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The bonds were up for bidding on Monday on the exchange platform. Barclays is the solo bidder/investor in those papers, market sources said.

Earnings Before Interest and Taxes (EBIT) margin stood at 17.2 per cent up from 16.4 per cent in the first quarter.

Tuesday’s session is likely to see a quiet start. The 18,500 and 18,585 levels on the Nifty will act as resistance points, while support will come in at 18,400 and 18,365 levels.

This trend is akin to the frenzy witnessed during the dotcom boom of 2000, which saw many dud companies in the sector rally to abnormally high levels on speculative activity.

Non-ferrous metal stocks stole the show during the first day of the week. SML Isuzu and Paras Defence hit the upper circuit during the session. On the other hand, Antony Waste Handling tanked 11 per cent, whereas Swelect Energy shed over 9 per cent.

The Dow Jones Industrial Average fell 73.74 points, or 0.21 per cent, at the open to 35,221.02.

Analysts said certain indicators are suggesting the index is in the overbought zone. A consolidation is in the offing, they said.

The company’s strong earnings performance became an excuse for investors to book profits after a stellar run for the stock since July. The gains in the past two months were built on the hopes of a strong Q2 earnings performance.

The internal valuation that’s needed “almost annually” for a company of LIC’s size, “hasn’t been done,” Sitharaman said. Given that the 65-year old insurer hasn’t ever been valued, the process will take time, finance minister Nirmala Sitharaman said.

The Nifty Bank index closed 0.87 per cent up at 39684.8.