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Over 62 lakh Coforge shares, about 10 per cent of the total shareholding, changed hands in a block deal, BSE data showed. It was not clear who bought or sold the shares.

Domestic trade linkages with Russia and Ukraine are minor – just 1 per cent of exports and 2 per cent of imports - but the theatre in which the conflict is already exerting a toll is inflation.

Right now, everything is lending support to higher aluminium prices. Energy is a wild card though. With the peak winter season behind, EU gas storage levels are now finally within the 5-year range but geopolitics may still support elevated prices.

“We believe volatility is here to stay and it could take a few more months and some kind of stability in both geopolitical situation as well as the commodity situation for markets to stabilise from here on. The next few months are going to be challenging particularly on the macroeconomics front. All your assumptions for fiscal deficit, current account deficit, currency stability will come into question.”

The market has been choppy in the last two months due to concerns over monetary tightening, rising inflation and an ongoing war in Europe that has threatened the supply chain of many commodities.

Analysts said the index may continue to see resistance at high, but said a close above 16,750-16,820 range can bring in more upside ahead.

The Nifty IT index closed 0.12 per cent down at 35399.1.

In the previous trade, the precious metal finished at Rs 53,627 per 10 grams.

“On a broad level, the whole market needs to go down a lot further. This is just a sharp bull market correction. I expect the banking index to bottom out around 27,000 and the Nifty somewhere around 14,000. That is the price I have for July-August and before that, we get to see one bump up and then the markets will decline.”

On Wednesday, the rupee had appreciated 38 paise to close at 76.62 against the US dollar following a retreat in crude oil prices and rebound in domestic equities.