"There is limited scope to fully pass on the raw material inflation, considering the steep price hikes already taken," ICICI Securities wrote in a report on Thursday. "Hence, we revise our revenue, margins and earnings estimates."

“We have to keep in mind that this is a cyclical sector and between 2020 March and today, a significant part of the rally has already played out. For someone to enter metals today in the belief that there is going to be an equivalent uptick because of various global factors, is taking too much of a call. If at all, this can be only a minor portion of portfolio.”

Bitcoin, the largest crypto by market value, was trading 1.34 per cent lower at $40,556. It was still up 5.6 per cent in the last seven days. Ethereum edged 0.44 per cent higher at $,2783. The second largest cryptocurrency by market value has risen 9.4 per cent in the last one week.

Over the past few weeks, crude oil prices have soared to a seven-year high, nearing USD 140 per barrel, due to the ongoing conflict in Europe, Dutta said in a statement. "This has resulted in over 50 per cent ATF price hike from January 2022 till date, including the 18 per cent hike today," he noted.

Overall, it is recommended to stay away from creating positions ahead of the long weekend. The global markets do have to face some headwinds and it would make more sense to keep exposures curtailed and limited. A highly cautious and selective approach is advised for the day.

"Going forward, margins are looking at the various challenges, and opportunities look to steadily grow in the quarters to come."

Policy makers led by Chair Jerome Powell voted 8-1 to lift their key rate to a target range of 0.25% to 0.5%, the first increase since 2018, after two years of holding borrowing costs near zero to cushion the economy from the pandemic.

The S&P 500 index briefly erased its gains on the decision before rebounding after Powell played down the risk of a recession and declared the economy strong enough to withstand tighter policy. It closed over 2% higher.

Powell left the door well open to that possibility, saying repeatedly that if inflation did not cool off as expected, the Fed would accelerate its rate hikes.

The latest Hurun rich list showed that of the 3,381 billionaires globally, 249 are either Indian or of Indian origin. Of these, 215 reside in India. The report also showed that Mukesh Ambani continued to be the richest Asian with a net worth of $103 billion and is the only Indian in the global top 10.