Market Update

Tata Technologies, a unit of Tata Motors, is expected to list its IPO in five to six months. In the unlisted market, shares are trading at around Rs 850. Analysts expect the stock to list at a premium and currently predict a bump of between 20% and 30%.

The price band for the issue has been set at Rs 169 to Rs 173 per share, and the IPO size is estimated to be about Rs 105.14 crore at the upper price band. Proceeds from the IPO will be utilised to support the company's working capital requirements, acquisitions of businesses in similar or complementary areas, general corporate purposes and meeting its issue expenses.

The issue, which closes on June 8, comprises a fresh equity issue of up to Rs 350 crore and an offer for sale (OFS) of up to 90 lakh shares. The company has set a price band of Rs 270-285 per unit and investors can bid for a minimum of 52 shares in one lot and multiples thereafter. At the upper end, the company plans to raise about Rs 607 crore.

IKIO Lighting designs, develops, manufactures and supplies products to customers who then further distribute these products under their own brands. The company is largely into manufacturing premium products. Its products are categorized as LED lighting, refrigeration lights, ABS (acrylonitrile butadiene styrene) piping and others.

The company informed the bourses that it allocated 63.8 million shares at ₹285 per share on Monday to anchor investors, including HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs AMC, Malabar India Fund, Mirae Asset Global, among others. The company has fixed the price band for the public issue at ₹270 to ₹285 per share.

The public sector bank, which wants to monetise its non-core assets, held consultations with investment bankers recently to carry out the proposed stake sale, said the people aware of the developments.

Hemant Surgicals made a strong debut on the BSE SME platform with its shares being listed at a 90% premium over its issue price of Rs 90. The stock closed at Rs 179.55, a nearly 100% increase over the offer price. The company's Rs 24.8 crore public offer was oversubscribed by 139 times.

Pune-based IT services firm Vinsys IT plans to use the book-building process to float 3.89 million equity shares of Rs 10 each, and will appoint merchant bankers to the issue.

Sonalis Consumer Products is set to launch its initial public offering (IPO) on June 7, which will end on June 9, and will offer up to 9.44 lakh equity shares at a price band of Rs 30 per equity share of face value of Rs 10. The company aims to raise around Rs 2.83 crore from the public offer, which will be used for working capital requirements, other corporate purposes, and issue expenses. Sonalis Consumer Products is engaged in manufacturing nutritional bars and healthy snacks and has a limited number of raw material suppliers with significant competition in the business.

Noida-based company IKIO Lighting's Rs 607 crore initial public offering (IPO) will open for subscription on 1 June and close on 8 June. The company's stock is commanding a premium of Rs 92-94 in the unlisted market, indicating the demand for the shares, according to market sources. Grey market premiums are subject to change. The IPO consists of a fresh equity issue of up to Rs 350 crore and an offer for sale of up to 90 lakh shares. The net proceeds will go towards general corporate purposes, investment in subsidiary IKIO Solutions, repaying borrowings, and setting up a new facility in Noida.

BYJU'S, the leading edtech company, will launch the Initial Public Offering (IPO) for its subsidiary Aakash Education Services by mid-next year. AESL is expected to earn revenue of Rs 4,000 crores with operational profits of Rs 900 crores in FY23-24. The IPO will provide significant capital infusion to enhance Aakash's infrastructure and reach, extending high-quality test-prep education to a larger number of students.

Long-term investors may consider the IPO given the consistent growth in its contract manufacturing for Signify India (erstwhile Philips India) driven by new product development, strong position in customised lighting solutions in the growing segment of branded retail stores, superior operating margin than its peers, and emerging growth opportunities from exports by supplying lighting products for recreational vehicles in the US.

Nuvama PE is currently investing from its third late-stage/pre-IPO fund under the Crossover Opportunities banner. This fund has so far raised ₹3,800 crore. The latest crossover fund has invested in companies such as Ola Electric and DailyHunt.

IKIO Lighting has set a price band of Rs 270-285 per equity share for its upcoming IPO. The Noida-based company has reserved 50% of the offering for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. The IPO comprises a fresh equity issue of up to Rs 350 crore and offer for sale of up to 90 lakh shares by selling shareholders. Meanwhile, Sonalis Consumer Products is set to launch an SME IPO on June 7 with a fixed price of Rs 30 per equity share.

