Heading into the October series, bears seem to have an upper hand as Nifty50 is losing momentum on the upside following multiple failed attempts to break out of the immediate hurdle between 17,950-18,000 levels.

Swing pricing is a mechanism by which fund houses can adjust a scheme’s net asset value (NAV) in response to the flows into or out of the fund. It is aimed at reducing the impact of large redemptions on existing investors by reducing dilution of the value of a fund’s units.

Nifty50 closed below its 13-day simple moving average, which had offered support to the index in the last two sessions, suggesting weakness ahead. Analysts said the index may correct towards the 17,500-459 zone in the coming days.

With the NCLT directing Zee Entertainment to hold the EGM, Invesco’s move showed that it is not willing to give an inch to Punit Goenka and the current board of the company.

The 30-share BSE Sensex was down 60.97 points at 59352.3

In the international market, gold was trading with marginal gains at $1,733 per ounce and silver was flat at $21.64 per ounce.

Kamath family is now the 63rd richest in India, the IIFL Wealth Hurun India Rich List 2021 showed.

Nifty has been forming lower highs since the last four sessions and resistance levels have gradually shifted lower.

Governor Shaktikanta Das will probably announce on Oct. 8 a 15 basis point increase in the rate at which banks park excess cash with the Reserve Bank of India, economists Samiran Chakraborty and Baqar Zaidi wrote in a note Thursday.

The 30-share BSE Sensex closed down 286.91 points at 59126.36