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The regulator found that Yadav and Agarwal received 4.6 lakh shares and 4.2 lakh shares off-market at a discount and simultaneously disseminated SMSes recommending buying the scrip of Covidh.Alokam, the director and promoter of the company, received money from Yadav and also had off market transactions with Agarwal.

“Global allocators always have a bit of an issue with India because it always trades relatively expensive compared to other emerging markets. But there is a very good reason for that and longer term, India still looks fine. In the very short term, if China starts opening up and foreign capital starts to come into China, then vis-à-vis there will be less capital going to India. But if China does well, the EM group will do well and India will also get money from that.”

Stocks and bonds have been gripped by the sharpest slump since the 1990s, while currencies are suffering their worst losses on record, beating even the Covid rout of 2020. And Argentine assets are set for increased scrutiny following Saturday’s sudden resignation of Economy Minister Martin Guzman and the appointment of a leftist economist to replace him.

The short-term trend of Nifty50 continues to be positive with range movement, said Nagaraj Shetti of HDFC Securities. He said that the market is now showing signs of attempting a decisive upside breakout of important resistance of 15,900 in next one-two sessions.

"Changing investor preference from growth to value stocks is clearly visible, resulting in selling across sectors like IT. As we step towards the new earnings season, the prime focus of the market will turn towards quarterly numbers and updated guidance for the new financial year," said Vinod Nair, Head of Research at Geojit Financial Services.

“The bottom was in September last year when we could produce only 40% of our plan and it improved subsequently. In October it was about 60%, November 85%, December 90%, January, February and March was about 92% and April, May, June was about 94-95%. So we have seen a constant improvement although we have not reached 100% yet.”

The government has raised export duty on diesel by Rs 13 a litre and on petrol by Rs 6 a litre. It has also raised export duty on ATF by Re 1 per litre. The government said Indian exporters would have to sell 50 per cent of petrol in the domestic market on total shipping bill while they have to sell 30 per cent of diesel in domestic market on total shipping bill. In addition, a cess of Rs 23,250 per tonne was imposed on crude produced domestically.

In the international market, both gold and silver were trading flat at USD 1,808.45 per ounce and USD 19.83 per ounce, respectively.

Edelweiss analyst Arun Jain cites two key catalysts that can trigger a rally in FMCG stocks: cooling off of key raw material cost, which will be retained by most companies, and reasonable valuation after correction in multiples despite no significant earnings downgrades.

Dollar revenue growth is seen at 3.4 per cent YoY or 1.5 per cent QoQ, with the cross-currency impact seen at 190 basis points. Deal wins and the impact of the macro weakness on growth will be key monitorable, Motilal Oswal said in a note.