After bouncing from their June lows, global equities are once again taking a hiding from worried investors after Fed chief Jerome Powell warned last week the bank would need to tighten policy much more to succeed in its battle against prices.

Gold languished near a one-month low on Wednesday and was set for a fifth consecutive monthly drop, as solid U.S. data and hawkish Federal Reserve comments pointing to higher interest rates dented the non-yielding metal's appeal.

Data from the American Petroleum Institute (API) showed gasoline inventories fell by about 3.4 million barrels, while distillate stocks, which include diesel and jet fuel, fell by about 1.7 million barrels for the week ended Aug. 26

“If one has to be in a sector, one needs to remain among the largest of the lot and rather than try and cherry pick at the bottom which are cheaper but front line companies do not offer valuation comfort and the smaller companies, unless they are working in very micro markets and have supplemented capacity, do not offer any significant upside. It is a tough market for cement.“

One interesting Ganesha stories is about going around the world 3 times as a race between his brother Karthikeya and him. While Karthikeya went around the entire world, Lord Ganesha won it by going around his parents 3 times. Like Lord Ganesha, the journey to your financial freedom is in understanding the concept of ‘your world’ and scale the uncharted territories of your personal financial well being.

“If you ask me today where Adani stocks are and should people buy them, my answer will be yes one can buy Adani Port and maybe if you have a long-term horizon, you can buy Adani Wilmar also. These are the two stocks I believe in and these are good bets even at the current levels. I would not advise buying at these levels any other Adani Group stocks.”

"FIIs have done some net buying in July-August and the reasons are two-fold. The corrected valuations towards the end of June provided an attractive risk-reward trade-off for them. Some moderation in the inflation print towards the end of July and thus lesser probability of aggressive rate hikes. The long-term growth outlook continues to remain intact."

BSE's Sensex soared 1,564.45 points or 2.70% to end at 59,537. NSE's Nifty surged 446.40 points or 2.58% to close at 17,759.30. This is their strongest advance in a trading session since May 20. Market participants said the reason behind the unprecedented recovery in stocks could be optimism on account of the lower-than-expected foreign selling figures announced after trading hours on Monday.