The Nasdaq Composite dropped 73.57 points, or 0.51 per cent, to 14,493.12 at the opening bell.

After hearing the matter for some time on Monday, the tribunal adjourned the proceedings for Tuesday.

Metal stocks were much in the buzz, whereas Divi's Labs saw demand on the back of Covid-19 medicine. Both Patel Engineering and Centrum broking hit upper circuit limits. On the other hand, investors booked profits in some of the recent gainers.

The bull market in the chemical sector that started a few years ago entered a new leg today as investors rushed to buy various companies that specialize in different chemical products.

He said ONGC and Coal India, in the past, were victims of ETF issues, but now the government has suggested that it would go slow on stake sale via ETFs.

The upward gap action after the recent decline offered an immediate floor near the 17,400 zone for Nifty. However, follow-up action needs to be closely watched as the inability to sustain at higher levels could mean resistance at play near the 17800-17900 zone.

The three-candlestick reversal formation suggests gains ahead. Analysts said the index needs to sustain above the 17,580 level for further upside.

Nifty50 formed a bullish candle on the daily scale and negated the lower highs of the past five sessions. Now it has to hold above 17,700 for a bounce towards 17, 777 and 17 850 levels whereas support is seen at 17 580 and 17,450 levels.

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As many as 35 companies are planning to raise a record Rs 80,000 crore in the third quarter if the market remains stable, bankers said. In comparison, the previous record for a calendar year was in 2017 when 36 companies raised Rs 67,147 crore.

The company, backed by SoftBank Vision Fund and Carlyle Group Inc, is looking to raise nearly $1 billion through a planned initial public offering (IPO) by the end of the current financial year.

Since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation.

The New Delhi-based company is also looking to sell its stake in NTPC-SAIL Power Co., a joint venture with Steel Authority of India Ltd. for supplying electricity to the steelmaker’s mills and townships.

There could be some slowdown in large deal wins, but the pipeline would stay reasonably good, analysts said.

After banning former CNBC Awaaz anchor Hemant Ghai from dealing in the securities market, the Securities and Exchange Board of India today banned CNBC Awaaz anchor and markets assistant editor Pradeep Pandya and other entities from the capital market.

The Nasdaq Composite dropped 73.57 points, or 0.51 per cent, to 14,493.12 at the opening bell.

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