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The company on Wednesday announced a 20-for-1 stock split, its first since 1999, and a $10 billion share buyback. It comes on the heels of a similar split announced by Alphabet Inc earlier this year.

Crisil expects the benchmark 10-year government bond yield to rise to 7.1% by March 2023 with risks tilted to the upside, compared with an expected 6.9% in March 2022.

These deals happened at prices in the range of Rs 4,260-4,275. Shares of the company plunged about 7 per cent earlier in the day.

Friday is likely to see some consolidation happening with the levels of 16,680 and 16,750 acting as strong resistance points for Nifty.

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.