“It is clearly evident that the entry level cars are not moving much and the two-wheelers are not selling. If you see the latest number of tractors also, there is a negative situation which is clearly evident in rural India or Bharat, which saved us post the first lockdown but has been ineffective in post second lockdown. ”

Wednesday is likely to see the levels of 18,000 and 18,065 acting as potential resistance points. The supports will come in at 17,880 and 17,810.

The index negated its higher-high formations of the last five sessions.

“We have to understand from the management commentary which companies are able to take the price hikes in their end product prices and that is where there is going to be a difference between the men and the boys. The market will reward those companies which have pricing power and will be able to manage their profitability over the next one or two quarters.”

The decision has been taken after National Payments Corporation of India (NPCI) reviewed the systemic readiness required at various intermediaries to facilitate the processing of applications with increased UPI limit.

The Nifty Realty index closed 0.26 per cent down at 474.9.

The improvement in sales is a signal that the company may finally be emerging out of the semiconductor crisis which had crippled its production.

"Spot gold prices for 24 carat gold at Delhi fell by Rs 159 in line with weak COMEX gold prices and rupee appreciation," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

According to Refinitiv data, cross-border investors sold Asian equities worth a net $16.23 billion in Taiwan, India, South Korea, the Philippines, Vietnam, Indonesia, and Thailand in the last month, the highest outflows since net selling of $33.32 billion in March 2020.

The Nifty IT index closed 0.06 per cent up at 36466.55.