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The IPO of Jyoti CNC will open for public subscription on January 9 and end on January 11. The anchor book of the offer will be opened for a day on January 8, the company announced.

The Nifty Auto index closed 0.05 per cent up at 18326.75.

A total of 58,851 shares changed hands on the counter till 02:04PM (IST).

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Kaushalya Logistics IPO was subscribed 390 times at close. The strong response was led by NII investors, whose category was subscribed the most at 400 times, followed by NIIs at 297 times and QIBs at 33 times.

Rajat Rajgarhia says: “There are going to be enough opportunities in the broader markets and we need to keep picking companies which are becoming bigger because market caps will follow the sizes of the businesses. While Nifty is the most commonly spoken benchmark, India is presenting opportunities beyond Nifty in a meaningful manner.”

FPIs bought shares worth 427.33 billion rupees in the first half of December, marking a fortnightly record, driven by lower U.S. bond yields amid expectations of interest rate cuts by the Federal Reserve.

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Siddhartha Khemka says: “We believe that in the next two years, FY24-25, the Nifty earnings would continue to grow at 18-20% which should drive the returns from the market. We do not expect much re-rating as we are near the mean of around 20 times. So the earnings will drive the returns and that is what we believe investors should look for.”