Maharashtra-based passive telecom infrastructure provider, Kore Digital's initial share sale opened on Friday with a price band of INR 180. This IPO is a fresh issue of up to 10 lakh equity shares of face value INR 10 each, aiming to raise around INR 18 crore. The net proceeds will be used to meet working capital requirements, investment in strategic acquisition, and other general corporate expenses. The allotment will be on June 12th and the shares will be listed on NSE Emerge on June 15th.

Indian LED lighting solutions manufacturer IKIO Lighting is launching its initial public offering (IPO) June 6-8, with shares expected to start trading on June 16. The company's shares will likely be listed at between INR270 ($3.81) and INR285 per equity share, with the upper end of that range raising INR607 crore for the company. The IPO will include a fresh equity issue of up to INR350 crore and an offer for sale of up to 9 million shares. The proceeds will be used to repay borrowings, invest in subsidiary IKIO Solutions and for general corporate purposes.

Investors can bid for a minimum of 52 equity shares and in multiples of 52 thereafter. Under the OFS, promoters Hardeep Singh will offload 60 lakh shares, and Surmeet Kaur will sell about 30 lakh shares.

Indian LED lighting solutions manufacturer, IKIO Lighting, has set a price band of INR 270 to INR 285 for its initial public offering (IPO), which opens for subscription on June 6 and is available until June 8. The IPO comprises a fresh equity issue of up to INR 350 crore and an offer for sale of up to nine million shares. 50% of the offer has been reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

Infollion Research's initial public offering (IPO) has been subscribed 5.68 times on Day 2, with one day remaining. The IPO includes a fresh issue of 22.24 lakh units and an offer for sale of up to Rs 3.92 lakh shares, priced between Rs 80-82. Infollion Research Services runs a marketplace catering to on-demand contingent hiring and work arrangements. The net proceeds will be used to fund expansion into the US and adding new freelancer categories. CFF Fluid control's IPO has so far been subscribed 54% on Day 1. The company's offer is a fresh issue of 52 lakh equity shares.

CFF Fluid Control is set to launch an initial public offering, with plans to close subscriptions on June 2 and list on the BSE SME platform on June 12. The Indian company specialises in manufacturing and servicing shipboard machinery for the Indian Navy, as well as systems for clean and nuclear energy. The issue offers 52 million equity shares for sale at Rs165 ($2) apiece, with the company hoping to raise up to INR858m ($13m). The retail-to-institutional investor ratio is 50:50. The cash raised will repay loans, fund working capital requirements and pay for equipment and "general corporate purposes.

Krishca Strapping, a manufacturers of high-tensile steel straps, seals, and tools, raised around ₹18 crore through the IPO, which was subscribed 244.92 times.

Crayons Advertising's IPO received an overwhelming response, with subscriptions totaling INR 4,104.67 crore, or 147.61 times the offer size. The retail portion of the offering was subscribed 169.94 times, while the non-institutional category secured 231.94 times the shares on offer. The qualified institutional buyer (QIB) portion was also oversubscribed. Based on the demand, the shares of the firm are set to be listed on June 2. The company plans to use the public issue proceeds to invest in its infrastructure and deploy cutting-edge technology.

Happy Forgings is now the largest supplier of forged and machined components to the automotive industry's commercial vehicles and tractor segments. Together, these two segments constitute 75% of its total revenues.

The Bengaluru headquartered company has roped-in Goldman Sachs, ICICI Securities, Axis Capital, and Kotak Securities as the lead managers for its initial public offering. An email sent to an Ola Electric spokesperson remained unanswered. Goldman Sachs, Axis Capital and Kotak Securities didn’t respond to the queries, while ICICI Securities’ spokesperson declined to comment

Infollion Research Services, a tech-oriented B2B human cloud marketplace, plans to raise up to INR 21.45 crore through its initial public offering (IPO), with a price band set at INR 80-82 per equity share. The IPO will open on May 29 and stay available till May 31. The proceeds will be used to expand services into the US and Western European regions, add new categories of freelancers and for technology development. Infollion's shares are reportedly trading at a premium of INR 44 in the unlisted market.

Ola Electric, which makes electric scooters, is backed by investors such as SoftBank Group Corp and Tiger Global Management, and was valued at $5 billion in its last fundraise in 2022.

The issue will be available for public subscription till May 26. The company has fixed the price band for the offer at Rs 85-90. Investors can bid for 1600 shares in 1 lot and in multiples thereof.

The initial share sale of dental products e-commerce company Vasa Denticity had a slow start with only 7% subscription on the first day, including 14% by retail investors and 3% by non-institutional investors. The company plans to raise up to Rs 54.06 crore with a price band of Rs 121-128 per share. The IPO will remain open for public subscription until May 25. Meanwhile, Auro Impex and Chemicals Ltd listed on the NSE Emerge platform after a successful IPO that was subscribed 67 times.

