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Analysts said a consolidation on the index is under way as seen in the tight trading range for the past five sessions. A fall below 17,250 level can trigger weakness, they warned, adding that a breach of the 17,400-450 range would give the bulls an upper hand.

In the Nifty pack, 32 stocks closed in the green, while 18 stocks ended in the red.

The action was seen in select small & midcap names as consolidation in several sectors has benefited select companies who have used the Pandemic to gain share, said an analyst.

“We are maintaining our positive view on Reliance. The delay in JioPhone Next presents an opportunity to get Reliance stock cheaper by 2-4%. So one can accumulate it.”

In the international market, gold was trading with gains at $1,790 per ounce and silver was flat at $23.66 per ounce.

The Nifty Pharma index closed 0.33 per cent up at 14377.05.

Cantabil Retail India hit upper circuit, whereas Borosil was much in demand after the business booster. Investors booked profits in Vodafone Idea and Future Group stocks.

“When valuations are low, surprises become your friend. So whenever there is an earnings surprise in positive, stock prices move significantly. When valuations are low and there is a negative earnings surprise, the stocks do not fall much because the expectations are generally very low.”

"We are investing keeping a medium to longer term view in mind, because after two years some of that digital adoption would have reached some level of an equilibrium. Then, the next cycle would begin which would be more AI, more intersection between industry and technology, different business and monetisation models."

The offer comprises 51.28 lakh equity shares sold at Rs. 78 per share. The company is planning to raise about Rs. 40 crores which will be used for working capital requirements, according to the prospectus. Gretex Corporate Services is the lead manager to the issue.