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On the technical charts, the RSI of the stock stood at 56.68.

The rupee last traded at 81.5750 per U.S. dollar, up from 81.7850 in the previous session and its highest level in more than a month. On Tuesday, the local currency climbed 0.7%, scaling the 82-82.20 levels that traders were watching.Interbank traders cited the rupee playing catch-up after a period of underperformance versus its Asian peers, stop losses and an improving flows outlook among the reasons for its unexpected jump over the last two sessions.

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“The global emerging market outlook is improving and historically, we have seen that once the valuations touch such low levels and we are near the peak of the rate hike cycle, typically emerging markets bounce back. So the probability of overall emerging markets doing very well this year has increased.”

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,109.34 crore, according to exchange data.

“There was a lot of demand, particularly from the north and west side of the domestic market and that resulted in a very high teen percentage growth. But in the second and third quarter, demand growth still has been satisfactory but not in the same proportion. So based on that, we would expect the overall demand growth to be between 8% and 9% for the current financial year.”

Grey market hints for a decent show on the listing day and considering the market mood and low interest, we expect a listing premium of 10-12% above its issue price of Rs 65. On valuation per se, the issue is fully priced-in, discounting all the near-term growth. Hence, decent listing gain can be justified," Tapse added.

The Nifty IT index closed 0.33 per cent up at 28596.35.

The global brokerage added that for Airtel to defend its market share it would have to increase its capex and match Reliance Jio’s in order to not fall behind the market leader on 5G rollouts. “This will drive lower free cash flows and declining ROICs for Bharti.”

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