Indian software company Vinsys has closed a pre-IPO funding round valued at INR 200cr ($27m) and featuring Singapore's NAV Capital Emerging Star Fund and Swiss-based xMultiplied, among other investors. The Pune-based firm offers customised training courses for various sectors and employs over 800 certified IT professionals. Vinsys is planning to list on an SME exchange platform, and is seeking to expand into new markets, including the US and Europe. For the year ending March 2023, it posted revenues of INR 157.30 crore and a net profit of INR 16.02 crore.

Indian advertising agency, Crayons Advertising's initial public offering (IPO) was fully subscribed on the first day, driven by retail investors. Retail investors subscribed 3.13 times of the shares on offer, and the issue received bids that were 1.59 times the number of shares on offer. The company aims to raise around INR417.9m ($5.6m) from the IPO. The company has set the price band of INR62-65 per share, with the shares expected to debut on the NSE Emerge. The funds collected will be used to invest in the company's infrastructure and advanced technology.

The initial public offering (IPO) of state-run ECGC, India's largest export credit insurance firm, is likely to be postponed to the next financial year due to volatile export market conditions, said sources. Factors like the Russian-Ukraine war and monetary tightening by central banks may adversely affect the company's valuation if the IPO is rushed.

The government is planning to offload up to 25% stake in IREDA. It has decided to appoint SBI Capital Markets, BoB Capital Markets and IDBI Capital Markets and Securities as merchant bankers and Saraf and Partners as legal advisor for the IPO, said the official.

Hemant Surgical is planning to issue fresh equity shares of up to 27.6 lakh at a price band of Rs 85-90 per share. The company has reserved 35% of the issue for retail investors. The company has fixed QIB quota at 50% and NII quota at 15%. The GMP of the issue is expected to be around Rs 7. The company intends to use the net proceeds for funding capital expenditure towards installation of additional plant and machinery, meeting working capital requirements

Vasa Denticity is a Dental Products E-Commerce company, having 10,000+ SKUs, 30 owned brands, and 300 domestic & international brand tie-ups. The company is selling its products through the online portal 'DentalKart.com' & through the mobile application 'Dentalkart'

Nexus Select Trust is expected to list on the exchanges on May 19 and is expected to have a marginal premium of Rs 2.50 in the unlisted market. The company is offering a pre-tax yield of 8% in FY24 at the upper price band.

Crayons Advertising plans to use the proceeds from its upcoming public offering to invest in setting up its own film and animation studios and to enhance its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR and other emerging immersive tech. The public issue proceeds will be utilised for capital expenditure on infrastructure and cutting-edge technology.

The base issue comprises up to 1.70 crore shares of the company representing 7% of the total equity, with a green shoe option of 69.88 crore shares representing 2.88% stake.

Remus Pharmaceuticals is planning to raise Rs 47 crore through its initial share sale. The company is engaged in the business of marketing and distribution of finished formulations of pharmaceutical drugs. It also deals in APIs and provides technical consultancy services to various distributors for preparation of reports on the dossiers of the products to be registered by them in various countries. The IPO comprises an issue of 3.8 lakh equity shares of face value of Rs 10 each and the company plans to raise about Rs 47 crore from

Crayons Advertising, a homegrown integrated advertising agency, is set to go public on Monday, May 22, with a price band of Rs 62-65 per share. The company plans to use the proceeds from the public issue to invest in setting up its own film and animation studios and enhancing its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR, and other emerging immersive tech.

Krishca Strapping Solutions has announced its Initial Public Offering (IPO), planning to raise Rs 18 crore. The manufacturing company, incorporated in 2017, specializes in making and selling high-quality steel straps, steel seals, strapping tools and other packaging solutions. The IPO's size consists of up to 33.2 lakh equity shares with a face value of Rs 10 each. The company has a steel strapping capacity of 18,000 MT annually and aims to use the net proceeds for setting up a new strapping line, repayment of debt and for other corporate purposes.

Nexus Select Trust, India's first retail assets-led real estate investment trust (REIT), backed by Blackstone Group, has raised over INR1.44bn ($19m), accounting for 45% of a $429m IPO, from 16 institutional investors in its fully-subscribed anchor book. The REIT owns 17 assets across 14 cities with Mumbai, Bangalore and Delhi being the primary markets. At the upper end of the IPO's price band, which was INR95-100 per unit, the issue was subscribed 6.55 times in the non-institutional investor category and 5.06 times by institutional investors.

