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The earnings season has also been satisfactory in terms of earnings upgrades. A higher number of companies have seen their earnings estimates being upgraded or maintained, against being downgraded.

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BSE is confident that through this MoU, bullion merchants, wholesalers, retailers and exporters from all over Madurai and the wider south zone will promote and encourage the establishment of newer financial bullion and related markets.

A key Fibonacci level, which is near the 17,600 level, acted as a crucial barrier, said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan.

The breakdown in the market towards the end is likely signalling a shift in the mood of investors, who are finally hesitating from buying every dip. With foreign investors already side-stepping Indian markets for others, retail investors, too, are now finding it hard to justify India’s blue-sky valuations.

“The Reliance group is three times the size of Adani this year. In case of Adani group level EBITDA would be around Rs 38,000-40,000 crore. In case of Reliance it is around Rs 1,15,000-1,20,000 crore. ”

While about 6 per cent fall from the peak in Nifty has made the market healthy, the valuations continue to be high. Therefore, FIIs may continue to sell on every rise in the market. Market is likely to consolidate with sideways movements in the short run, said an analyst.

The BSE Sensex closed 323.34 down at 58340.99 on Wednesday.

“I would stick with cyclicals because most of the earnings recovery is happening in this space as they have come off from almost a lost decade and the valuations are still quite cheap.”

The Nifty Bank index closed 0.45 per cent up at 37441.95.