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Topic :- Share Market Closing Note

Indian benchmark indices ended lower on April 17 with Nifty around 17,700.

At close, the Sensex was down 520.25 points or 0.86% at 59,910.75, and the Nifty was down 121.20 points or 0.68% at 17,706.80. About 1747 shares advanced, 1739 shares declined, and 180 shares unchanged.

Infosys, Tech Mahindra, HCL Technologies, NTPC and Larsen and Toubro were among major losers on the Nifty, while gainers included Nestle India, Power Grid Corporation, SBI, Britannia Industries and

Coal India.

On the sectoral front, the information technology index fell 4.7 percent and pharma index down 0.6 percent, while PSU Bank index up 3 percent and oil & gas, realty, FMCG indices rose 1 percent each.

The BSE midcap index added 0.5 percent, while smallcap index up 0.15 percent.

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Topic :- Time:3.00 PM

Nifty spot if holds above 17680 level on closing basis then expect some quick upmove in the market and if it closes below above mentioned level then some sluggish movement can be seen.

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Topic :- Time:2.30 PM

COPPER Trading View:

COPPER is trading at 787.20. If it breaks and trade below 786 level then expect some decline in it and if it manages to trade and sustain above 789 level then some upmove can follow in Copper.

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Topic :- Time:2.00 PM

Nifty is in silent mode not showing much movement as off now. Nifty spot if manages to trade and sustain above 17700 level then expect some upmove in the market and if it breaks and trade below 17640 level then some decline can follow in the Nifty.

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Topic :- Time:1.40 PM

LME Inventory:

COPPER INCREASED BY 225

ALUMINIUM DECREASED BY 2300

NICKEL INCREASED BY 366

ZINC DECREASED BY 50

LEAD INCREASED BY 4950

TIN INCREASED BY 15

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Topic :- Time:1.30 PM

Just In:

The Supreme Court imposed a penalty of Rs 10 lakh on the Mumbai Metro Rail Corporation (MMRC) for seeking to cut more trees in violation of a Supreme Court order.

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Topic :- Time:1.00 PM

Nifty spot if manages to trade and sustain above 17680 level then expect some further upmove in the market and if it breaks and trade below 17640 level then some decline can follow.

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Topic :- Time:12.00 PM

Nifty spot is trading at 17658. If it manages to trade and sustain above 17680 level then expect some upmove in the market and if it breaks and trade below 17640 level then some decline can be seen.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex down 700 pts; FMCG stocks up, MidCaps outperform

2. US banking crisis far from over, stocks can sink another 27%: Jeremy Grantham

3. Zee sees large block deal amid reports of Invesco dumping 5.6% stake

4. Tech Mahindra down 7%, Citi downgrades stock to sell

5. Shoonya glitch a wake-up call for bourses; Sebi on perils of rampant options trading

6. CPI inflation at 5.7% in March guarantees a pause in June but watch out for crude

7. M&M recasts leadership to beef up focus on EV business

8. Nykaa hovers near record lows.

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Topic :- Time:11.00 AM

After flat to negative start nifty is gaining some momentum. Nifty spot is trading at 17655. If it manages to trade and sustain above 17680 level then expect some upmove in the market and if it breaks and trade below 17640 level then some decline can be seen in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 17 April,2023:

Nifty will open after long weekend once again. Traders are advice not to jump into trades as per sentiments. Just trade as per market trend. Global cues to be eyed along with results.

Nifty spot if manages to trade and sustain above 17860 level then expect some upmove in the market and if it breaks and trade below 17780 level then some decline can follow in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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Share Market Closing Note

Benchmark indices ended on flat note in the highly volatile session on April 10.

At close, the Sensex was up 13.54 points or 0.02% at 59,846.51, and the Nifty was up 24.80 points or 0.14% at 17,624. About 1965 shares advanced, 1568 shares declined, and 146 shares unchanged.

Tata Motors, ONGC, Grasim Industries, Adani Enterprises and Wipro were among major gainers on the Nifty, while losers included Bajaj Finance, Tata Consumer Products, HUL, Asian Paints and IndusInd Bank.

