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The Nifty Bank index closed 0.76 per cent down at 44541.8.

On a standalone basis, PAT for Q1FY24 stood at Rs 355 crore, down 56% YoY from Rs 809 crore in the year-ago period. Standalone Q1 revenue has declined by 14% YoY to Rs 6,238 crore from Rs 7,253 crore a year ago.

Coming to consumer stocks, "it is better to be pretty selective right now. I expect one more quarter of subdued volume growth. But my sense is that with the onset of the festive season post September onwards, we will start seeing consumption doing pretty well across most of the categories. So players who have really established or have a strong foothold in terms of their products, in terms of pricing and target customers like Trent are doing exceedingly well."

Investors drew comfort from the National Company Law Tribunal’s (NCLT’s) approval to the proposed merger of the company with Sony Pictures. The merger deal was announced by the media major in 2021, but it has seen an unexpected delay due to Zee’s several legal battles with lenders and market regulator Sebi

"The addressable market right now is sitting out online, sitting in bigger cities, sitting across computers. They are getting lazier and do not want to come to the store. So one has to acquire the customer base of the kind of customers who are going to the online marketplaces and shopping there. There are also diversity customers, largely women customers in India, who are wearing more of ethnic wear."

The trade was likely due to a custodian selling the shares as they were not converted prior to July 24, which was the deadline for holders to surrender their ADRs.

The category reserved for non-institutional investors was subscribed 7%, and there were no bids from qualified institutional buyers.

On the technical charts, the RSI of the stock stood at 69.13.

​So, we have been scaling up this business in a very cost effective, as well as focusing more on the distribution and kind of technology and partnerships, which we have built up.

The banking regulator kept the repo rate unchanged for the third time at 6.5% while retaining the FY24 GDP forecasts of 6.5%. RBI Governor Shaktikanta Das revised the FY24 inflation upwards to 5.4% from an earlier 5.1%.