“In the case of large caps, the valuations are getting into a range where they will be considered expensive compared to where they have credit in the past. But midcap is where the rally has not happened in financials and I would be quite bullish on that space. The other part of the financials which is still inexpensive is the insurance part.”

Futures are now pricing in a 1-in-3 chance that the Fed will raise rates by 100 bps next week. Prior to the inflation data, the debate among market participants was whether the Fed will deliver a 50 bps or 75 bps hike.

The Nifty Auto index closed 0.32 per cent down at 13222.25.

Meanwhile, elevated supply of bonds in the second half of this financial year will bring focus back to incremental demand, resulting in a gradual rise of yields, the house said.

The Nifty Realty index closed 0.69 per cent down at 476.25.

For the quarter ended June 30 2022, the company reported consolidated net sales of Rs 8,032.8 crore, up 15.11 per cent from the year-ago quarter's net sales of Rs 6,978.2 crore. The company reported a net profit of Rs 865.4 crore for the latest quarter.

CCI on Tuesday rejected a complaint against the proposed merger of multiplex chains PVR and INOX Leisure, saying apprehension of likelihood of anti-competitive practices by an entity cannot be a subject of probe

The 30-share BSE Sensex closed down 224.11 points at 60346.97

“Childhood deaths were cut, agriculture productivity increased and women’s empowerment moves like digital bank accounts, particularly in India, were improving a lot before the pandemic. So we had a foundation of success. But the pandemic was a gigantic setback and now the war in Ukraine is having very negative effects worldwide.”