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Volumes will likely drop next year on the back of falling new account openings and plateauing active accounts, Kamath said, adding that STT collections could be lower than prior to the hike.

Nifty settled at 16,985.7, up 0.24%, while Sensex ended 0.22% higher at 57,654.

Avalon is a fully integrated electronic manufacturing company that offers end-to-end service solutions. The company has 12 manufacturing units located across the US and India. Some of its key clients include Kyosan India, Zonar Systems Inc, Collins Aerospace, and eInfochips, among others

In the overseas market, both gold and silver were trading lower at USD 1,970 per ounce and USD 23.10 per ounce, respectively.

The Nifty Pharma index closed 1.08 per cent up at 11882.75.

On the Monthly Option front, Maximum Call OI is at 18,000, then 17,000 strike, while Maximum Put OI is at 17,000, then 16500 strike. Call writing is seen at 17000, then 17250 strikes, while Put writing is seen at 17,000, then 16,800 strikes. Options data suggests an immediate trading range in between 16,800 to 17,200 zones.

The current chief financial officer, Alok Agarwal, has been assigned a new role. According to the release, Agarwal will assume a new role as senior advisor to the chairman and managing director of the company assisting him on a wide range of strategic issues with effect from June 1, 2023, after 30 years of distinguished service.

Specified mutual funds have been defined to include funds where not more than 35% of proceeds is invested in shares of domestic companies. This may include debt mutual funds and gold ETFs, where investment in domestic companies is less than 35% of proceeds of the fund.

Negative surprises like interest rate hikes, the European banking turmoil, and the bulging BOP problem have created uncertainty in the Indian market in the last few months. Investors have not been able to make a comprehensive picture with so many conflicting events occurring simultaneously. It may take another three to six months for the uncertainties to be addressed and the market to stabilize.

The last date for updating nominations for trading and demat accounts is March 31, and trading accounts of investors not meeting the deadline will become inactive, as per regulations notified by Sebi.