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The company, which will tap the market for the first time since October 2021, has invited bids from bankers and investors on Monday, they said.

The company had reported a net profit of Rs 3,832 crore in the September quarter while a profit after tax (PAT) of Rs 4,097 crore in the corresponding period of the last financial year.

The breakout confirms the resumption of the uptrend which could take the index towards 49,500-50,000 in the short to medium term, suggest experts.

The Nifty Bank index closed 1.03 per cent up at 48195.85.

Vivek Karwa says: “In a bull market, you tend to make money, but in bad markets, you tend to lose money also. So please always compare. NFOs are much safer. The fund manager takes care of the valuations, what he is investing, which company he is investing in. He has a research team. And hence, you are much more safeguarded.”

In our company we have told our finance team if they get a video call from me, there is a safe code word which I need to tell you, even if it is emergency or anything unless and until I will not give that safe code to you do not believe in the video also. As of now, this trick is working very well because whenever something will happen. The same thing applies in a family situation too."

High weightage Nifty Financials rose 1.22%, after shedding 1.29% over the last four sessions. Nifty Realty index surged 6.76% to a new record high, led by Sobha, Macrotech Developers, Godrej Properties, and DLF.

In December, FPIs bought shares worth more than Rs 58,498 crore, the highest purchase by them in a month since November 2020. In November 2020, they had bought shares worth Rs 70,896 crore.

The IPO comprises a fresh issue of up to 4 crore shares and an offer for sale of up to 80 lakh by the selling shareholders. The company, in consultation with the book-running lead Manager, may further consider a pre-IPO placement of up to 40 lakh shares.

The dollar index edged lower to 102.14 after touching a more-than-two-week high in the New York session, supported by an uptick in U.S. yields and tepid risk appetite.