On the sectoral front, except bank and FMCG, all other indices ended in the green with realty index jumped 4 percent, while auto, power and oil & gas up 1 percent each.

The BSE midcap and smallcap indices ended with marginal gains.

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Topic :- Time:3.00 PM

Nifty spot if manages to hold above 17600 level on closing basis then expect some further pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in Nifty.

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Topic :- Time:2.10 PM

HDFCBANK Future Trading View:

HDFCBANK Future is trading at 1668.85. If it manages to hold above 1664 level then expect it to test 1680 level quite soon and below 1664 some decline can be witnessed in it.

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Topic :- Time:1.30 PM

SILVER Trading View:

SILVER is trading at 74500.If it manages to trade and sustain above 74620 level then expect some upmove in it and if it breaks and trade below 74400 level then some decline can follow in Silver.

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Topic :- Time:1.20 PM

Just In:

India has denied UK media reports on the India-UK trade talks being suspended, government sources said.

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Topic :- Time:1.15 PM

Just In:

Reliance Retail, Jindal Power among 49 firms to submit EoIs for Future Retail

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Topic :- Time:1.00 PM

Nifty is moving on a steadier note. Nifty spot if manages to trade and sustain above 17700 level then expect some further upmove in the market and if it breaks and trade below 16660 level then expect some decline in it

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 770.50. If it breaks and trade below 770 level then expect some decline in it and if it manages to trade and sustain above 771.20 level then some upmove can follow in Copper.

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Topic :- Time:12.00 PM

Nifty is gaining some momentum now however VIX is still low. Nifty spot if manages to trade and sustain above 17680 level then expect some further upmove in the market and if it breaks and trade below 17640 level then some decline can be seen in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days high, turns flat; Nifty50 above 17,600

2. Investments via Mauritius are under authorities lens

3. TaMo jumps 8% as global wholesales rise in Q4

4. India reports 5,880 fresh coronavirus cases

5. JLR wholesale numbers for Jan-Mar drive Tata Motors shares to 7-month high

6. Adani Green Energy shares hit 5% upper circuit after block deal

7. China fears valuation bubble in AI stocks

8. Home loan rates over Rs 75 lakh to get dearer as risk weight rises again

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 10 April,2023:

Nifty to remain volatile and is expected to follow global cues.

Nifty spot if manages to trade and sustain above 17640 level then expect some upmove in the market and if it breaks and trade below 17560 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day. 

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Avalon Technologies IPO | Overall, EMS industry is expected to grow at a CAGR of 32 percent to reach Rs 4.5 lakh crore by FY26, from Rs 1.47 lakh crore in FY22.

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About seven years from now, by 2030, if all goes to plan, India should be exporting $2 trillion worth of goods. That’s a nearly three-fold jump from the current level of $760 billion to about two-thirds of India’s current gross domestic product (GDP) and broadly about 28 per cent of India’s GDP ($7 trillion) by the end of this decade that many have projected.

This is an ambitious goal, but not implausible. The key component that will fuel acceleration on this path would necessarily entail creating several manufacturing hubs across the country that consistently churn out goods of very high global quality. While maintaining, and progressively raising the standard of goods is necessary, the sufficient condition is that these will have to be cost-effective to make Indian shipments attractive to consumers overseas.

Boosting Exports

Within the overall policy matrix, the sequencing of the Foreign Trade Policy 2023, which does not come with a five-year sunset clause this time, is noteworthy. It comes after the productivity-linked incentive  (PLI) scheme that is aimed at creating focused manufacturing value chains. The purpose of the PLI scheme is to create strong incentives for global giants to set up manufacturing bases in India. Besides, these goods that move out from the factory floors powered by the PLI scheme into the highways of global trade, will catapult India among the top rankers of world trade.

The foreign trade policy defines the contours of India’s export flight path on four pillars: (i) Incentive to Remission,  (ii) Export promotion through collaboration - exporters, states, districts and Indian missions, (iii) Ease of doing business, reduction in transaction cost and e-initiatives and (iv) Emerging areas – e-commerce developing districts as export hubs and streamlining SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) policy.

