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"The fact that investors have lost money in new-age IPOs means the future IPOs will come at a much more reasonable pricing and that will make the job of investing much easier for all of us because they can no longer tell us to look at 2032 earnings and invest. We will tell them that if you want us to invest on 2032 earnings, look for other investors."

The pan-European STOXX 600 index rose 0.1% to extend a recovery to a sixth straight session, with sentiment also buoyed by a strong closing on Wall Street overnight and Asian equity markets earlier in the day.

The allocation to commodities often tends to be minimal as investors tend to undermine its importance in a portfolio.

Trading volumes climbed to a new high in the current year, with aggregate turnover registering a rise of 179 per cent year-on-year on a 9 month basis.

“While certain sectors like consumer, pharma and technology were doing well in the pre pandemic period, the situation changed post pndemic. From 2021 onwards, we have started seeing broad-based recovery even in sectors like commodities, infrastructure, industrials and real estate which has a very large multiplier impact on a number of other industries.”

For the day, the index closed at 17,245.65 down 69.85 points or 0.4 per cent.

On the technical charts, the RSI of the stock stood at 45.98.

“Currently, we are at around 8.5% of blending. The government has mandated 20% blending by 2025-26 and in the ongoing ethanol year, which begins from December, we are looking at around 10% of blending this year in the season and so may be around 400 crore litres of supply from the sugar industry including the grain-based industry.”

The stock traded at a P/E multiple of 81.17, while the price-to-book value ratio stood at 21.99.

The momentum indicator has signalled bullish crossovers on 17 stocks — a sign of bullish undertone — hinting at possible upsides in the days ahead.