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Amol Athawale of Kotak Securities said while short-term texture of the market is still on the bullish side, on weekly charts the Nifty has formed a Hammer candlestick formation, which is indicating further weakness from the current levels.

NSDL data showed that so far in the current calendar year, foreign portfolio investors have net sold Rs 13,177 crore worth of Indian debt. This outstrips the Rs 10,359 crore worth of net sales in the whole of 2021.

"Non-compliance of the circular shall attract suitable disciplinary action...which may include deviation from the trading terminals," NSE said.

The time period of three months will be applicable only for the cases where the IGRC recommendation is being challenged.

On the technical charts, the 200-day moving average of the stock stood at Rs 741.66.

“The market is worried whether with another strong player, Adani, coming into the foray, there will be market share wars or price wars. I tend to differ from the market’s perception. It is not very easy to put capacities, especially greenfield projects. Adani is talking about doubling capacity in five years. UltraTech is talking about keepings its number one position.”

"The rupee erased opening gains as equities turned down while crude oil prices remained firm. Foreign fund outflows and widening trade balance weighed on the local unit," said Dilip Parmar, Analyst, HDFC Securities.

Salesforce Inc., one of the last big tech companies to report first-quarter earnings, surprised investors with a bullish forecast this week. Overall, 85% of software companies in the S&P 500 reported profits that beat expectations, versus just 79% for all tech companies, according to data compiled by Bloomberg.

“If the Nasdaq falls further,then it will be too hard to move against the sentiment factor against IT in India. It is more of a global factor rather than just a local factor at the moment. We cannot take away the fact that the tailwinds were very strong for IT.”

"We believe that CBDCs could actually be able to kill whatever little case that could be for private cryptocurrencies," Sankar said while speaking at a seminar organised by the IMF.