Manappuram Finance reported a 21% year-on-year increase in revenue for Q2, but profit growth was limited by higher finance costs and provisions in its microfinance subsidiary.

The robust rally in the banking and metal sectors propelled the Nifty 50 to close the trading session with a 0.91% gain, reaching 24,213 points; the Sensex concluded the day with a gain of 0.84%, finishing at 79,447 points.

The Indian rupee remained largely unchanged against the dollar, opening at Rs 84.12, whereas in the global commodities market, gold prices dropped to $2,732 

In addition to election uncertainty, the US Federal Reserve’s interest rate decision on Thursday will be another key factor influencing market sentiments

Technically, momentum indicators point to a bearish trend, and Nifty remains below its short- and  medium-term moving averages

The rupee closed at 84.1150 against the U.S. dollar after touching the forever low of 84.1225 earlier in the market session. 

The Sensex closed 942 points, or 1.18 percent, lower at 78,782.24; the Nifty closed with a loss of 309 points, or 1.27 percent, at 23,995.35.

Gold prices rose to $2,742 in the global market, while jewellery gold prices in Kerala remained steady at Rs 58,960

If FIIs continue to pull out from Indian markets, the anticipated pullback rally could instead turn into a market correction.

Technically, momentum indicators continue to reflect a negative trend, as the Nifty remains below its short- and medium-term moving averages.