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Long unwinding refers to the selling of positions or stocks owned for a longer period either to book profit or to exit it in anticipation of impending bearishness.

Deepak Chemtex debuted with a nearly 90% premium at Rs 152 on BSE SME against an issue price of Rs 80. The stock then hit a high of Rs 159.6 and was locked in the upper circuit. The IPO was entirely a fresh equity issue of up to 28.8 lakh equity shares, aggregating to Rs 23.04 crore.

“Banks could reverse sometime going into early next year. We continue to be bullish on the power sector, because we think that the power sector is now going towards the deficit scenario. Third space we have been bullish on the digital space. Some of the consumer tech companies have become large enough to become the largest in the largecap side. Fourth is manufacturing.”

The index closed 177 points lower at 46,834. It had hit a record high of 47,259. The Nifty index closed 82 points higher at 20,937. The fall in the Nifty Bank index was led by losses in Axis Bank, AU Small Finance Bank, ICICI Bank and Federal Bank.

In its order passed on Tuesday, the regulator found that the persons were engaged in providing investment advisory services without obtaining registration from Sebi as required under the IA (Investment Advisers) Regulations. By providing such services, they collected Rs 82.52 lakh from investors.

The IPO of Net Avenue Technologies was subscribed over 500 times. The robust demand was led by retail investors, whose category was subscribed 721 times, while that of non-institutional investors was subscribed 616 times. The part reserved for institutional investors was subscribed 62 times.

Inflows helped the rupee climb to an intraday high of 83.30 but "at lower levels (on USD/INR), dollar demand continues to emerge," Dilip Parmar, a foreign exchange research analyst at HDFC Securities, said.

“China is coming in and that also is increasing the market supply and reducing the demand for the industry. I would say that probably a large part of the whole pain is through and I guess after a quarter or two, we should be able to see a more normal growth rate that we have been seeing in the past.”