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"The more Nifty consolidates around 16,400-16,500 and fails to sustain at higher levels, it increases the probability of triggering one more round of sell-off to test 16,200 or may even slide below that as well," said Sameet Chavan of Angel One.

​​In the coming days, debt securities could well be back in demand with yield-hungry investors seeking new deployment opportunities after the geopolitical tension recedes.

The interim dividend declared by the company works out to 73 per cent of the paid-up share capital of Rs 183.28 crore.

The issue price has been fixed at Rs 225 per fully paid-up equity share, including a premium of Rs 220 per share, it added.

In another transaction, SCI Growth Investments II sold 2,469,853 shares of Stove Kraft at Rs 645.35 per share, out of which 930,232 shares were bought by Bengal Finance, 310,078 by Nippon India Mutual Fund and 697,674 shares by PGIM India Mutual Fund, data published by BSE showed.

Friday is likely to see the levels of 16565 and 16650 acting as resistance points. The supports come in at 16,450 and 16,400 levels. A bearish engulfing candle has appeared on the chart. Since this candle has emerged following a downtrend and near pattern support, it may mark a temporary reversal point for the markets. However, this will need confirmation going ahead from here.

The company saw its highest-ever order inflow during the year 2021 at over Rs 1,500 crore. It has an outstanding order book of almost Rs 900 crore, said Rajeev Jain, managing director of KSB Ltd.

The Dow Jones Industrial Average rose 81.52 points, or 0.24%, at the open to 33,972.87.

One can invest by buying unsponsored depository receipts (DRs) on US stocks. Market makers will buy US shares and issue these receipts, which will be known as NSEIFSC receipts, in ratios.

The daily chart also formed in an Inside Bar formation and that the large bearish candle was a cause of concern.