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“As a country’s economies become bigger, as technology changes, size becomes a necessity and therefore while it may seem mega in that context, it is just appropriate in the context of how India is shaping. Therefore size is important to service the India of tomorrow. We will find all players becoming larger to remain in the same place.”

“The merger process will go on for the next 15 to 18 months and of course our customers will be very happy to be part of this bigger and stronger entity. Our customers have seen HDFC AMC over the last 20 years with a great track record and I think that continues.”

The Nifty IT index closed 0.27 per cent up at 36442.9.

The portion for retail bidders was subscribed more than 10 times, whereas QIB quota received nearly 3 times bids. The portion for non-institutional buyers fetched a little more than two times bids.

HDFC will benefit from the low-cost funds of HDFC Bank and its large branch network. HDFC Bank will benefit from the competence of HDFC in mortgage finance.

The Nifty Realty index was trading 0.18 per cent down at 473.7.

"Once the bulls manage to conquer the interim top of 18,350, decks will be cleared for new lifetime highs. However, as the HDFC twins alone contributed around 225 points out of 382 points in today’s session, any profit booking or pause in these stocks may temporarily halt the upward movement for Nifty50," said Mazhar Mohammad of Chartviewindia.in.

Syntropy’s DARP technology detects performance problems and immediately switches to an alternative and to performing path.

“It is very vital to know when you have to prune down these exposures and the ability to rebuild exposure when the market corrects significantly. So it is all about how well you balance your risk-on and risk-off environment. So we are constructive from a longer term perspective but we have to play in a very tactful manner.”

Continuing their selling spree for the sixth consecutive month, foreign investors pulled out a massive Rs 41,000 crore from the Indian equity market in March.