The war is still going on in the market but there is some peace in the markets. It was confirmed by the Russian side that the second round of talks are going on. Moscow said that they will discuss a ceasefire as well among other things.

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That lifted sentiment and on top of it there is now an assurance from Fed's Jerome Powell that it won't be a 50 basis points (bps) hike in March, it will most likely be a 25 bps hike.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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