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After 40 rounds over seven straight days, market leader Jio acquired 24,740 MHz of 5G airwaves - which can offer mobile internet speeds 10 times faster than 4G - worth a whopping ₹88,078 crore, contributing nearly 59% to the central kitty.

The finance minister said all indicators showed that India was doing better than others, citing the latest goods and services tax (GST) collections, which rose 28% to Rs 1.49 lakh crore,

"There is no sign of any tiredness in the market at the highs. The near-term upside target to be watched is 17,800 and immediate support is placed at 17,150," said Nagaraj Shetti, technical research analyst at HDFC Securities.

The conglomerate believes prospects of economic recovery and pick-up in consumption are expected soon, thanks to a favourable monsoon, recent moderation in prices of key commodities and proactive interventions by the government and RBI.

The price drops also come as market participants await the outcome of a meeting on Wednesday between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to decide on September output.

ANZ analysts said fuel sales to drivers in Britain are waning, while gasoline demand remains below its five-year average for this time of the year. Reflecting this, analysts in a Reuters poll reduced for the first time since April their forecast for 2022 average Brent prices to $105.75 a barrel, and to $101.28 for WTI.

Kacholia first entered the stock in September 2020 by picking up a 2.9 per cent stake, Trendlyne data shows. In the June quarter, he had sold 0.2 per cent stake. Mastek shares ended 4 per cent higher today at Rs 2,185.65 on BSE. Having rallied nearly 700 per cent in the last five years, the stock has lost over 28 per cent of its value year-to-date.

In a separate statement, Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: "The company has started FY 23 on a positive note. During the quarter, we have reported yet another record order booking in a single quarter of USD 3.6 billion, which will boost our performance in the year."

Kansai Nerolac Paints Managing Director Anuj Jain said, "This quarter saw a healthy demand for both Decorative and Industrial Paints. There has been a revival in demand in Industrial led by increased demand in Automotive due to the gradual easing of the chip shortages."

The third quarter of a midterm election year tends to be the most volatile of any in a four-year presidential cycle. And since 1944, it averages a 0.5% decline, the second biggest after the second quarter’s average 1.9% drop, according to investment research firm CFRA.