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Nifty needs to trade above 18,250 to signal a revival in sentiment. Overall, we expect the market to gain momentum on the upside once a break above 18,250 is seen. It is too premature to call out a top in Nifty. We wait for a signal to put us again on the long side of the market.

Nifty needs to trade above 18,250 to signal a revival in sentiment. Overall, we expect the market to gain momentum on the upside once a break above 18,250 is seen. It is too premature to call out a top in Nifty. We wait for a signal to put us again on the long side of the market.

The Nifty Bank index closed 0.21 per cent down at 42346.55.

“In India, barring Q2, which definitely underwhelmed, the recovery in Q1 was extremely sharp and Q3 is looking extremely positive. We are confident that in the Indian market, we will beat the trend and this year itself we will see a fair amount of recovery vis-à-vis FY2019-2020. By the next financial year, we will be full on in growth mode.”

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Abhay Doshi, co-founder, UnlistedArena, said despite pricey valuations, the company has a strong business model leading to strong subscription during the three-day bidding process.

Ahead of its listing, shares of Archean Chemical were trading at a premium of Rs 120-130 in the grey market, signalling a strong listing pop for investors.

The Nifty Realty index was trading 0.66 per cent down at 445.85.

It estimates Delhivery to reduce adjusted EBITDA losses significantly (almost breakeven in Q3FY23E) and return to adjusted EBITDA profitability in Q4FY23E (~2% adjusted EBITDA margin).

“Look at internet companies last year. They did not have even earnings basically but the outlook was looking great. People kept bidding up the prices and we have to look at where the demand is coming from. So things will keep getting expensive but basically one has to be there in the early part of the cycle. In order to ride out the entire cycle, it is very difficult to take valuation calls in areas where the growth is looking to go bust.”