For India to make a decisive leap forward, the backward districts have to figure prominently when policymakers sit down in Delhi and state capitals to draw development plans.

Improving Connectivity

The multiplier effect of new world-class infrastructure such as the Poorvanchal Expressway, Delhi-Dehradun Highway, the new Delhi-Mumbai expressway, the Bengaluru-Chennai expressway, and the Delhi-Srinagar expressway spread far beyond the roads’ visible horizons.

The emphasis on seamless multi-modal connectivity through Pradhan Mantri Gati Shakti National Master Plan and national waterways draws from the premise that these will unleash strong economic benefits encompassing logistics and trade. Such active waterways have made large areas of the hinterland accessible to the routes of trade and commerce, making goods from these areas part of the national and global supply chain network, and opening up new markets for everyone—from farmers to craftspeople to factories.

According to global consulting major McKinsey & Company, there are commercial opportunities for companies to tap beyond the current growth centres, which require a smaller and discrete approach.

“To get the most from this granular approach, companies need to develop customised strategies for each geographic sliver. To do so, they must map priority geographic segments to product categories and extensions,” McKinsey said in its 2014 report “India’s economic geography in 2025: states, clusters and cities”.

According to the policy, “the FTP 2023 aims at process re-engineering and automation to facilitate ease of doing business for exporters. It also focuses on emerging areas like dual-use high-end technology items under SCOMET, facilitating e-commerce export, collaborating with states and districts for export promotion”.

State and district-level policies will have to be strategically dovetailed with national goals to reach, if not exceed, merchandise export targets.

The road to India’s export, and indeed higher GDP levels, is through the districts and states that are economically laggards but have the potential to join the trade route through enhanced infrastructure that will considerably cut down the factory-to-port travel time.

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Topic :- Share Market Closing Note

In yet another volatile session on (March) monthly F&O expiry day, Indian equity markets managed to close with decent gains with Nifty rising above 17,100, and Sensex above 58,000, intraday.

At close, the Sensex was up 346.37 points or 0.60% at 57,960.09, and the Nifty was up 129 points or 0.76% at 17,080.70.

Amid mixed global cues, market started on a positive note and extended the gains as the day progress. However, mid-session selling erased all the gains but final hour buying across the sectors help to end near the days high.

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Topic :- Time:3.00 PM

Nifty spot is trading at 17012. If it hold above 16980 level on closing basis then expect some further pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish move can follow. Avoid open positions for next trading day as NSE and BSE will remain close tomorrow.

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Topic :- Time:2.30 PM

SILVER Trading View:

SILVER is trading at 70574. If it manages to trade and sustain above 70600 level then expect quick upmove in it and possibly Silver can move for 71000 level and if it breaks and trade below 70440 level then some decline can follow in Silver.

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Topic :- Time:2.15 PM

Just In:

HCC shares jump 8% after sale of subsidiary for Rs 1,323 crore

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Topic :- Time:2.00 PM

Nifty is showing upmove now and is likely to turn volatile now. Nifty spot if manages to trade and sustain above 17060-17080 levels then expect some upmove in the market and if it breaks and trade below 17020 level then some decline can follow.

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Topic :- Time:1.40 PM

LME Inventory:

COPPER DECREASED BY 325

ALUMINIUM DECREASED BY 2850

NICKEL INCREASED BY 366

ZINC DECREASED BY 225

LEAD UNCHANGED

TIN UNCHANGED

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Topic :- Time:1.10 PM

Nifty spot if manages to trade and sustain above 17000 level then expect some upmove in the market and if it breaks and trade below 16960 level then some decline can follow in the Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 773.70.If breaks and trade below 773 level then expect some decline in it and if it manages to trade and sustain above 774.40 level then some upmove can follow in it.

