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Spot gold was steady at $1,635.04 an ounce as of 9:08 a.m. in Singapore, after finishing 0.7% down on Monday. The Bloomberg Dollar Spot Index was little changed. Silver and palladium gained, while platinum was flat.

The auto component maker said that its EBITDA in Q2 FY23 was impacted by expenditures such as initial one-time startup costs of new programmes in Bengaluru and a new facility in Chennai. To meet the increased volume, additional costs on expedited freight and extraordinary manpower costs, further aggravated by supply chain constraints, were incurred, the company said.

At this stage, analysts do not rule out a charge to record high levels in the next few days. However, the outcome of meetings of both the US Federal Reserve and the RBI could change the game in the near term.

Mahindra Holidays & Resorts India Ltd., incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 5704.14 Crore) operating in Tourism & Hospitality sector.

The Nifty Pharma index closed 1.26 per cent up at 13212.25.

“On the weekly time frame Mahindra Holidays has decisively broken out above the “multiple resistance” zone placed between Rs 267-277 range. A Breakout was witnessed during the first week of September. This breakout was accompanied by rising volume,” noted Axis Securities.

“In the last few months, we have seen sharp depreciation in Indian and most of the emerging market currencies. India has outperformed most of the currencies but to that extent, in terms of both outflows as well as interest rate scenario, the dollar strength is a little bit of a concern. ”

Nifty50 is expected to remain above the 18,000 mark and Sensex above the 60,000 level at the end of November, according to a survey conducted by ETMarkets with 15 brokerages. On Monday, Nifty50 and Sensex ended above the 18,000 level and 60,000 mark respectively, for the first time since September 14. Nifty50 has risen 5.5% in October after having lost nearly 4% in September.

"We stay fully invested at all times. Our fundamental, long-held belief has been that in the short term, the direction of equity markets is impossible to predict, hardly any different than a coin flip which has a 50-50 chance of landing heads or tails. Hence, taking an entry/exit call or cash calls in order to time the market and avoid market corrections is a rather futile exercise."

“In dollar terms, the Indian market probably get annualised returns of 5-6% for the entire market but of course for good companies, the returns would be much higher than that. It would be in the mid teens in dollar terms. So that is the kind of thing we are looking at going forward.”