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The European Securities and Markets Authority (ESMA) has withdrawn recognition of six clearing corporations in India from April 30. The regulator had requested supervisory powers over the clearing corporations, but Indian regulators resisted and ESMA subsequently de-recognised the firms. Under the European Market Infrastructure Regulation (EMIR), a central counterparty (CCP) from outside the European Union must have ESMA recognition to offer clearing services to members or trading venues. However, ESMA has given recognition to four more third-country clearing corporations from Malaysia, Taiwan, Colombia and Israel.

The Nifty formed a small bodied bullish candle with minor shadows, indicating that bulls are getting fatigued after the recent rally, according to chartists. The index has been making higher highs in the last six trading sessions, and supports are gradually moving up. The index must hold above 18,081 zones to witness a rise toward 18,250 and 18,300 zones while supports are placed at 18,081 and 17,887 marks. Option data suggests a broader trading range between 17,700 and 18,500 zones.

According to Siddhartha Khemka, Tata Motors and Ashok Leyland are the preferred picks within the overall OEM space, with commercial vehicles performing particularly well. Although the IT sector has reported weaker results, midcap and tier II companies have reported strong numbers and growth outlooks. Pecking order for tech majors places TCS and HCL Tech in the lead among large caps and Persistent and Cyient among midcaps.

UCO Bank has posted its highest-ever annual net profit of Rs 1,862.34 crore in 2022-23 against Rs 929.76 crore in the preceding fiscal, registering a nearly 100 per cent year-on-year growth, the Kolkata headquartered lender said in a stock exchange filing

Revenue from operations jumped 8% to Rs 4,256 crore for the quarter under review, compared with Rs 3,926 crore in the corresponding quarter of last year.​

BSE Sensex rises 242 points or 0.4%, led by banking, financial, auto and IT stocks. The Nifty Midcap100 rises 0.97%, while the Smallcap100 gains 0.69%. Meanwhile, global stocks fluctuate as investors digested losses on Wall Street and waited for policy announcements.

Mahindra Finance has reported growth in almost every state and every product, with demand for pre-owned vehicles, SME loans and newer segments, such as affluent customers, contributing to its 50% Q1 disbursement growth. The company believes rural sentiments will hold up, despite talk of erratic monsoon and stress in rural economies, and expects asset quality to remain good, primarily driven by genuine customers earning well. The ALM has offset rising interest rates and the company expects to see its tech investments pay off within the next three to four quarters.

The Nifty Bank index closed 0.27 per cent up at 43352.1.

The Relative Strength Index of the stock stood at 59.98 on Tuesday.

Minda Corporation plans to approach the Competition Commission of India to increase its stake in automotive technology firm Pricol to up to 24.5%. Last February, Minda had purchased 15.7% of Pricol via over 1.91 crore shares from the open market, claiming it was a financial investment. Pricol chairman Vanitha Mohan and MD Vikram Mohan, however, hold 36.53% and have no desire to sell. The move comes despite competition in two-wheeler instrument cluster business.