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Topic :- Time:12.20 PM

Just In:

Covid cases in India climb to 5-month high

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Topic :- Time:12.00 PM

Nifty is declining on its expiry day however its still trading in green zone. Good pull back can be seen in the market. Nifty spot if manages to trade and sustain above 16980 level then expect some upmove and if it breaks and trade below 16940 level then some decline can be seen in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days high, turns flat; Nifty50 tests 17,000

2. Adani Ent zooms 7% as Group CFO refutes report of incomplete debt repayment

3. Adani Transmission, Adani Ports exposed to contagion risks: Fitch Ratings

4. Symphony slips 7% as stock trades ex-date for share buyback

5. HDFC AMC gains 5% after SBI MF bought over 2% stake via open market

6. Sterling & Wilson jumps 9% as it emerges bidder for Rs 2,100 cr project

7. Hariom Pipe hits new high, up 4% on shareholders nod for preferential issue

8. RBI may take foot off rate hike pedal after next weeks increase

9. SEBI plans a pledge-repledge model

10. Allcargo Logistics recast on track, two demerged entities to hit market soon

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Topic :- Time:11.00 AM

Nifty spot is trading at 16970. If it manages to trade and sustain above 17000 level then expect some upmove and below 16950 level some decline can follow in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For Today

Positive opening expected.Nifty is likely to follow global cues and is expected to turn volatile as the day progresses. 

Nifty spot if manages to trade and sustain above 17020 level then expect some upmove in the market and if it breaks and trade below 16900 level then some decline can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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Renewable energy subsidiaries of Reliance Industries Ltd, Tata Power Company Ltd, and JSW Energy Ltd are among the winners of the bids for the selection of solar photovoltaic (PV) module manufacturers for setting up manufacturing capacities under the government’s Production Linked Incentive (PLI) Scheme (Tranche-II).

The Solar Energy Corporation of India (SECI), which is the nodal agency for the scheme, announced the winners on March 28 who would receive a total of Rs 13,937.575 crore for setting up 39.6 gigawatts (GW) under the second tranche of the PLI Scheme.

On September 21, the Union Cabinet had approved the second tranche of the PLI scheme for the development of solar PV modules, with an outlay of Rs 19,500 crore. This tranche of the incentive aims to support setting up of 65GW per annum manufacturing capacity of fully and partially integrated solar PV modules.

Union Minister for Power and New and Renewable Energy RK Singh said, “The PLI scheme has proved to be a watershed event in India's renewable landscape resulting in around 48 GW domestic module manufacturing capacity within the next three years. The scheme has boosted the government's efforts to reduce not only the impact of global supply chain shocks but also our import dependence adhering to the Hon'ble Prime Minister's vision of an Aatmanirbhar Bharat.”

A total integrated capacity of 8,737 MW was allocated under Tranche-I of the Scheme, in November-December, 2022. Considering the two tranches together, the total domestic solar PV module manufacturing capacity allocated under the PLI Scheme is 48,337 MW, with a cumulative support of more than Rs. 18,500 crore by the government.

Tranche-II Winners

SECI had invited online bids for the selection of solar PV module manufacturers who could bid under three baskets– Polysilicon-ingots-wafers-cells-modules (PWCM), ingots-wafers-cells-module (WCM), and cells-modules (CM).

In the PWCM basket, Indosol Solar Private Limited will be allocated PLI amount of Rs 3,300 crore, Reliance New Solar Energy Limited will be allocated Rs 3098.04 crore, and India Solar Ventures Private Limited will get Rs 1,177.573.

These three companies are setting up a capacity of 15,400 MW of which the PLI-eligible capacity will be 7,700 MW.

In the WCM basket, the PLI amount will be allocated to Waaree Energies Limited (Rs 1,923.24 crore), Avaada Ventures Private Limited (Rs 961.62 crore), ReNew Solar (Shakti Four) Private Limited (Rs 1,538.592 crore), JSW Renewable Technologies Limited (Rs 320.54 crore), and Grew Energy Private Ltd (Rs 566.71 crore.

These companies will set up a total capacity of 16,800 MW, half of which is eligible for PLI.