Nexus Select Trust REIT IPO's share allotment is set to take place on May 16th, with the process being supervised by the registrar. Investors may receive shares based on a lottery basis. Investors can check their allotment status through the BSE or the registrar's website. Currently, Nexus Select Trust shares are commanding a premium of ₹2 in the unlisted market. The company aims to offer a pre-tax yield of 8% in FY24, at the upper price band, and will be India’s first REIT with rent-yielding retail real estate assets.

Sources told ET that the total IPO size would be Rs 900 - 1,100 crore, and the company may consider a Pre IPO placement of Rs 123 crore.

The issue received over 155,000 applications and the institutional investor portion was subscribed 5.06 times while the other investor portion witnessed 6.55 times subscription at the upper end of the price band of ₹95-100 per unit.

Nexus Select Trust's Rs 3,200-crore Initial Public Offering (IPO) that aims to establish India's first retail assets-led Real Estate Investment Trust (REIT), has been successful, with a total subscription of 5.74 times. The REIT had raised over Rs 1,440 crore through its anchor book, which was subscribed to by 16 institutional investors. The issue received over 1.55 lakh applications, while the institutional investor portion was subscribed 5.06 times, and the investor portion witnessed 6.55 times subscription at the upper end of the price band of Rs 95-100 per unit.

India's Rs 3,200 crore ($435m) initial public offering (IPO) of Blackstone-backed Nexus Select Trust, a real estate investment trust (REIT), was fully subscribed on the third day of bidding. The institutional investor segment was subscribed 1.32 times with other investors seeking 1.87 times. The issue is a mix of fresh-share offer and an offer for sale portion, gaining Rs 1,440 crore on the day before the issue opened from institutional investors. If the IPO touches the upperband of Rs 100, Nexus will have a market cap of Rs 15,150 crore, offering a pre-tax yield of 8% in FY24.

The ports business of the Sajjan Jindal-led JSW Group plans to deploy the proceeds of the public issue to retire its debt and fund capacity expansion projects. The IPO is entirely a fresh share issue.

Nexus Select Trust, the first Real Estate Investment Trust (REIT) backed by rent-yielding retail real estate assets, has been subscribed 57% on the second day of the Rs3,200 crore ($434m) Initial Public Offering (IPO), according to an update. The non-institutional investors' category has been fully subscribed while the qualified institutional buyer’s share was subscribed 17%. Blackstone sponsors the REIT, which has a portfolio of 17 operational shopping malls, two hotels and office spaces across 14 cities in India including New Delhi's Select City Walk. The issue runs until 11 May.

The JSW Infrastructure IPO is the third public listing by the JSW Group and follows 13 years after the public listing of JSW Energy in January 2010. JSW Infrastructure Promoters will not be diluting their current stake.

At Tuesday's closing price, Mankind Pharma was valued at a price-to-earnings ratio of 43 times its FY22 earnings. Mankind is now India's fifth largest pharma company by market value of ₹57,046 crore. Sun Pharma, Divi's Lab, Dr. Reddy's Lab, and Cipla are currently valued between ₹75,284 crore and ₹2.31 lakh crore.

​In fact, what we have also seen that we start every year, financial year with a quite optimistic earnings expectation anywhere in the range of 15 to 25%, depending on the survey of varied range of market participants if we take.

Obviously, a rate cut sort of a scenario is very positive for growth cyclicals and banking, auto, consumer discretionary all these companies fall under growth cyclicals. If you observe for the last 12 to 18 months, despite strong earnings growth in all these three sectors, we have not seen any massive earnings or massive sort of a stock price re-rating.

​Currently, India's market share is about 1.8% and there is scope for this to go up meaningfully over the next five-six years and, in fact, our India economist is expecting that this will go up and almost double by 2030

Gold prices remained steady as investors awaited the looming decision on interest rates by the US Federal Reserve next week, although a weakened dollar provided some support. The demand for gold had previously been driven up by global inflation pressures, but in May, it was reported that such pressures were abated, after why supply gain pressures eased. The upcoming US consumer price report expectedly provides investors with more economic insight. While Fed futures reflect an 80.6% chance of rates remaining in the range of 5%-5.25%, there is a 51% chance of another rate hike in July.

