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A total of 27,809 shares changed hands on the counter till 11:57AM (IST)

On the technical charts, the RSI of the stock stood at 52.48.

The Nifty Pharma index closed 0.78 per cent up at 15448.95.

The IPO comprises a fresh issue of equity shares up to Rs 392 crore and an offer for sale (OFS) component of up to 1.04 crore shares by promoters and a few external investors.

“Multiple resistance” breakout at 97 with huge volumes, Daily and weekly RSI are in positive terrain.

The IPO at a $54.5 billion valuation is a win compared to the $40 billion deal to sell Arm to Nvidia Corp, which SoftBank abandoned last year amid opposition from antitrust regulators. SoftBank took Arm private in 2016 for $32 billion.

Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes.

“The largecap stocks continue to show a lot of resilience even when we have volatility. For the time being, it would make more sense to focus on some of the largecap banks or stocks where we are seeing a fair bit of stability and strength. Even IT is coming back in a major way. It would make sense to focus on these bases.”

Money flew into the midcap and smallcap funds in all the months of 2023. While midcap funds garnered inflows worth Rs 14,444 crore, smallcap funds attracted inflows of Rs 26,305 crore. On the contrary, largecap funds have seen net outflows of Rs 3,607 crorein the same period.

The engineering & construction major had increased the final buyback price to Rs 3,200 from Rs 3,000 earlier. Besides increasing the buyback price, the company has also approved to reduce the number of shares to be bought back from investors to 3.12 crore, which represents 2.22% of equity. The company had earlier proposed to buy back about 3.33 crore shares.