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Options data suggests high Put writing at 17,000 strikes. This fairly suggests that there are fewer possibilities of the markets going below this point before this week’s expiry.

The Dow Jones Industrial Average rose 30.25 points, or 0.09%, at the open to 34,583.24.

The new arm will house power generation capacity of 4.8 gigawatt of which more than 50% comprise of commissioned projects.

The cash-strapped telco says it is critical for raising funds from external investors.

For the trend following traders, now the 50-day SMA or 17,200 would act as a trend decider level.

The Nifty Bank index closed 0.92 per cent up at 36348.55.

ITC has jumped 21 per cent since February 24 to hit the Rs 250 mark. In the 16 market sessions since then, it has closed in the red in just 4 instances.

“I would be a little cautious about deep cyclicals. Sectors with better visibility in terms of both earnings and multiples have different kinds of risks. We see better possibilities in low beta sectors such as IT, consumer, staples and one can also selectively look at pharma, utilities and upstream oil companies this time. So, there are select pockets where there can be low volatility and one can change the portfolio mix.”

The lender said it will issue Basel III compliant unsecured tier-2 subordinated bonds in the nature of debentures with a base issue size of Rs 150 crore and a greenshoe option to retain oversubscription up to Rs 150 crore, aggregating up to Rs 300 crore in one or more tranches.

“Unlike in the past, where sometimes one could see volume growth if not margin growth or sometimes one could pass on the prices to the consumers and therefore may not see volume growth but at least get better margins, in the next four quarters, both volumes as well as margins will be under pressure. That is why I am using the word pessimism in the case of FMCG companies.”