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Nagaraj Shetti of HDFC Securities believes the 17,600-500 levels would hold up well and that any fall towards that level, as seen on Thursday, would attract buying in Nifty50.

“As stated in Governor’s statement of December 8, 2021, the Reserve Bank has been rebalancing the surplus liquidity in the system by shifting it out of the fixed-rate overnight reverse repo window into the variable rate reverse repo (VRRR) auctions of longer maturity. Overall, this rebalancing has proceeded on a pre-announced glide path and has evolved satisfactorily,” the RBI said through a press release on its website.

"The company continues to provide infrastructure support services namely transportation of petroleum products and raw water through pipelines, construction machinery on hire, and other support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries Ltd," the statement said.

Puneet Maheshwari, Director, Upstox, said the government may consider relieving traders of the STT. By doing so, new investors would be encouraged to start trading.

CLSA acknowledged that Bajaj Finance delivered a strong quarter, but “valuation seems disconnected” to them

HDFC Life Insurance is scheduled to report its third quarter earnings on Friday

“The steep and unprecedented inflationary trend in raw material prices continued to impact the gross margins across businesses this quarter,” said Amit Syngle, the managing director of Asian Paints.

The company said its total revenue including other income rose 10.23 per cent YoY to Rs 13,183 crore from Rs 11,959 crore in the same quarter a year ago.

“Asian Paints top line seems good. We will need more clarity on how the margin pressures are building up.”

At the interbank foreign exchange market, the local currency opened at 74.43 against the greenback and witnessed an intra-day high of 74.29 and a low of 74.53 during the session.