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“Cycles have become shorter and we need to acknowledge that. Also, in the last 24 months, market was for masses, the next 12 months market will be for classes which means that it will be a stock pickers’ market. One needs to make sure that there is a bottom-up strategy along with it.”

“Our debt will come down by about Rs 1,000 crore in the current financial year. We have a domestic borrowing of Rs 1,000 crore which we have taken for the Numaligarh Refinery additional equity acquisition which most likely we will be liquidating in the current year. Apart from that, there are no plans of any further debt raising at this point of time.”

Sebi further clarified that the manager of an AIF is not exempted from obtaining registrations under the PMS (portfolio management service) rules to provide investment management services to the offshore fund in Ireland.

The index has now nosedived towards the swing lows seen in March and May this year. It is crucial to monitor how structure develops near this important zone. As long as the index stays above the March low of 15,671 on a daily closing basis, there is scope for some recovery.

The stock quoted a 52-week high price of Rs 2379.0 and a 52-week low of Rs 1556.25.

“I feel that inflation will peak out by September or so and then probably start tapering down and that will be good news for our central bank. Let us hope people do not panic and use this opportunity to go out of the weak sectors and stocks that one is not comfortable.”

Bitcoin, the largest crypto token, is barely above the $25,000 level. It has dropped more than 20 per cent over the weekend, with its market cap slipping below $500 billion or half a trillion.

Having plunged 29% since its May 17 debut, India’s biggest ever IPO now ranks second in terms of market capitalization loss since listing, according to data compiled by Bloomberg.

“There is no reason to be in HDFC today given even a 1% risk of the merger not going through; secondly, if the merger does not go through, it does not look like they can survive the onslaught of the bank in this industry. I think it is lame duck stock at this point of time and I am sorry for the stock but they have done it to themselves.”

The Nifty Pharma index closed 1.83 per cent down at 12191.85.