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“India’s gross domestic savings are close to a trillion dollars and in that context, about $20 billion of FII selling has got absorbed. That is good news for India because the equity market is always about risk capital. In risk capital, I do think we have become atmanirbhar now. ”

Gains in the CSI300 were led by battery maker Contemporary Amperex Technology (CATL), up 4.16%, and distiller Kweichow Moutai, which was 1.98% higher.

"Japanese market made a big reversal from sharp losses in a short period of time," Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute said, adding that the rebound, however, seems to be a little too strong given declines in the Nasdaq futures.

The pan-European STOXX 600 index rose 0.6% after sliding to its lowest since May 2021 in the previous session. The benchmark was on course to end the week with losses of over 4%.

The announcement comes after the government has given some sort of legitimacy to cryptocurrencies after levying a tax on them. Though, the Finance Ministry has categorically denied that the move makes them legal in India.

Chirag Mehta, Senior Fund Manager, Alternative Investments, Quantum AMC said "While the Russia-Ukraine conflict will be in the headlines for some time now, investors must keep in mind that gold is not a tactical play."

“There is a negative correlation between change in crude oil prices and EBITDA (Earnings before Interest Taxes Depreciation and Amortization) margins of durable companies,” ICICI Securities said.

“It will enable vEmpire investors to earn even more lucrative returns from the DDAO, which has exposure to some of the most promising Metaverse protocols throughout the entire industry, marking the dawn of an entirely new possibility of playing to earn,” said Dominic Ryder, CEO & Founder of vEmpire DDAO.

On the technical charts, the RSI of the stock stood at 25.87.

EU is the biggest market for India’s exports, any supply disruptions to the EU are also likely to generate greater demand for steel, engineering goods, for which India is an alternate supplier, said analysts.