Honouring monarch around end of day (9)

I believe the answer is:

knighting

'honouring' is the definition.
(I've seen this before)

'monarch around end of day' is the wordplay.
'monarch' becomes 'king' (king is a kind of monarch).
'around' means one lot of letters goes inside another.
'end of day' becomes 'night'.
'king' placed around 'night' is 'KNIGHTING'.

(Another definition for knighting that I've seen is " Honouring".)

I've seen this clue in The Everyman puzzle in The Observer.

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