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​In the past, every time foreign investors pulled money out of India, the market would buckle under selling pressure. But thanks to heavy domestic flows, that selling is being offset now.

The stock quoted a 52-week high price of Rs 371.15 and a 52-week low of Rs 229.65.

A total of 26,314 shares changed hands on the counter till 02:05PM (IST).

Data released by the NSDL shows that FIIs have pared their holdings of domestic stocks by a massive Rs 77,085 crore. Taking into account the Rs 38,521 crore of net sales from October to December of 2021, the FII outflows are at their largest since the global financial crisis of 2008.

The equity issue will lead to a 12 per cent dilution on the current equity base.

“Trading volumes have gone up. On the cash side, we are seeing that the volumes are a little lower on high volatile days, particularly on the downward side, we suddenly see surges. So there is some intelligent buying happening. There is conviction amongst investors in the market but indeed the average ticket size, particularly in February, saw a contraction relative to the previous months.”

As many as 320 stocks have delivered negative returns in the last five trading sessions.

​​ Persistent foreign fund outflows and a weak trend in domestic equities too weighed on the local unit, forex traders said.

“We would believe that a multiple of 2 to 2.25 or something like that for an embedded value should be more in order, which is at a discount to the likes of HDFC Life or ICICI Pru. That would give a range of Rs 9.5-10 lakh crore or 11 lakh crore. That would imply an IPO size of about Rs 50,000-52,000-55,000 crore.”

A break below the minor low at 16,200 does suggest that selling pressure has not abated as yet.