The FOMC will discuss how and when to shrink its balance sheet

The blue-chip CSI300 index rose 0.7% to end at 4,712.31, while the Shanghai Composite Index gained 0.7% to 3,455.67.

“In the offline world, if one does not have GST, one is allowed to sell, but not in the online world. I really feel that this is one of the biggest blocks stopping small businesses from really going online and becoming successful.”

Jhunjhunwala held 2,90,97,400 shares or a 1.60 per cent stake in Canara Bank as of December 31, valued at roughly Rs 650 crore.

The crypto market is closely observing the result of the US Federal Reserve’s two-day policy meeting later in the evening. The Fed is expected to hint at an interest rate hike in March to fight inflation.

Spot gold held its ground at $1,846.87 per ounce, as of 0325 GMT, after hitting its highest level since Nov. 19 on Tuesday. U.S. gold futures were down 0.3% at $1,847.50.

On Wall Street, shares came well off their lows by late afternoon. But another burst of selling in the final hour of trading pulled them lower again. Technology stocks were the biggest drag on the market.

“One does not really want to catch a falling knife in an environment where the market is still fairly bearish and expectations are still tightening and of course we do have the Fed FOMC meeting on Wednesday. That will give us further indications.”

Stocks such as HDFC Bank, HUL, HDFC, Bharti Airtel, Kotak Bank, Maruti, ONGC, Nestle, among others, have underperformed the Nifty in the past two years. ITC, Axis Bank, Coal India, BPCL, ICICI Lombard, Colgate, Petronet, Indraprastha Gas and Federal Bank among others are trading below their prices two years ago.

There are reports that Amazon, Google or Microsoft could be a potential investor.