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"Rupee continued to trade in a narrow range and volatility remained low despite marginal weakness in domestic and global equities," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

"Taking that into account, Nifty50 can be expected to trade positive in the next session. In that scenario, the index can initially head to test its 200-day EMA, placed around 16,740 levels.

“The market is just negotiating a small shift in the trend that has been there over the last two years and it will realign to the new growth dynamic of the economy which is more inward focus in my belief. That is where the portfolio allocation has to align up.”

“Had the monetary policy direction changed a little earlier. we might have been a little better off. Today the twin deficits – fiscal as well as the current account – are back with us. In the case of the current account deficit, that is partly because excessively loose monetary policy.”

After eking out minor gains in the early minutes of the session, the 30-share pack Sensex turned negative but managed to close off lows and ended 185.24 points or 0.33 per cent lower at 55,381.17. Its broader peer, Nifty50, also fell 61.80 points or 0.37 per cent to close below the 16,550 levels.

The worst fall was seen in the steel sector. Two stocks Jindal Stainless and Jindal Stainless (Hisar) were the top index losers, falling 39 per cent and 38 per cent, respectively, for the month.

According to a regulatory filing by the company, the seasoned investor and his better half jointly held a 7.5 per cent stake in the company at the end of March 2022.

However, the shares of new age internet companies like Paytm, Zomato, Nykaa, PB Fintech and CarTrade have corrected significantly amid the recent decline in the markets.

Bond prices fall when yields rise, resulting in marked-to-market losses for investors. This would adversely impact the returns of bond funds as the NAV of funds is computed at the prices prevailing on that day.

“One cannot get too distracted by competition. We have five other guys that each have their own little niche, that each have their own little business model, their own little strategy, we cannot go tying ourselves in knots trying to give you a price war. We have to focus on ourselves. ”