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Even the market experts are not gung ho over the counter. They said that till the last day, the successful sailing through of the issue was under the screener. Rich valuations and a rout in startup stocks have added to the woes.

Cement industry’s operational performance over the past few quarters has been broadly affected by rising prices of coal and fuel, and the inability to fully pass on higher costs to consumers. No surprise that leading cement stocks like Ambuja Cements, ACC and Ultratech have shown lackluster performance on Dalal Street over the past few quarters.

The Dow Jones Industrial Average fell 44.51 points, or 0.14%, at the open to 32,152.15.

From a technical perspective, the support zone of 15,700-15,750 is getting important by each passing day. After the initial test of this support zone, Nifty has defended this level for two days in a row as of now. It is also important to note that this level is also an important pattern support in the form of a double bottom for the markets.

“It could be a good time to have a mix of things, to have a more flexible approach in looking at market capitalisation and it is very important to know what kind of stocks you are buying rather than focussing on a single market capitalisation. If you are a longer term investor, it makes more sense to have a more balanced approach rather than only going towards a largecap portfolio.”

The depegged stablecoin of Terra foundation, named UST, death spiralled below $0.15 from $1, wiping out more than $30 billion from the investors wealth and its sister token LUNA took the entire hammering.

Of the total IPO amount, the company will issue Rs 1,004 crore worth of shares to investors. It will utilize it to part-finance the acquisition of a plant in Goa and repayment of loans. Besides, its promoters and the Government of India will be selling Rs 498 crore worth of stocks via offer for sale.

Independent Analyst Manish Shah said the lows of the last three days are almost equal at 15,750 and the pattern in play is a tweezers bottom. It suggests Nifty50 is not ready to slip below the support at 15,750, Shah said.

Escalation in geopolitical tensions due to the war between Russia and Ukraine, hikes in interest rates by the US Fed along with its hawkish guidance, volatile crude prices, and surging inflation globally, among other causes, prompted investors to turn risk-averse during the quarter under review, the report noted.

A report said the company’s CEO Ajay Srinivasan was apparently sent packing recently due to a whistleblower allegation of insider trading and frontrunning at Aditya Birla Sun Life AMC, which is the mutual fund arm and is also listed on exchanges.