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In the Nifty pack, 32 stocks were trading in the green, while 18 stocks were trading in the red.

On the technical charts, the RSI of the stock stood at 63.19.

“From trading at around 15-16 forward PE, the largecaps have moved to 25-30. But I would not be surprised if that re-rating keeps happening because the companies are giving that kind of performance with reasonable certainty.”

"The 16,600 level, followed by 16,500, would act as immediate support for Nifty50. The 16,700 level remains to be the level to watch out for. The direction is likely to be dictated by the banking space," said Sameet Chavan of Angel Broking.

“Frankly, in the last six-to-eight months, money making was becoming too easy... you see some tweet, you buy the stock and it is up two circuits. Sectoral rotation was very, very fast,” Singhania said.

The company has reduced its fresh issue size to Rs 200 crore from Rs 300 crore after fundraising of Rs 100 crore in a pre-IPO placement.

The Nifty IT index was trading 0.07 per cent up at 34065.1.

A total of 35,952 shares changed hands on the counter till 10:00AM (IST).

The global crypto market cap was below the $2 trillion mark, declining 3 per cent compared to the last day. Similarly, the total crypto market volume declined about 4 per cent to $109.12 billion.

Kalpataru Power Transmissions Ltd., incorporated in the year 1981, is a Mid Cap company (having a market cap of Rs 5799.27 Crore) operating in Power sector.