The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 23,770 level, a discount of nearly 25 points from the Nifty futures’ previous close.

Highlights: Among the broader markets, small-cap shares outperformed others, with the Nifty Smallcap100 ending up 1.35 per cent

HDFC Bank Ltd shares were down 1.56 per cent at Rs 1,722 after the Q3 update. December was the third consequent quarter of sequential corporate loan decline as the banks continued to choose profitability over balance sheet growth.

The Nifty 50 index would need to breach above the important 200 period MA at 23,900 level and thereafter, to trigger a breakout, says experts.