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The initial share sale comprises fresh issuance of equity shares worth Rs 1,004 crore and an offer for sale component of 11.85 crore equity shares by promoters and other selling shareholder.

The Dow Jones Industrial Average fell 37.50 points, or 0.12%, at the open to 32,123.24.

Net profit for the quarter was at Rs 984 crore against Rs 1709 crore in the year-ago period.

Such a candle has a bullish connotation if it is followed by a positive close in the next session, said analysts, who see immediate resistance in the 16,20-350 range and index support at 16,000.

The operating profit during the January-March quarter grew sharply to Rs 158 crore from Rs 57.59 crore in the year-ago period.

Edelweiss sees revenues rising 13.2 per cent to Rs 54,438 crore from Rs 48,088 crore YoY. It sees profit rising 25.8 per cent to Rs 4,299 crore from Rs 3,417.30 crore. Margin is seen at 12.9 per cent from 13.3 per cent in the year-ago quarter, the brokerage said.

“The key channels of impact will likely be higher inflation, weaker consumer demand, tighter financial conditions, the adverse impact on business sentiment, and a delay in capex recovery. On the other hand, a positive resolution of geopolitical tensions and decline in global commodity prices would improve the domestic and external demand outlook.”

Investors returned to lap up the shares following a correction in the stock. In eight sessions, wherein it touched the lower circuit for six, shares of Adani Wilmar tanked nearly 35 per cent.

Bitcoin accounts for nearly $600 billion of that value, followed by ethereum, with a $285 billion market cap.

“Demand destruction is happening at a much faster clip and margins are getting squeezed. Overall, I am not too confident that steel would do too well now. The only plus point is that balance sheets have been repaired and stocks are not looking that expensive. So, a gradual decline is likely.”