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Investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup and JP Morgan are understood to be working with the company on filing preliminary documents with the market regulator in the next two months.

In another transaction, Nomura Singapore bought 705,000 shares of Vishal Fabrics at Rs. 112.25 per share through a bulk deal on the NSE.

The company, which is backed by chip company Qualcomm and payments major PhonePe, is expected to file the DRHP (Draft Red Herring Prospectus) in the next few days, two sources close to the development said.

Going by the draft papers, proceeds from the issue would be utilised towards repayment or prepayment, of certain borrowings of the company, funding incremental working capital requirements, and for general corporate purposes.

In a notice on Monday, the Securities and Exchange Board of India (Sebi) said it will auction as many as 97 properties of the companies on September 25 at a reserve price of more than Rs 350 crore.

Rohit Singre of LKP Securities advised traders to book some gains near the 17,000 mark and go for fresh buying on any dip near the 16,850 level.

"If one reads Buffett’s annual letters from 1965 to 1994, that is where the actual Buffettology lies," market veteran Raamdeo Agrawal said.

A lot is written in the investing world about the ills of high trading frequency or churn in the portfolio. However, the other side of the equation also has some downside. This is called inertia or status quo bias caused by the Endowment Effect.

The Dow Jones Industrial Average rose 16 points, or 0.05 per cent, at the open to 35,471.8.

After falling 37 per cent in a single month in Mar’20, equity indices have since more than doubled to new highs. On the other hand, growth in economic activity managed to edge up into the positive territory in late 2020.