high touched in October as inflation, tightening monetary policy and persistent selling by foreigners weighed on sentiment. The insurer is using the rout to buy growth stocks at reasonable valuations and large private sector banks without bad loan woes, according to the chief investment officer.

Nifty50 could face some resistance around 16,250 on the upside while on the downside crucial support is placed at 15,800 levels, suggested experts. Nifty has corrected gradually in the last few sessions from its swing high of 16,250 and has now reached its important support zone, they said.

McKinsey’s mandate includes a comprehensive plan to address pricing, margins, structure, rightsizing, international business expansion, etc, in what would be a year-long association. McKinsey is benchmarking some of the top companies around the world including Tata Motors’ homegrown rivals that are performing on better profitability metrics, the sources said.