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The trading volumes remained light with many investors continuing to assess troubling economic conditions and a pronounced decline in equity markets. The global crypto market cap added over a per cent to $1.63 trillion. However, the total crypto market volume dropped about 36 per cent to $83.93 billion.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities said that gold trades higher supported by geopolitical tensions relating to Russia, increasing inflation concerns, rising virus cases, sell-off in equities and pick up in ETF buying.

A handful of analyst estimates suggest up to 39 per cent potential upside for the stock.

Provisions for the quarter plunged 82.1 per cent YoY to Rs 375 crore against Rs 2,089 crore in the year-ago quarter.

“It is going to be the export oriented sectors like IT, textiles and metals where earnings have held up and that is good news for the market,” says Chakri Lokapriya.

"FPIs again turning big sellers is a major headwind," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, who said investors have to move cautiously.

OVL had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin, PTI reported. Brazil’s Petrobras is the operator of the block with 75 per cent Participating Interest (PI) while OVL has the remaining 25 per cent stake, PTI’s report said.

Data sourced from the National Securities Depositories Ltd and the Clearing Corporation of India shows that in the equity market, foreign institutional investors have extended the selling spree they embarked on over the last three months of 2021 to the current month, with net sales of Rs 8,791 crore from December 31 to January 21.

As of 31-Dec-2021, promoters held 28.33 per cent stake in the company, while FIIs held 33.21 per cent and domestic institutional investors had 11.64 per cent.

ICICI Bank on Saturday reported an 18.8 per cent jump in its December quarter consolidated net profit to Rs 6,536.55 crore, aided by growth in interest income and decline in provisions.