The Dow Jones Industrial Average fell 39.74 points, or 0.12%, at the open to 34,411.49.

News reports on Monday said Larsen & Toubro, which owns 61 per cent in Mindtree, is weighing its merger with Larsen & Toubro Infotech, which is another tech services subsidiary. Apparently, the Indian conglomerate seeks scale to compete with global digital giants.

“We would like to state that there is no information available with the company as of today, which is required to be reported under extant SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and which may have a bearing on the stock price of the company,” it said in a regulatory filing.

The Nifty50 which opened with a gap-down hit a high of 17,237 and a low of 17,067. It closed near the opening level thus making a Doji kind of formation on the daily charts. Crucial support for the index is still placed at 17,000.

Revenue from operations for the quarter stood at Rs 2,897.4 crore, up 37.4 per cent from Rs 2,109.3 crore in the corresponding quarter a year ago. Quarter on quarter (QoQ), the growth came in at 5.4 per cent.

The candle had a long wick, suggesting the index recovery after testing the 17,100 level. Analysts said while the trend stays weak, a bounce cannot be ruled out given the index has come near its strong support range of 16,800-17,000 levels.

The 30-share flagship BSE Sensex tumbled nearly 1,200 points, while its broader peer Nifty sank over 300 points. The might of bears was so much that both indices formed ‘Death Cross’ on technical charts, which is considered a bearish signal.

“There is slight disappointment on the overall value of the deal and our reverse working actually suggests that while the generating assets and the EPC business have got a very handsome valuation, the disappointment is on the EV charging side, which is almost going free However, since the money is going into TPREL, I think growth would accelerate to the next level. So our take is it is a strategic positive deal for the company.”

According to SBI’s website, the overnight, one-month, three-month, and six-month MCLR rates have all been raised by 10 basis points to 6.75 per cent, 6.75 per cent, 6.75 per cent, and 7.05 per cent, respectively.

“Historically, we have seen that if one puts money to work in times of so-called negativity and pessimism, it gives the best returns from that point onwards. Today the Nifty might be down 300-400 points and we are again testing 17,000, but all is not lost because these are things that are transitory and these will roll over.”