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The profit was significantly higher than the analyst estimate of Rs 3,150 crore in an ETNow poll.

“All metal companies like steel companies and Hindustan Zinc and Hindalco and all the companies are going to have some pressure on their margins going forward for the next quarter.”

His year-end targets for Hong Kong’s Hang Seng Index and the mainland’s CSI 300 Index are at 25,000 and 5,250 respectively, suggesting little upside for the former and nearly 10% gain for the latter as of close of trade Friday.

“For 2022, we expect it to be more of a domestic-led growth and there are three key engines for that particular growth.”

“Currently, the uncertainty around the quantum of a rate hike by the US Fed is spooking markets the world over and participants expect clarity in the scheduled FOMC meeting outcome on January 26,” said Ajit Mishra, VP Research, Religare Broking.

“Auto still remains a value play though whether the value is right now disruptive or whether it is going to emerge is a difficult call to take.”

Bitcoin was trading at $35,572, while other major altcoins were also down by double digits, at 5 pm, Saturday, on Coinbase.

Police say the company owned by 38-year-old Glaidson Acacio dos Santos had total transactions worth at least $7 billion ($38 billion reais) from 2015 through mid-2021 as part of a Bitcoin-based Ponzi scheme that promised investors 10% monthly returns.

By March, the company said it will expand the programme to 10,000 users before rolling out crypto wallets to the rest of the WenWallets waitlist.

Over the past seven trading days, Bitcoin has shed around 20% of its value compared with nearly 30% for Ether. Solana’s SOL and DeFi-play Avalanche’s AVAX token have fallen nearly 38% each. And the wipeout in memecoins has been profound: Dogecoin is down 30% on the week while Shiba Inu is off 38%, according to CoinMarketCap.