Asian and European equities also advanced as traders cheered better-than-expected data indicating the US recovery remains on track, despite inflation concerns and the imminent end to cheap cash.

“Give your daughter only a modest quantity of gold ornaments for her wedding. Gift her a portfolio of bluechip stocks.”

“Even if there is a shock in one pillar like a downturn in the flow of foreign money, it will be complemented by the domestic institutions and retail investors,” said Mangesh Ghogre, executive director and head of equity capital markets at Nomura India.

Strong results from a clutch of banks, including Citigroup and Morgan Stanley, propelled the S&P 500 to its biggest daily percentage gain since early March on Thursday, while data on the labor market and inflation eased fears over the outlook for higher rates.

The shareholding data published by Apollo Pipes shows Ashish Kacholia no longer holds more than 1 per cent stake in the company. At the end of June quarter, he held 3.58 per cent or 4,68,969 shares of the firm. He had maintained his stake in the firm at the same level for six quarters.

Analysts agree that HDFC Bank continues to outperform industry in terms of loan growth at 4.4 per cent QoQ and 15.4 per cent YoY. On deposit accretion as well, it is outperforming peers. Retail loan growth has picked up traction with growth of 5.5 per cent QoQ and 13 per cent YoY.

“Apart from IT, banking and consumer companies which have underperformed, could do well now.”

Russia has sought alternatives to trading in dollars since being slapped with sanctions in 2014 following the annexation of Crimea, and Putin accuses the US of using its currency as a weapon. Crypto backers argue decentralized money will eventually replace fiat currencies issued by central banks.

Analysts tracking the company said it will report 48-52 per cent sequential and 45-47 per cent annual growth in net revenue. On the other hand sequential profit growth may be in the range of 203-391 per cent and yearly growth of 66-136 per cent.

The S&P 500 on Wall Street had its best day since March, while the Dow and Nasdaq also saw big gains. Asia followed suit, with Tokyo up 1.8 percent and Taipei more than two percent higher. Shanghai, Sydney, Seoul, Singapore, Bangkok and Manila also rose. Hong Kong jumped more than one percent, having reopened after two days off, though Jakarta and Wellington dipped.