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The currency had notched its best trading day in about two weeks on Monday when the domestic cash dollar market was shut.

"We expect the rupee to trade with a positive bias on weakness in the Dollar and positive domestic markets. The decline in safe-haven appeal on the rise in risk appetite in global markets may also put pressure on the dollar.

With huge growth opportunities for consumer and small business finance, the brokerage said that post-acquisition, PFL’s management has strengthened its foundation notably by investing in technology (aiding infrastructure/processes), distribution and talent.

However, as per Trendlyne data, the highest target price for Jindal Steel goes up to Rs 730, while the average target price estimate is Rs 510, a downside of 10% from the current market price of Rs 109. Out of the 23 analysts covering the stock, 15 have strong buy and buy ratings, two have hold ratings, and six have strong sell and sell ratings.

“We will carry forward some vulnerable triggers of 2022 in 2023 as well whether it is the war issue, higher interest rate or a slowdown or a recession curve. We are almost on the verge of recession and we are expecting a demand destruction in commodities prices whether it is crude to industrial metals or other products.”

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The stock quoted a 52-week high of Rs 451.5 and a 52-week low of Rs 312.05.

A total of 16,532 shares changed hands on the counter till 02:14PM (IST).

The IPO consists of fresh issue of Rs 60 crore and an offer for sale of Rs 327.9 crore by the founders and other investors. The company is selling its shares in the range of Rs 94-99 apiece and in lot sizes of 150 equity shares and its multiples thereof.