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While Reliance Industries Ltd (RIL), TCS, HDFC Bank, Infosys, HUL, Bajaj Finance and HDFC were the laggards from the top-10 pack, ICICI Bank, SBI and Adani Green Energy were the gainers.

The healthcare, utilities, consumer staples and real estate sectors have posted gains so far in April even as the broader market has fallen, continuing a trend that has seen them outperform the S&P 500 this year.

The insurer’s value of new business (VBN), a measure of profitability, expanded 31% year-on-year (YoY) at Rs 775 crore for the quarter against Rs 591 crore a year ago. This was despite a 6.7% fall in new business premium to Rs 4,788 crore against Rs 5,133 crore.

As per the monthly options data, the strikes of 17,500 have the highest PUT OI accumulation, and it is likely to provide some support throughout the week. In any case, since Nifty has closed below 17500, it would be crucial for the market to crawl and keep its head above the 17500-mark.

"We are getting into a phase of correction and possibly we could now be looking at a new range on the index. On the downside, 17250 may act as a support and 17,800 could act as a major resistance."

Market watchers would tell how the private lender had been consistent with earnings growth in the past. While the last two years were difficult for India Inc at large, the March quarter results saw HDFC Bank achieving a 20 per cent-plus growth again, the first such instance after a 33 per cent growth in the third quarter of FY20.

While gold and silver have a reputation as inflation hedges, this relation has historically not been straightforward. Instead of tracking inflation one-to-one, gold and silver have rather reacted to a high degree of inflation uncertainty, which we do have at the moment, while generally moving much more closely with real bond yields.

"Crude oil is still trading above $100 a barrel level. Any further oil price increase will be detrimental. Also, the market will turn its attention to the earnings season, which will be led by the IT and banking sectors. We expect a strong quarter for banks, thanks to a rebound in loan growth and a stronger balance sheet."

Net interest income (NII), the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 10.2 per cent YoY to Rs 18,872.70 crore from Rs 17,120.20 crore in the year-ago quarter. ET NOW poll estimated NII figure at Rs 19,400 crore.

Mysore-based Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing services.