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Dragged by Reliance Industries and Bajaj Auto, the 30-share pack Sensex fell 153 points to close at 52,694. Its broader peer, Nifty50, slipped 42.3 points to settle below the 15,750 mark.

“In India, the May CPI reading was a bit of a reprieve but May was the month where base effects are also positive on top of the cuts in excise duty and a slightly softer momentum. As we have just seen with the WPI numbers, pipeline price pressures remain, we are still seeing upwards pressure on food prices and a lot of pending energy price increases are likely to happen going forward. We do not think inflation has peaked.”

The Death Cross is a chart pattern that indicates the transition into the bear grip. This technical indicator occurs when the short-term moving average (say, 50-day) of a stock/sector crosses from above to below a long-term moving average (say, 200-day).

Shares of LIC rose about a per cent to 675.50 on Tuesday. The counter had tumbled more than 6 per cent to close at Rs 668.20 on Monday as the mandatory lock-in for the anchor investors ended.

The Nifty Realty index closed 0.81 per cent up at 391.0.

Axis Bank has completed more than 12 years of its partnership with Max Life, after which it bought a 12.99 per cent stake in the insurance firm via its subsidiaries. On the other hand, the lender is also reaping benefits from the credit card business.

“In the next three to six months, a great portfolio vintage can be built because long-term fundamental stories do not change. Short-term demand disruption, growth slowdown can happen for a couple of quarters. But when one is looking to value equities from a terminal value and long-term growth perspective, a few quarters of slowdown can be adjusted and that has been partly factored in the pricing as well.”

The holding increased during the period from February 21 to June 10, through open market purchase at an average cost of Rs 624.61, LIC said.This translates into an investment of about Rs 221.22 crore by the life insurer for the stake buy in Capri Global.

“I think the good news from a market perspective is that broadly speaking the market and RBI are in good sync in terms of both inflation expectations, broadly speaking as well as rate hike expectations. Given that kind of a sync that has happened after a gap of 12 months one would assume that we are not going to see very sharp movements in the Indian bond markets from here on.”

“Increased usage of credit cards would potentially result in higher MDR revenues, although Paytm Payments Bank as the acquiring bank will likely be the bigger beneficiary, with some revenue share with One 97 Communications (49% shareholder; similar to the current construct on UPI reimbursement from the government),” the brokerage said in a report.