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“There was not much volume growth in H2 because all our operations are running at full capacity. The only one which we were ramping up was Neelachal which is also running at full capacity. I see marginal volume growth if at all. There will be volume growth next year when the Kalinganagar 5 million ton completion would have happened.”

The Nifty Bank index was trading 0.78 per cent up at 43354.25.

“The Reliance stock is looking good from the short covering point of view. A bounce back out here cannot be ruled out with the kind of positive divergence which we are seeing on the daily and the hourly charts. The stock is likely to reach towards the levels of Rs 2360-2380.”

The stock quoted a 52-week high price of Rs 410.0 and a 52-week low of Rs 132.55.

Mutual funds increased their stake in Delhivery, FSN E-Commerce Ventures, One97 Communications, PB Fintech, and Zomato in the last quarter, while FIIs reduced stake in Delhivery, FSN E-Commerce, Paytm parent, and PB Fintech.

ESAF Small Finance Bank IPO: The Rs 463-crore IPO includes a fresh equity issue of Rs 391 crore and an offer for sale (OFS) of Rs 72 crore. Under the OFS, promoter selling shareholder ESAF Financial Holdings will offload stake worth Rs 49 crore and other selling shareholders – PNB MetLife and Bajaj Allianz Life – make up for the remaining OFS portion.

US brokerage Citi downgraded Tata Steel and slashed the price target on concerns over Europe operations coupled with domestic steel prices.

A total of 1,256 shares changed hands on the counter till 10:10AM (IST)

"The dataflow was supportive for the notion of a soft landing and the end of the U.S. hiking cycle being nearer," said Tapas Strickland, head of market economics at NAB.

Bullion has declined 1% so far in the week after three consecutive weekly gains. Prices rose above the key $2,000-per-ounce level last week on safe-haven demand amid growing unrest in the Middle East.