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The National Stock Exchange (NSE), its former chief Vikram Limaye and eight others on Friday settled with markets regulator Sebi a case pertaining to alleged bypass of trading access point (TAP) system by certain brokers after paying Rs 643 crore. Apart from NSE and Limaye, those who settled the case are -- Umesh Jain G. M. Shenoy, Narayan Neelakantan, V. R. Narasimhan, Kamala K, Nilesh Tinaikar, R Nandakumar and Mayur Sindhwad. TAP was a software application deployed by NSE in 2008 on the servers of trading members for managing connections and messages (orders/trades) of such members. Trading members, registered with NSE, connected to TAP to establish communication with the NSE trading system. In its settlement order, Sebi said that NSE, on behalf of itself and other applicants, has remitted the settlement amount of Rs 643 crore on September 25, 2024, the receipt of which is confirmed. Accordingly, "the proceedings initiated against the applicants vide the SCN (show cause notice)dated February 28, 2023 are hereby disposed of," it added. The Securities and Exchange Board of India (Sebi) conducted an examination with respect to the TAP Architecture and Network Connectivity of NSE to ascertain the possibility of a bypass of TAP by trading members, the manner in which a complaint dated November 20, 2013 was dealt with by the exchange and possible lapses on the part of the bourse and whether such lapses led to any violation of securities laws. After conclusion of the examination, a show cause notice was issued by Sebi in February 2023, alleging NSE did not take remedial measures to prevent / discourage any possible bypass of TAP among others.

The Nifty witnessed an extremely volatile day of trade on Friday, witnessing sharp swings in both directions and closed in the red, merely sustaining above the 25k mark, but dropping slightly below the 50 DEMA.The index has shed 1,310 points (-5.2%) after making a fresh high of 26,277 last week.A bear candle was formed on the daily as well as the weekly charts. The near-term uptrend of Nifty has turned down sharply. Having placed at the supports of around 25,000, there is a hope of a minor upside bounce in the early week, which is expected to be a sell-on-rise opportunity. A decisive move below 25,000-24,950 levels could open the next downside of 24,500 in the near term. Immediate resistance to be watched around 25,300, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 25,200 and 25,300 strike prices, while on the put side, the highest OI was at 25,000 strike price.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that the Nifty has been declining for the last five trading sessions and has corrected around 1,200 points form the high of 26,277. It is now approaching the support zone of 25,000 – 24,800, which coincides with the 50-day moving average and the 61.82% Fibonacci retracement level of the Aug – Sept rally. We expect the Nifty to hold on to this support and stage a counter trend pullback as the hourly momentum setup is sporting a positive divergence which indicates loss of momentum on the downside. On the upside pullback likely towards 25,500.Rupak De, LKP SecuritiesThe Nifty witnessed a bear attack for the second consecutive day. Sustained trades below key levels triggered a correction towards 25,000. The sentiment has turned extremely weak, with higher levels being used as selling zones. On the lower end, the next support is seen at 24,750, while on the higher end, resistance is visible at 25,300.Rajesh Bhosale, Angel OneThe market has broken below the trendline connecting the higher lows of the last two months, confirming a channel breakdown. With prices closing just at the key 50 EMA support, this has been one of the sharpest weekly drops in recent times, forming a strong bearish candle on the weekly chart, signalling more potential downside ahead. The next key support is around the September swing low of 24,750 followed by 24,500. However, traders should exercise caution with short positions, as some in-between bounces cannot be ruled out due to oversold conditions in momentum indicators on intraday charts. On the upside, Friday's high near 25,500, which coincides with the 20 EMA and the channel breakdown level, will act as a stiff resistance, with 25,300 being the immediate resistance before that.Praveen Dwarakanath, Hedged.inNifty after a dead cat bounce, at the start of the day, again fell almost 2% from the day's high. It is however takingsupport at 25,000 levels. Another bounce can come at the present levels, which also looks to be short-lived. Nifty has closed below the Upper band of the Keltner channel, a strong signal of a further fall. All the momentum indicators are in the over-sold region, which can be a possible reason for a small bounce which is expected to be short-lived. Options writer's data showed a significant increase in call writing and also ITM puts short covering, indicating weakness in the index to continue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Breaching the historic mark, India's forex reserves hit all-time high of $704.89 billion, up $12.5 billion as of September 27, the Reserve Bank of India (RBI) data showed on Friday.The historic high comes as India's forex reserves jumped by $2.8 billion to $692.3 for the week ending September 20.According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) were up by $10.4 billion to $616 billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.Gold reserves saw a surge of $2 billion to $65.7 billion. Meanwhile, SDRs for the above-mentioned week saw a marginal rise by $8 million to stand at $18.547 billion. Reserve position in the IMF dipped by $71 million to $4.3 billion.India’s foreign-exchange reserves will likely rise to $745 billion by March 2026, giving the RBI more potential firepower to influence the rupee, according to Bank of America. The monetary authority “seems relaxed about holding larger forex reserves, owing to its desire to build buffers against contingent external risks,” reported Bloomberg quoting BofA analysts Rahul Bajoria and Abhay Gupta. India’s reserves adequacy appears strong compared with other major emerging markets, but not necessarily excessive, they said.The amount provides stability to the rupee against external shocks, with the RBI using its reserves to limit extreme swings in the currency hovering near a record low.The RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.