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The central bank has stated that its internal panel is working on a model for a digital rupee and may soon launch a trial run for the digital currency. CBDC, however, may require a change in approach from the central bank.

The Dow Jones Industrial Average rose 57.78 points, or 0.17 per cent, at the open to 34,665.50.

A moratorium on AGR and spectrum payments, and cut in SUC and Licence Fee are reportedly among the key measures being lined up. While these steps "are in the right direction", they merely shift the timing of the liabilities to a future date without addressing the key issue plaguing the business, that is, low tariffs, the Edelweiss report analysed.

In the run-up to Ganesh Chaturthi, investors of Bharti Airtel were a nervous lot given the tangible fears of another round of jostling for customers as Reliance Jio geared up to launch its JioPhone Next.

Nifty50 formed a Doji sort of candle on daily scale with a longer lower shadow, which indicates declines are being bought into.

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.