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The Nikkei slipped less than 8 points to close at 29,098.24, maintaining most of the previous days surge of about 500 points. The index earlier sank as low as 28,870.25.

A majority of brokerages are positive on Nykaa IPO and have given it a subscribe rating.

“DRL’s two strategic priorities include strengthening presence in the south and west organically and technological interventions to look more patient friendly in the front end. ”

The stock quoted a 52-week high price of Rs 98575.9 and a 52-week low of Rs 62866.55.

JM Financial sees the stock at Rs 950. Emkay finds it worth Rs 1,020 now compared with Rs 960 earlier.

On the technical charts, the 200-day moving average of the stock stood at Rs 1111.71.

A total of 884,001 shares changed hands on the counter till 01:47PM (IST).

The stock quoted a 52-week high price of Rs 32050.0 and a 52-week low of Rs 20103.1.

The board approved raising up to Rs 5,347 crore by issuing 252.45 million equity shares through the preferential issue on a private placement basis. However, the issue price for the preferential allotment is Rs 211.79 per share, a 28 per cent discount to Tuesday’s closing price of Rs 294.40 on the BSE.

“India is about to enjoy that same wonderful golden period of new economy growth that China had for the last 10 years. Unfortunately most of it will remain unlisted. But nevertheless, the indirect effects on the economy will be just as beneficial.”