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Analysts said the Nifty Bank index is in the process of testing the lower end (47000) of the broad range. "The daily momentum indicator is approaching the equilibrium line indicating that the fall may be around maturity. Overall, we believe that the fall is unlikely to result in a trend reversal and hence this fall should be used as a buying opportunity," said Jatin Gedia – Technical Research Analyst at Sharekhan.

The stock quoted a 52-week high price of Rs 773.45 and a 52-week low of Rs 336.55.

A total of 24,304 shares changed hands on the counter till 01:44PM (IST)

The Mamaearth stock witnessed strong investor interest as nearly 51 lakh shares traded on the NSE around 2:35 pm. The traded value of the shares stood at Rs 227.14 crore. On BSE too, the stock hit the upper circuit with volumes shooting up by 1.67 times around this time.

Motilal remains a “firm believer” in the medium-term India story and expects these trends to strengthen with multiple themes at play viz. financialisation of savings, private capex revival, rising discretionary consumption, strengthening of real estate cycle, and the massive creation of digital and physical infrastructure.

Nagaraj Shetti says: “Though the market declined by 130 odd points today, I am not expecting a bigger decline from here. The overall near-term trend status of the market remains intact. If Nifty moves below the immediate support of 21,500 levels, there is a possibility of Nifty getting the support of the next lower level around 21,200 to 21,000 levels.”

In the current fiscal year, approximately 33 Nifty stocks have outperformed the index.

A piece of fuselage tore off an Alaska Airlines jet on Friday following takeoff from Portland, Oregon, forcing pilots to turn back. Jefferies said in a note that the latest Boeing incident could slow aircraft production if manufacturing and installation processes are subject to further regulatory probes.

Kaustubh Pawaskar says: “We should expect some improvement in demand from Q1 of FY2025 since inflation has also reduced and companies are passing on the benefit to the consumers in forms of price cuts and grammage increase. The benefits should start coming in the quarters ahead and if all goes well, monsoons turn out to be better, then it should help in revival in the rural demand.”

​The Indian rupee ended little changed on Monday as dollar demand from importers, including local oil companies, eroded early gains from inflows.