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Another listing candidate, Venus Pipes and Tubes, is commanding a premium of Rs 35-40 or 10-12 per cent in the grey market over the issue price of Rs 326. It is signalling a mild listening pop.

Tuesday, again is likely to see a stable start provided there are no overnight negatives to deal with. The levels of 16,350 and 16,430 are expected to act as potential resistance points. The supports come in at 16,105 and 15,950 levels.

In the international market, gold was trading higher at USD 1,857 per ounce and silver was flat at USD 21.99 per ounce.

Sonam Srivastava, the founder of Sebi-registered investment advisor Wright Research, said the investment via P-notes rose last month from March, as FPI were net sellers in Indian markets in April with a negative flow in both equity and debt segments.

Total revenue was up 4.94 per cent at Rs 1,722.68 crore during the quarter under review as against Rs 1,641.53 crore in the corresponding period of the previous fiscal.Total expenses were at Rs 1,559.77 crore, up 20.34 per cent in Q4/FY 2021-22, as against Rs 1,296.05 crore in the year-ago period

The market cap of LIC now stands at 5,16,657.44 crore, which makes it the sixth largest company in the country. The stock has fallen 14 per cent since listing and have made shareholders poorer by about Rs 85,000 crore.

"The 16,400 level proved to be a strong barrier yet another time. The hourly chart shows that the upper end of an upward sloping channel also created pressure near 16,400. The overall structure shows that the Nifty50 is likely to witness sideways action in the short term. The 16,000-16,400 is expected to be the range for the next few sessions," said Gaurav Ratnaparkhi at Sharekhan.

“Some of the smallcap and midcap names have corrected much more than the frontline names. So some of them, particularly in sectors like industrials, chemicals, movie exhibition, hospitality and travel related spaces, are beginning to look quite interesting. Largecap IT companies which are very well diversified and that to some extent, mitigates those risks. So it is time to look at some of the largecap IT companies but for midcap IT, we will still wait and watch.”

“It is only last year that we found the entry segment coming down a little more sharply than in the past. We believe that is obviously a function of affordability. As far as the demography is concerned, we are a very young nation and we would always have a large percentage of first time buyers and there have been 47-48% first time buyers consistently for the last 20-22 years and that has not changed.”

The main question is what are the implications of high inflation and monetary tightening for stock markets? How should investors respond to this situation?