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"Gold price is a little up in the Asian trading hours. Spot gold prices in the Delhi markets traded at Rs 55,261/10 grams, up Rs 192/10 grams," said Dilip Parmar, Research Analyst at HDFC Securities.

The Nifty Realty index closed 1.62 per cent down at 430.6.

According to data from BSE, the investors made bids for 81,25,080 equity shares or 57% compared to the 1,42,09,386 equity shares offered for the subscription by 12.30 pm on Wednesday, December 21.

After a corrective phase, following successive rate hikes by central banks, the year-end once again saw the prices of the yellow metal climbing back to highs and market participants are of the opinion that the coming year will be a good one for it.

“We have attempted a very disciplined approach. We never went for over concentrated investment into any sector or stock and wherever we felt there are massive macro headwinds or challenges. We have exited those sectors or stocks. For example, we exited IT and pharma in December 2020 or early 2021, seeing the challenges.”

"Nifty Smallcap 50 and the Nifty Smallcap 250 they are off the all time highs from somewhere between 8% and 21% depending on which index one is looking at. They have already been underperforming and once the heavyweights start dragging the markets lower, the underperformance of the broader markets will continue. Once things start turning down for the largecaps, the selling in the broader markets could get more intense."

The forensic auditor appointed by Sebi in its report indicated that complex layered transactions were executed on behalf of the company and the persons behind such acts were Kulkarni, Kumar and Mulekar, who were the promoter and directors of the firm.

The market saw a bloodbath this year. The S&P 500 is down 19% YTD and the technology-heavy Nasdaq 100 index is down over 30%. The analysts are divided on when these will recover due to concerns about high-interest rates and a continued recession.

The stock traded at a P/E multiple of 100.39, while the price-to-book value ratio stood at 4.79.

“The near-term market construct is not favourable for equities. The rising Covid cases in the US, Korea, Brazil, and China is an area of concern. The situation is dire in China. This might impact market sentiments,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.