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The Future Group flagship firm is facing an insolvency petition by its lenders before the National Company Law Tribunal. There is an exodus of people from the board and at other levels in several Future group companies after Rs 24,713 crore deal was called off by Reliance Retail.

Earlier in the day, RBI Governor Shaktikanta Das delivered a video message in which he spoke about the six-member rate-setting panel having met off-schedule, and announced a 0.40 per cent hike in the repo rate and 0.50 per cent increase in the cash reserve ratio.

As it stands, the rupee has shown a fair degree of resilience so far in the Fed’s latest round of monetary policy tightening.

​​The fund acquired these shares at an average price of Rs 225.10, which were sold by Allied Commodities, Balgopal Commercial and Intellect Stock Broking.

The Dow Jones Industrial Average rose 43.01 points, or 0.13%, at the open to 33,171.80.

The Federal Open Market Committee is expected to raise interest rates by a half point at the conclusion of its two-day policy meeting on Wednesday, its largest hike since 2000, and also announce plans to reduce the size of its bloated $8.9 trillion balance sheet.

Analysts said the Nifty’s fall below the crucial support of 16,800-mark has opened the likelihood of a sharper decline from current levels.

“The bond market point of view in fact is that though the bond yields have gone up by 20 bps today, otherwise the market has been building in a significant expectation and that is the way the bond yields have been reflecting on the potential rate hike which RBI would have eventually made.”

In a video statement, Das said that the RBI’s six-member Monetary Policy Committee had held a two-day meeting starting May 2 and decided unanimously to increase the repo rate to 4.40 per cent from the record low of 4 per cent.

The selloff in the counter has come when almost all tech stocks have suffered. Even those listed in the US are in bear grip.