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“Prima facie, this is mildly negative but of course the impact will be more medium term in terms of how things pan out. ”

The NSE barometer ended the day within its recent consolidation range of 17,250-450, despite hitting a fresh all-time high. Analysts said the bulls lack conviction at highs.

Saurabh Mukherjea, the founder and chief investment officer of Marcellus Investment Manager, has argued that in India, the public should not confuse a large market share for monopolistic practice.

Nifty50 formed a small-bodied bearish candle on the daily scale, but saw the highest ever daily close.

“Chemicals are a good place to look at. It has been a structural story for at least half a decade or little bit more than that. Although a lot of the stocks have run up within IT, look at companies which are working on the banking and the financial sector clients. Real estate again is coming out of the woods after many years.”

In the Nifty pack, 32 stocks closed in the green, while 18 stocks ended in the red.

In the Call options of the stock, the rapid move caused mayhem with premium on deep out-of-money Calls going through the roof, as traders looked to hurriedly buy such options expecting further run-up in the stock in the coming days.

The Nifty IT index closed 0.86 per cent up at 35431.5.

“Out of Rs 300 crore IPO, Rs 140 crore will be used for repayment of existing debt, Rs 90 crore used for working capital requirement and the balance is for general corporate purpose as well as the issue expenses. ’’

Media stocks were in the limelight after a flurry of shareholder activism brightened their prospects. Banks also saw buying but metals and FMCG names were under selling pressure.