"It's difficult to say that worst is over. We hope that the central bank refrains from hiking rates further in the next October meet," Nirmal Jain, Chairman of India Infoline told CNBC-TV18.
A sharper-than-expected hike of 50 basis points each by the Reserve Bank of India (RBI) in its key lending rate spooked the market today. Rate sensitive counters like auto, banking and realty bore the brunt of heavy selling. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.