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Oil prices dipped lower in volatile trade on Tuesday, as a weak demand outlook after a global sell-off in markets on Monday countered price support from fears of an escalation in the Middle East conflict, and a drop in Libyan production.

Tata Power said it "has proposed acquisition of 40 per cent equity stake in KHPL in one or more tranches for which Share Purchase Agreement would also be executed between Tata Power, existing shareholders of KHPL and KHPL."

Short covering signals a shift from extreme bearishness to bullishness.

Sometimes stocks or positions owned for a longer period are sold to book profit or to exit it in anticipation of impending bearishness.

The rupee closed at a record low for the third consecutive day due to outflows in Indian equities and risk aversion due to signs of a growth slowdown in the US

Saudi oil giant Aramco on Tuesday reported net profit of $29.07 billion in the second quarter, a slight drop from the same period last year as output remained subdued. But the cash cow saw its profits drop by a quarter last year because of lower oil prices and production cuts, and profits in the first quarter of this year were down 14.5 percent.

The short-term outlook for Nifty remains weak, with a decisive drop below 24,000-23,900 potentially pushing Nifty down to the next support level of 23,625. Immediate resistance is at 24,190, according to Nagaraj Shetti of HDFC Securities. Open Interest (OI) data indicates the highest OI on the call side is at the 24,300 and 24,500 strike prices, while on the put side, it is concentrated at the 23,500 strike price.

Gold and silver have shown resilience, closing higher last week despite some late-week profit-taking driven by a weaker jobs report. The precious metals benefited from geopolitical tensions in the Middle East, heightened risk aversion, and dovish Federal Reserve expectations.

TBO stands out as one of the few established internet companies with a history of robust and consistent profitable growth, and exceptionally high return ratios. It achieved a GTV CAGR of 25% from FY17 to FY24 and has been profitable since FY16, with a PAT exceeding Rs 200 crore in FY24. Notably, this growth was fueled by strong internal accruals, with only Rs 60 crore raised from external funds pre-IPO.

The S&P BSE Sensex closed at 78,593 while the Nifty50 settled at 23,992 on Tuesday. Sectorally, buying was seen in FMCG, IT and realty stocks while consumer durables, telecom, banks and PSU stocks saw selling pressure.