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Gold’s recent rally shows that the market doesn’t expect the Fed -- which last week announced the pace of its bond-buying tapering -- to do much more to tackle inflation right now.

“Right now, the supply situation and especially the inflation in raw materials is a thing that all of us have to keep a very close watch on and manage very carefully.”

Nifty formed another bearish candle, however, it defended the levels of 50-day average.

With this, the Gold ETF category has received a net inflow of Rs 3,818 crore so far this year. The segment witnessed just one month of net outflow, which was in July 2021 of around Rs 61.5 crore.

"With massive increase in active pharmaceutical ingredient (API) demand globally and more particularly with frequent supply disruptions from China, we are putting our expansion plans for API on fast track," Morepen Laboratories Chairman and MD Sushil Suri said.

The Nifty Pharma index closed 1.39 per cent down at 13717.8.

During the day, Nifty50 breached the rising trendline on the hourly chart and went down to test its 40-day exponential moving average, said Gaurav Ratnaparkhi of Sharekhan.

“We remain positive but at the same time cautious and will continue to watch the data as it emerges.”

"While quarter-on-quarter, the volumes have de-grown marginally by 2 per cent, y-o-y, we have registered a decline of seven per cent," Galaxy Surfactants Managing Director U Shekhar said.

It had incurred a net loss of Rs 55.10 crore in the quarter ended September 30, 2020, a BSE filing said.