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The Nifty IT index was trading 0.38 per cent at 43508.85.

A total of 172,774 shares changed hands on the counter till 11:11AM (IST)

Adani Enterprises Ltd, "has completed the incorporation process of a joint venture company namely Valor Petrochemicals Ltd (VPL)... with Indorama Resources Ltd, Thailand," AEL said in the filing. The company further added, "VPL is incorporated with the object to set Refinery, Petrochemical and Chemical business."

Shares of Union Bank of India dropped 7.8% while Bank of Baroda and Punjab & Sind Bank slid 5.9% and 5.2%, respectively.

Bhamre said that oil marketing companies such as HPCL and BPCL are witnessing profit booking after gains, and stocks such as Indraprastha Gas and Mahanagar Gas are under pressure as they are not expected to get subsidised gas anymore.

​​​Since the sell-off began in the last week of September, key indices have fallen 10-11% led by one of the highest-ever selling sprees by foreigners in this period. The study showed that outflows are about 0.2% of the average market capitalisation in this period.

The currency hit a low of 85.84/$1 during the day, with equity indices across the market capitalisation spectrum falling more than 1%. Provisional data showed that overseas funds sold stock worth ₹2,575 crore on Monday.

​​The regulatory crackdown follows a sharp rise in commission expenses after the removal of product-specific commission caps in April 2023. Life insurers reported a 22% increase in commission payouts, while general insurers saw their expenses double in FY24, according to the Irdai annual report.

​Equities rose in Japan, South Korea and Sydney, with futures pointing to a soft open in Hong Kong. US contracts edged higher in Asia after the S&P 500 rose 0.6% Monday. The Nasdaq 100 added 1.1%. Nvidia Corp. hit a record high ahead of a speech by chief executive Jensen Huang.