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Following the inflation report, two-year Treasury yields , which are highly sensitive to rate hikes, spiked to 3.057%, the highest since June 2008. Benchmark 10-year yields reached 3.178%, the highest since May 9.

"Today, the inflation data was disappointing. Many hopes for a peak are now dashed," said Ryan Detrick, chief market strategist at LPL Financial. "The fears over inflation and the potential impact of profits in Corporate America are adding to the worries for investors here."

The NSE Nifty shed 1.68% to end at 16,201.80 points. The BSE Sensex fell 1.84% to close at 54,303.44. Shares of lenders, information technology companies and Reliance Industries led the declines.

While the headline index Nifty50 lost 3.03 per cent in May, the selloff was sharper in the broader market. Nifty Midcap 100 lost 5.33 per cent and Nifty Smallcap 100 slipped 10.2 per cent during the period.

We may need one more round of discussion with RBI on IDBI strategic sale. The expression of interest (EoI) may be invited by July-end," the official said. The government holds 45.48 per cent stake in the bank, while LIC owns 49.24 per cent.

Topline growth at the Nifty level excluding financials was at 9.8 per cent quarter-on-quarter and 24 per cent on a yearly basis, ICICI Securities said in a recent note. The bottom line grew at a healthy 14 per cent year-on-year, the brokerage said.

Life Insurance Corporation (LIC) was listed on the bourses on May 17 at Rs 872 a share. The government had fixed the issue price of LIC shares at Rs 949 apiece after a successful Initial Public Offering (IPO) which was over-subscribed nearly 3 times.

The regulator also noted that there were five complaints as of May 2022 which were pending for more than three months against research analyst, stock broker and investment advisers.The average resolution time for a complaint was 29 days, it added.

“We should look at Bajaj Auto in a two-wheeler space. In the four-wheeler space, Maruti looks interesting from current levels. It looks promising going forward and one should start allocating some portion into the auto stocks. My top two front runners in the consumption space are Aditya Birla Fashion and Trent from a medium term perspective. ”

Nifty50 opened on a negative note at 16,283.95 and slid to as low as 16,172.60 level. However, during the day, buying emerged at some points to take the index to as high as 16,324.70. Eventually, it closed down 276.30 points or 1.68 per cent at 16,201.80.