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On BSE, the stock closed down nearly 2 per cent to Rs 709.70. The stock is down 25 per cent from its IPO issue price. Shareholders have lost more than Rs 1.5 lakh crore of wealth in the onslaught.

The S&P 500 was 2% lower in the first half hour of trading, while moves in the bond market indicated investors’ concerns are building about a possible recession. The Dow Jones Industrial Average was down 611 points, or 1.9%, at 31,661 as of 9:55 a.m. Eastern time, and the Nasdaq composite was 2.4% lower.

On the domestic equity market front, the BSE Sensex ended 1,016.84 points or 1.84 per cent lower at 54,303.44, while the broader NSE Nifty tanked 276.30 points or 1.68 per cent to 16,201.80.

The study revealed that India has gained the top position in terms of adoption of NFT gaming, with 34 per cent having played P2E games, and 11 per cent willing to play them in future.P2E games are digital plays that necessarily require crypto assets and NFTs for the gameplays. They help gamers earn rewards by generating incentives at various levels of the games.

Luna 2.0 emerged out of the ashes of crypto entrepreneur Do Kwon’s ecosystem, which collapsed after the TerraUSD algorithmic stablecoin at the center of it dropped from its dollar peg in early May. But any hopes of a quick recovery for investors who lost billions of dollars in the crash are fading, with the token losing more than half of its value in the past week alone.

“From a top down perspective, the theme that you want to play is cyclical recovery. We seem to be in an economic recovery from the Covid lows and typically during a phase like this, the cyclical sectors tend to do well. This is a very large segment which includes banks, autos, building materials like cement, real estate, some of the capital goods companies as well as some of the services companies right.”

“The Nifty has been outperforming the markets between February and May and that outperformance might be coming to an end and there could be a slight reversal of roles. S&P might hold up the May lows but go close to it. Nifty might break it and go slightly below. I am anticipating a slight role reversal at the moment.”

The protection segment for life insurers is expected to continue to pick pace as supply-side issues subside and non-par and annuity segments are likely to witness strong growth. "We note that up to FY22, the private sector has been gaining market share, likely driven by attractive product offerings, while LIC has mostly focused on selling par products," it added.

“I think there are different macro and micro aspects playing out. Inflation is obviously high in all the markets, commodity prices are soaring. From a manufacturing perspective, it has impacted different sectors differently depending on the price elasticity of the segment. From an IT perspective, we have been seeing supply side pressures for almost 12 to 18 months. That continues reflecting demand because post Covid, the demand has expanded from IT perspective.”

In the international market, gold was quoting lower at USD 1,846 per ounce and silver was trading flat at USD 21.69 per ounce.