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Half-a-dozen entities in the small finance bank and microfinance space that have received approval for raising funds through initial public offerings appear to be going slow because of valuation issues, people familiar with the matter said.

The Dow Jones Industrial Average rose 17.48 points, or 0.05 per cent, at the open to 36,159.70.

“Everyone is likely to get what they want from the Paytm IPO itself and there may not be a huge rush post listing. Plus the biggest question as to when the business would turn profitable.”

“Market is probably factoring in the next two years of earnings but there is a larger runway.”

"IPOs are probably the best way to expand the capital markets in the country and we need more people to get some shares allotted to them."

The minor positive pattern like higher highs and higher lows on the daily chart remain intact. But, the market is now close to the edge of negating this positive sequence, said analysts adding a move below 17,800 is likely to negate this pattern and could open more weakness.

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Man Infraconstruction shares zoomed 16 per cent to 104.75, ahead of the issue of bonus shares. The company board had fixed the bonus date for the issue as Friday, November 19.

While the demerger in question would not be of the lucrative FMCG business, the fact that the board is reportedly considering such a move is enough to send a wave of excitement among its investors.

The pan-European STOXX 600 inched up 0.1% by 0823 GMT after better-than-expected U.S. retail data lifted Wall Street equities on Tuesday.