In the CM basket, the PLI amount will be allocated to Vikram Solar Limited (Rs 528.54 crore), AMPIN Solar One Private Limited (Rs 139.72 crore), and Tata Power Solar Limited (Rs 383 crore). These companies are setting up a total of 7,400 MW, of which half of the capacity is eligible for PLI.

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Share Market Closing Note

Benchmark indices ended on a negative note in the volatile session on March 23 with Nifty below 17,100.

State Bank of India, Asian Paints, HCL Technologies, Kotak Mahindra Bank and Adani Enterprises were among major losers on the Nifty, while gainers included Hindalco Industries, Nestle India, Bharti Airtel, Maruti Suzuki and JSW Steel.

Mixed trend saw on the sectoral front, with realty, bank, information technology and PSU bank down 0.5-1 percent, while buying saw in the metal, FMCG and power names.

The BSE midcap index shed 0.5 percent, while smallcap index ended on flat note.

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Topic :- Time:3.00 PM

Nifty declined in last hour and is now trading in red zone. Nifty spot if holds above 17080 level on closing basis then expect some pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish movement is likely to further continue.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5830. If it manages to trade and sustain above 5845 level then expect some upmove in it and if it breaks and trade below 5820 level then some decline can be seen in it.

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Topic :- Time:1.30 PM

SILVER Trading View:

SILVER is trading at 69550. If it manages to trade and sustain above 69700 level then expect some upmove in it and if it breaks and trade below 69300 level then some decline can follow in it.

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Topic :- Time:1.15 PM

Just In:

Infosys said Kiran Mazumdar-Shaw will retire from the post of an Independent Director of the Board, effective March 22 as she completes her tenure. 

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Topic :- Time:1.00 PM

Nifty is highly rangebound however volatile move cant be ruled out. Nifty spot if manages to trade and sustain above 17200 level then expect some upmove in the market and if it breaks and trade below 17060 level then some decline can follow in Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 770.20. If it breaks and trade below 769.70 level then expect some decline in it and if it manages to trade and sustain above 771.20 level then some upmove can be seen in the Copper.

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Topic :- Time:12.00 PM

Nifty is likely to turn volatile soon. Nifty spot if manages to trade and sustain above 17180 level then expect some upmove in the market and if it breaks and trade below 17140 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days low, turns flat; Nifty50 below 17,150

2. Global Surfaces makes stellar debut; lists at 17% premium over issue price

3. Law firms plan fee hikes to retain talent amid foreign entry

4. Another report coming soon, says US short-seller Hindenburg Research

5. US Federal Reserve raises policy rate by 25 bps; 9th straight hike

6. L&T extends gains, up 3% in three days on securing orders worth Rs 9,500 cr

7. VA Tech Wabag rallies 7%, hits 3-month high on strong growth outlook

8. Nazara Tech jumps over 3% on buying majority stake in Pro Football Network

9. GR Infra jumps over 4% after it emerges L-1 bidder for Rs 872 cr project

10. Hindustan Aeronautics tumbles 6% on pricing OFS at discount

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 23 March,2023:

Nifty to turn volatile as the day progresses. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17220 level then expect some upmove in the market and if it breaks and trade below 17140 level then some decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

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Topic :- Share Market Closing Note

Sensex gains 445 points, Nifty above 17,100 led by financials.

BSE Midcap and Smallcap indices up 0.5 percent each.

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Topic :- Time:3.00 PM

Nifty spot if manages to hold above 17100 level on closing basis then expect some pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish movement is likely to follow. Avoid open positions for tomorrow.

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Topic :- Time:2.45 PM

Just In:

After Vistara merged with Air India, Vistara CEO Vinod Kannan is optimistic about maintaining the brand through quality and service standards.

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Topic :- Time:2.30 PM

NATURALGAS Trading View:

NG is trading at 186.70. If it manages to trade and sustain above 188 level then expect some upmove in it and if it breaks and trade below 184.30 level then some decline can follow in NG.