Oil prices were stable on Wednesday with Brent crude futures up 0.1% to $76.38 a barrel and US West Texas Intermediate futures up 0.2% to $71.85 a barrel. Despite a surprise cut in oil production on Sunday by Saudi Arabia of 1 million barrels per day (bpd), easing discrepancies in supply, growing concerns regarding slow global economic growth are putting a cap on prices. According to Hiroyuki Kikukawa, president of NS Trading, the market is reluctant to take new positions due to mixed economic indicators for China and the United States. The US Energy Information Administration claims that US crude oil production for this year will rise faster; however, reducing US crude stocks also helped the oil market on Tuesday.

US stocks closed higher on Tuesday as investors awaited inflation data and the Federal Reserve's policy meeting next week. Fed fund futures suggest an 80% chance that the central bank will hold interest rates when it meets in June. Financials rose 1.33%, while the KBW regional banking index rose 5.41%. The S&P 500 and Nasdaq Composite both gained, while the Russell 2000 index of small-cap companies added 2.69%, with about three-and-a-half times as many advancers as decliners on the New York Stock Exchange. Megacap stocks were among major indexes that wavered, having added almost 20% since October lows.

Torrent Power has signed an MoU with the government of Maharashtra for three Pumped Storage Hydro Projects of 5,700 MW capacity.

Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18450 to 18700 zones.

The Securities and Exchange Board of India (SEBI) has proposed a new rule to track the source of foreign money for high-risk investors in an effort to root out questionable foreign investment in India’s publicly traded companies. If passed, the new rule would require any investor with more than INR 250 billion ($3.3 billion) invested locally or if they have a concentration of over 50% in any one Indian business group, to disclose full ownership details. Although some experts worry about excessive compliance, SEBI's consultation paper estimates that only 6% of foreign investment, or less than 1% of total market capitalization, will be considered high risk.

The bull market started during the Covid panic in April 2020. We continue to be in a bull market and a new high is around the corner. The market went into consolidation post-October 2021 as multiples were at levels which discounted immediate growth

The state-backed infrastructure lender, which was set up in 2021, is planning an issuance with a base size of ₹5,000 crore and an additional subscription option worth ₹5,000 crore, sources aware of the development said.

Auto industry companies in India are awaiting clarity on whether they will receive incentive funds for the first year of the ₹25,938 crore production-linked incentive scheme, which has been in effect for over a year. The standard operating procedure (SOP) for the scheme, which is required for products to be certified, was released on April 27, 2023, causing a delay. Companies are also concerned that key changes agreed upon by the industry and government have not been incorporated into the final draft of the SOP. Additionally, some manufacturers were wrongfully claiming subsidies in violation of conditions.

The newly-permitted transactions will be cash-settled in rupees and shall have the flexibility of cash settlement between two relevant banks and between a bank and a person residing outside India in rupees or any foreign currency, the regulator said.

In its last policy statement on April 6, the RBI's Monetary Policy Committee took markets off-guard by keeping the repo rate unchanged at 6.50% as against expectations of a rate increase.

EPAM cut its sales growth guidance for 2023 by an unexpected 500 basis points citing a slowdown in discretionary spending. The company now sees its revenues lower by 2% on a year-on-year basis, compared to its earlier guidance of a 3% growth.

The companies were earlier considering seeking an extension from the Department of Telecommunications (DoT) on the deadline to meet roll out obligations. But with the equipment makers assuring of supply of gear, the telcos have decided to set up the radios in all telecom circles to meet the basic roll out conditions.

Analysts are crediting this drop to seasonality in the credit cycle when growth remains tepid in the first quarter. While both sets of banks saw a month-on-month dip, it was higher for private banks at 44 bps versus 18 bps for public sector banks.

The lenders see value in selling the assets while ITNL wants a resolution by transferring the asset to its infrastructure investment trust (InvIT).

For Adani Green Energy, Adani Transmission, and Adani Wilmar, the circuit limits have been revised to 10% from 5%. The biggest boost is for Adani Power as the circuit limit has been increased to 20% from 5%.

Five out of ten Adani group stocks ended positively on Tuesday after the conglomerate announced that it had repaid loans totalling $2.65bn as part of its deleveraging programme. Adani Power, Adani Green Energy, Adani Ports, Ambuja Cements, and ACC all rose on the BSE, while shares in Adani Total Gas, Adani Wilmar, Adani Transmission and NDTV fell. The Adani Group has been seeking to win back investor trust after US short-seller Hindenburg Research published a report alleging accounting fraud and stock price manipulation. The group has denied all allegations.

Shares of major US banks and regional lenders rose on Tuesday, with the KBW Regional Banking index reaching its highest level since April. This comes at a challenging time for the sector, given concerns over deposit flight, growing interest rates and exposure to commercial real estate.

