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"The primary listing of HDFC AT 1 bond demonstrates the competitiveness of both the IFSC exchanges --India INX and NSE IFSC internationally," Manoj Kumar, Executive Director, IFSCA said.

ESAB India and Swan Energy gained on the positive news flow, whereas investors booked profits in the recent gainers. Cash strapped Vodafone Idea was back in the red.

The move in the privatization candidate was spurred by a media report that Apollo Global and I Squared Capital have submitted bids to the government to buy a majority stake in the state-owned refiner.

The direction came after capital markets regulator Sebi said that certain members are providing a platform to their clients for buying and selling digital gold.

Analysts believe back-to-back indecisive candles do not bode well for the index and suggest any fall below the 16,600 level may trigger short-term weakness.

Nifty50 formed a pattern similar to a Doji candle on the daily scale, as it closed near its opening level and negated its higher high-low formations of the last three sessions.

The technical indicator RSI has turned below the 60 level after making a negative divergence, indicating a weakening uptrend that may first trigger minor profit booking before it resumes its uptrend.

Nifty50 formed a bearish candle on the daily scale, but continued to form higher highs and lows since the last three sessions.

While the surge in shares of oxygen suppliers like Refex Industries and Linde India may not indicate that a third wave is coming soon, the move is related to the preparation towards that eventuality.

It is possible that if the nascent global growth sustains and accelerates in 2022, earnings will catch up to justify lofty valuations. Even then, a sharp market correction is possible when the Fed begins normalization and bond yields rise. FIIs who are sitting on massive profits may turn into big sellers.