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“We are becoming more positive on the smaller and mid-sized private sector banks. In the manufacturing space also we are extremely positive. If there are structural tailwinds and if the input costs ease off, then we could be in a period where it would be margin supportive. I would say these two sectors are where we are incrementally more focussed on over the last few months.”

In the biggest weekly decline since the mid-June amid troublesome global cues, Nifty ended the week down 1.7 per cent. Nifty Bank, on the other hand, advanced for 4 weeks in a row and ended the week higher by 1 per cent but slipped below the 52-week high level achieved yesterday.

“There is nothing on the cards immediately about investing in any other company. But there is a timeline. Swamiji has decided that over the next five years, we will come out with four IPOs and hopefully over a period of time, it will happen. The overseas roadshow will not be about asking for investment but to tell them our plan.”

The pound fell more than 1% against the dollar to 1.1351, its lowest since 1985, its fall accelerating once it passed through the then 37-year low hit last week.

The action was initiated by the probing agency after conducting raids this week against Chinese-controlled loan apps and investment tokens. The funds have been frozen under the anti-money laundering law.

LIC dominates the life insurance industry in India led by a trusted brand, comprehensive product portfolio and large feet on street, the brokerage said.LIC was the largest initial public offering in the history of the Indian primary markets as the government of India raised about Rs 21,000 crore by offering 221,374,920 equity shares or 3.5 per cent stake of the company.

Technology stocks were weak, with the sector down 1.11%. Chip-making equipment manufacturer Tokyo Electron, a major contributor to the Nikkei, dropped 4.33% and weighed the most on the index.

The World Bank said late on Thursday that the global economy might be inching toward a recession as central banks aggressively tackle sticky inflation, adding to concerns prevailing ahead of the Fed meeting next week.The International Monetary Fund said it expected a slowdown in the third quarter, while warning that some countries were expected to slip into recession in 2023.

The nation’s key stocks gauges have catapulted back to near-record levels, with the S&P BSE Sensex up about 12% this quarter, among the world’s best performers. The rapid ascent has made some investors uncomfortable, and a number of indicators are flashing warning signs.

“Consumer durable sector and consumption have strong oil related inputs. Their margins will be healthy and demand will pick up in the short term on the back of a good monsoon forecast. But medium term, post Covid, pent up demand still flowing through means that investment and consumption, the two engines of growth, are in a strong wicket for the next three to five years. Every dip is a golden opportunity to buy at this point.”