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Topic :- Time:2.00 PM

Nifty is showing some recovery now. Nifty spot if manages to trade and sustain above 17120 level then expect some further upmove in the market and if it breaks and trade below 17080 level then some decline can follow. Currently Nifty spot is trading at 17106.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5585. If it breaks and trade below 5560 level then expect some decline in it and if it manages to trade and sustain above 5605 level then some pull back can be seen however overall it will remain in sell on rise till evening session.

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Topic :- Time:1.00 PM

Nifty spot is trading at 17089. If it manages to trade and sustain above 17100 level then expect some upmove and if it breaks and trade below 17060 level then some decline can be seen in it

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 758. If it manages to trade and sustain above 759.20 level then expect some upmove in it and if it breaks and trade below 757.40 level then some decline can be seen in Copper.

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Topic :- Time:12.10 PM

Just In:

AT1 bonds: Indian banks dependence limited, some impact on pricing likely

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Topic :- Time:12.00 PM

Nifty is sliding from its highs. Nifty spot if manages to trade and sustain above 17060 level then expect some upmove and if it breaks and trade below 17020 level then some decline can further follow in it.

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Topic :- Time:11.30 AM

SILVER Trading View:

SILVER is trading at 69224. If it manages to trade and sustain above 69260 level then expect some further upmove in the Silver and if it breaks and trade below 69140 level then some decline can follow in the Silver.

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Topic :- Time:11.00 AM

News Wrap Up:

1. Sensex up 300 pts; RIL, Bajaj Finance gain 2%, IT weak

2. Sterling & Wilson jumps 9% as it emerges bidder for Rs 2,100 cr project

3. Flipkart undertakes management rejig amid resignations, high costs

4. UBS buy gives Credit Suisse Indias employees a glimmer of hope

5. Credit Suisses collapse reveals some ugly truths about Switzerland for investors

6. Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

7. Please dont stall Delhis budget, Arvind Kejriwal writes to PM Modi

8. UBS needs RBI approval to operate Credit Suisse as a bank in India

9. Hariom Pipe hits new high, up 4% on shareholders nod for preferential issue

10. SBI MF schemes buy 2.2% stake worth Rs 757 cr in HDFC AMC in open market

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The country's forex reserves fell by $2.39 billion to a three-month low of $560.003 billion for the week to March 10, the Reserve Bank said in its latest weekly data release.

In the week to March 3, the reserves rose by $1.46 billion and stood at $562.40 billion.

On an annualised basis, the RBI said, the reserves are down by $47.31 billion during the week under review while on a fiscal year basis, the same plunged by $62.23 billion.

With this erosion, the forex kitty is at its lowest since early December, according to the weekly statistical supplement released by the RBI on March 17.

The loss in the reserves is due to the revaluation of the foreign currency assets, which are the largest component of the forex kitty, to the tune of $2.2 billion to $494.86 billion for the week to March 10.

On a year-on-year basis, the value of foreign currency assets fell by $45.86 billion and from a fiscal year perspective, they lost $59.49 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US units like the euro, the pound and the yen held in the foreign exchange reserves.

The reserve losses are primarily due to the RBI selling dollars to stem the rupee volatility in the spot and forwards market to prevent runaway moves in the exchange rate.

Last week, the rupee stood its ground and lost just 10 basis points against the dollar and the currency traded in the 81.61-82.29 range. The rupee ended at 82.55 on Friday.

The country's gold reserves and SDR holdings too saw a reduction in the week under review with both reserves falling $110 million and $53 million, respectively. The gold reserves and SDR holdings stand at $41.92 billion and $18.12 billion, respectively.

The country's reserve position in the IMF also fell by $11 million, taking it to $5.1 billion.

The reserves have been falling from the peak as the rupee has been under pressure and the monetary authority has been taking measures to defend the rupee from extreme volatility. In 2022, the cost of defending a falling rupee was over $115 billion of the reserves.

The worst drop was in the week to February 10 when the reserves plunged by a steep $8.32 billion to $566.95 billion.

In October 2021, the forex kitty had reached an all-time high of $645 billion.