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In other words, it would be imperative for the markets to open and stay above the 16,500 levels. Any slip below this point is likely to invite incremental weakness.

In the international market, both gold and silver traded flat at USD 1,836.44 per ounce and USD 21.62 per ounce, respectively.

The bond was opened on May 23, 2022, but will close eight days before the last date of June 10 as the base issue has been oversubscribed

In its probe, Sebi found that the scheme was designed to create an impression of receiving funds through GDR subscription. The total issue size was around 35,37,505 GDRs, through which capital amounting to USD 36.96 million was raised.

"Rupee continued to trade in a narrow range and volatility remained low despite marginal weakness in domestic and global equities," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

"Taking that into account, Nifty50 can be expected to trade positive in the next session. In that scenario, the index can initially head to test its 200-day EMA, placed around 16,740 levels.

“The market is just negotiating a small shift in the trend that has been there over the last two years and it will realign to the new growth dynamic of the economy which is more inward focus in my belief. That is where the portfolio allocation has to align up.”

“Had the monetary policy direction changed a little earlier. we might have been a little better off. Today the twin deficits – fiscal as well as the current account – are back with us. In the case of the current account deficit, that is partly because excessively loose monetary policy.”

After eking out minor gains in the early minutes of the session, the 30-share pack Sensex turned negative but managed to close off lows and ended 185.24 points or 0.33 per cent lower at 55,381.17. Its broader peer, Nifty50, also fell 61.80 points or 0.37 per cent to close below the 16,550 levels.

The worst fall was seen in the steel sector. Two stocks Jindal Stainless and Jindal Stainless (Hisar) were the top index losers, falling 39 per cent and 38 per cent, respectively, for the month.