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"With global supply chains in crisis, a driver for capital expenditure in India will be the evolving “China +1” sourcing strategy. Overall, despite a tough macro environment India is relatively better placed to ride out the current crisis and emerge as one of the fastest-growing large economies. Structural drivers are in place for a sustained higher level of economic growth."

“It is important the residential property cycle is kicking in because as a domestically driven sector that generates employment in the construction sector, that has all kinds of multiplier consequences and the affordability is there because for seven years I would assume nominal income growth in India has run well ahead of property prices.”

Investors with a long-term horizon can look at buying the stock at current levels or on dips for a potential target of Rs 1,380 with a 12-month horizon, suggest experts. A stop loss below Rs 1,000 can be kept for all long positions.

“We might see a positive surprise when they eventually announce results and therefore I still think it is worth buying, if it were to be available at the IPO price or even below. One has to be sure of course that every market can take a 20-25% beating easily. If you cannot take that kind of volatility, this market is definitely not for you and perhaps the LIC IPO is not as well even after listing. ”

"We were amongst very few companies in India to report a YoY revenue growth during the Covid period. We reported an almost 7% year-on-year revenue growth in FY21, the year when the economy contracted. And also witnessed more than 10% year-on-year revenue growth in FY22. The last 2 years of Covid proved to be a tailwind for SIS business."

The Indian currency had opened at 77.8060/$1 as against 77.4500/$1. On May 9, the rupee had settled at a record closing low of 77.4650/$1.

LIC listed at Rs 867.2 on BSE, a discount of 8.62 per cent over its issue price of Rs 949. On NSE, it debuted at a discount of 8.11 per cent.

Investors can subscribe to the issue by bidding for a minimum of 350 shares and in its multiples thereof. The issue is open for subscription till Thursday, May 19.

“As the Nifty is already down 3000 points from the top. it is not relevant to be looking for safer sectors in my view. We need to wait for the crescendo move in the downside which will play out eventually at some stage over the next few weeks and then possibly get into financials, capital goods, autos.”

Barring the US dollar-pegged stablecoins, all the tokens were trading lower on Tuesday. Cardano and Polkadot tumbled 5 per cent each, whereas Avalanche, Solana and Shiba Inu dropped 3 per cent each.