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The capital markets regulator in January 2019 laid down the process for payment for applications in the public issue of units of these new investment instruments through the facility of Applications Supported by Blocked Amount (ASBA).

“We have this term at Sequoia that we call user love, which means --do your customers – be they consumers or businesses– absolutely love your product because if they love your product, they will pay you for it, they will pay you more than what it cost for you to make.”

The Nifty Pharma index closed 0.42 per cent up at 12178.4.

In the current scenario, 10 per cent will mature at 16,700. A report by domestic brokerage ICICI Securities said that it expects the index to gradually resolve higher and extend pullback towards the 16,600 region in coming months wherein strong support is placed in the vicinity of 14,800-14,600 zone, which is 80 per cent retracement of CY-21 rally (13,596-18,604), at 14,600.

On the domestic equity market front, the BSE Sensex ended 462.26 points or 0.88 per cent higher at 52,727.98, while the broader NSE Nifty gained 142.60 points or 0.92 per cent to 15,699.25.

Even as the domestic headline equity index Nifty50 is 16 per cent off the record high, Zerodha and True Beacon co-founder Nikhil Kamath says that India remains one of the most expensive stock markets in the world.​

Silver prices also declined by Rs 621 to Rs 59,077 per kg from Rs 59,698 per kg in the previous trade. "Spot gold prices for 24-carat gold in Delhi fell by Rs 70 reflecting overnight fall in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

“I do not know how things will evolve, the world is simply too uncertain and too volatile for me to predict how long this will last but at this moment, all of us are dealing with levels of inflation which very few of us have seen before and that is the reality and it is true in India and it is true across the world.”

The Indian market has seen these headwinds resonating across asset classes, which is reflected in the bear flattening on the Gsec curve, weakening of the currency, and continued drag on the equity market.There are discerning trends visible from how Indian markets have responded.​

The 30-share pack Sensex rose over 450 points (nearly 0.9 per cent) to close at 52,727.98. Its broader peer, Nifty50, closed 0.92 per cent higher at 15,699.25. Both the indices posted weekly gains of 2.7 per cent, logging their best week in over a month.