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A total of 3,003 shares changed hands on the counter till 11:21AM (IST)

The Nifty Realty index was trading 0.72 per cent down at 527.55.

The IPO, which comprised a fresh equity issue of Rs 240 crore and an offer for sale (OFS) of 48.6 lakh shares, was subscribed over 100 times on strong institutional and retail interest.

The stock quoted a 52-week high of Rs 3940.0 and a 52-week low of Rs 2575.0.

“We are already seeing Reliance Retail being a beneficiary of the electrolyzer or new segments where they are looking to play the entire spectrum. So triggers are in place for the stock to do well. Valuation of Reliance Retail is a bit negative according to us.”

“Premium is a segment where we have been focussing more and that is why we have continued to like Eicher Motor despite good valuation. Our sense is that this near-term weakness should be brought. It will lead to more expansion of that segment rather than shrinkage in terms of margins or overall growth being impacted. So, in Eicher Motor, we have a target price of Rs 4,165.”

Reliance Industries and ITC were the major gainers as six of the top-10 most valued companies added INR 119,763.25 crore ($16.08bn) last week in India, buoyed by a positive trend in domestic equities. Reliance Industries added INR 57,338.56 crore, while ITC added INR 21,291.04 crore. Meanwhile, HDFC Bank lost its market capitalisation by INR 22,926.37 crore ($3.07bn).

From the Sensex pack, Nestle, HDFC Bank, HUL, Reliance, HDFC, and Tata Steel traded with gains, while UltraTech Cement Maruti, Power Grid, Axis Bank, and Bajaj Finance witnessed some losses.

Domestic brokerage Motilal expects Nifty earnings to grow 25% YoY in Q1. Oil and gas sector may report a 3x surge in profit YoY underpinned by the improvement in marketing margins of OMCs. Auto sector’s earnings may surge 11x YoY during the quarter on a low base.

RIL stock is approaching its 52-week high of Rs 2,755 on the NSE and is just under 2% shy of the mark. RIL shares were also the most active on the exchanges and triggered the gains in the frontline indices S&P BSE Sensex and Nifty50.