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Brands held back advertising spends on new product launches and sustenance campaigns due to these headwinds. Advertising spends by start-ups and e-com players also declined due to the difficult fund-raising environment, said an earning statement from Network18 Media.

Nestle India has been raising prices over the past few quarters to pass on the inflation in input costs. Wheat prices have risen more than 23% on year in the last quarter, while prices of milk powder have increased by 14%.Brokerage PhillipCapital has pencilled in 5% growth in volume for Nestle India against flat volumes posted in the June quarter.

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“The next year, like the previous year, is tougher to predict because of how well we have done. I would think that we will have a phase of extended volatility for a few more months. We will see the markets form some sort of bottom globally in the next four to six months and from there, we could have a better run.”

“Support-based buying was seen at crucial support zones of 17,442 and held the index at higher zones. Now, it has to hold above 17,442 zones for an up move towards 17650 and 17,777 zones whereas supports are placed at 17,350 and 17,250 zones,” said Chandan Taparia of Motilal Oswal.

Pocket Network said it was experiencing exponential growth, with the number of monthly data relays being serviced by its node runners more than tripling since the beginning of the year, and the network regularly handling more than one billion daily relays.

“The bank has scaled up retail deposits (CASA/retail TD) at a robust 73% CAGR over FY19-22 with a solid CASA mix of 50%. It has invested well in digital capabilities, branch and product expansion and has a presence across retail products," it added.

The Nifty Pharma index closed 0.2 per cent up at 13008.25.

The new saving rates are applicable on balances of less than Rs 10 crore, on which the bank earlier offered 2.75 per cent per annum interest. The lowering of rates on savings accounts by SBI comes at a time when the peer lenders have been raising deposit rates to mobilise funds

The Nifty Realty index was trading 0.91 per cent up at 422.05.