Indian equity indices closed flat on Tuesday, as gains in autos and real estate offset a drop in information technology stocks ahead of an anticipated pause in the US Federal Reserve's rate hike. Analysts predict that the general trend will continue to remain flat, though there is potential floor support at 18,500 and resistance at 18665 for the index.

The Securities Appellate Tribunal (SAT), which hears appeals against orders passed by SEBI, said violations by Brickwork Ratings "were not deliberate or fraught with malafides or fraud and therefore cannot result in the cancellation of the license".

NDTV will exit the stock exchanges' short-term additional surveillance framework from Wednesday, following a rally in its stock prices. The announcement comes after Adani Enterprises was removed from the same ASM framework by stock exchanges earlier this month.

Multi-cap mutual funds invest in large-, mid-, and small-cap stocks, and mandate 65% of corpus in equity and equity-linked instruments. It offers the advantages of all three categories of stocks, offering moderate risks. Returns on five multi-cap mutual funds have beaten inflation, according to a list compiled.

Shares of cryptocurrency and blockchain-related companies fell before the opening bell on Tuesday after the US Securities and Exchange Commission sued Coinbase and Binance, accusing them of operating illegally. The lawsuit against Coinbase alleges it has operated since 2019 as an unregistered broker, evading disclosure requirements. Shares in Coinbase fell 16%, while Bitcoin also fell. Bitfarms dropped 4.5%, and crypto miners Riot Platforms, Marathon Digital and Hut 8 Mining fell between 1.3% and 5.4%

The S&P 500 and Nasdaq showed gains as investors awaited inflation data and the Federal Reserve's policy meet next week. Banks led a rally in economically sensitive sectors, with financials rising 1.2% to lead gains among the major S&P 500 sectors, while the KBW regional banking index jumped 6.1%.

The SEC has charged Coinbase with operating an unregistered national securities exchange, broker, and clearing agency, as well as failing to register the offer and sale of its staking-as-a-service program. The complaint claims Coinbase has made billions unlawfully since at least 2019 by facilitating the buying and selling of crypto securities without proper registration.

Tata Technologies, a unit of Tata Motors, is expected to list its IPO in five to six months. In the unlisted market, shares are trading at around Rs 850. Analysts expect the stock to list at a premium and currently predict a bump of between 20% and 30%.

The price band for the issue has been set at Rs 169 to Rs 173 per share, and the IPO size is estimated to be about Rs 105.14 crore at the upper price band. Proceeds from the IPO will be utilised to support the company's working capital requirements, acquisitions of businesses in similar or complementary areas, general corporate purposes and meeting its issue expenses.

In a circular on Tuesday, NSE said weekly, monthly and quarterly contracts of Bank Nifty will expire on Friday. Bank Nifty derivatives are the second most popular contracts after the benchmark Nifty with nearly 26% share in total options trading volume.

Nithin Kamath, co-founder and CEO of India's leading stock broker Zerodha, urges Indians to consider other investment options besides savings accounts and fixed deposits. He believes that the over Rs. 60 lakh crore held in savings bank accounts is earning sub-par returns. Even startups keep idle funds in their current bank accounts that generate no interest income instead of finding alternatives with better returns, he added. Kamath also suggests investing in T-bills, which currently generate more than bank fixed deposits and are known as the safest instrument in India.

In the Nifty pack, 28 stocks closed in the green, while 22 stocks ended in the red.

The NSE Nifty index closed 5.15 points up at 18599.0

Sequoia India & Southeast Asia has been rebranded Peak XV Partners, the venture capital firm said in a blog post Tuesday. There will be no changes to the India leadership, which will continue to be spearheaded by Shailendra Singh.

The Nifty Pharma index closed 0.61 per cent up at 13012.9.

The 30-share BSE Sensex closed up 5.41 points at 62792.88

The 30-share BSE Sensex closed up 5.41 points at 62792.88

The Nifty Realty index closed 1.19 per cent up at 498.4.

RIL, Nestle among top Nifty stocks trading at premium over historical averages

The 30-share BSE Sensex closed up 5.41 points at 62792.88

Sectorally, buying was seen in realty, auto, and healthcare stocks, while selling was visible in IT, metals, and oil & gas stocks. Stocks that were in focus included names like Sharda Cropchem, which saw a massive increase in volumes to close with gains of over 10%, Mazagon Dock Shipbuilders closed with gains of over 4% and Bharat Dynamics hit a fresh 52-week high on Tuesday.