The Dow Jones Industrial Average fell 206.89 points, or 0.61%, at the open to 33,854.17.

The company is scheduled to announce its numbers on Friday. RIL’s growth will be driven by business pickup in the oil-to-chemical and retail segment. The company is also likely to report sharp improvement in refining margins amid rocketing crude oil prices.

“The Nifty formed inside bar chart pattern (i.e. swung between its prior session’s high/low range), the said pattern indicates indecisiveness. Hence, follow-up action needs to be closely watched out. Stability is essential for any short-term bounce."

Friday may see the markets trying a stable start once again. The levels of 16,780 and 16,850 may act as immediate resistance points. The supports come in at 16,600 and 16,530 levels.

“Anything which has current cash flows, which are reasonably priced are likely to do better as opposed to anything which has got very futuristic kind of projections, cash flows and they are the ones that will correct the most. The so-called high growth stories which are sacrificing current numbers for the future will likely react far more negatively.”

In the international market, gold was trading higher at USD 1,893 per ounce and silver was flat at USD 22.95 per ounce.

“The quality of the book has significantly improved over the last two quarters and the restructured book performance has come back pretty well. For the remaining book, which is the non restructured book, actually the performance is very much close to the pre Covid levels on the rest of the book. Going forward, we should definitely see a downturn in our NPA.”

RBI said it was hiking repo rates by 40 bps and increasing cash reserve ratio (CRR) by 50 bps, which will suck out Rs 87,000 crore from the banking system. Due to this, the market will likely be under pressure and rate sensitive stocks, including banks, may see more selling as the impact of the rate hike.

A total of 20,576 shares changed hands on the counter till 01:34PM (IST).

Promoters held 51.09 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 12.06 per cent and 3.58 per cent, respectively.