The company informed the bourses that it allocated 63.8 million shares at ₹285 per share on Monday to anchor investors, including HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs AMC, Malabar India Fund, Mirae Asset Global, among others. The company has fixed the price band for the public issue at ₹270 to ₹285 per share.

The public sector bank, which wants to monetise its non-core assets, held consultations with investment bankers recently to carry out the proposed stake sale, said the people aware of the developments.

Hemant Surgicals made a strong debut on the BSE SME platform with its shares being listed at a 90% premium over its issue price of Rs 90. The stock closed at Rs 179.55, a nearly 100% increase over the offer price. The company's Rs 24.8 crore public offer was oversubscribed by 139 times.

Pune-based IT services firm Vinsys IT plans to use the book-building process to float 3.89 million equity shares of Rs 10 each, and will appoint merchant bankers to the issue.

Sonalis Consumer Products is set to launch its initial public offering (IPO) on June 7, which will end on June 9, and will offer up to 9.44 lakh equity shares at a price band of Rs 30 per equity share of face value of Rs 10. The company aims to raise around Rs 2.83 crore from the public offer, which will be used for working capital requirements, other corporate purposes, and issue expenses. Sonalis Consumer Products is engaged in manufacturing nutritional bars and healthy snacks and has a limited number of raw material suppliers with significant competition in the business.

Noida-based company IKIO Lighting's Rs 607 crore initial public offering (IPO) will open for subscription on 1 June and close on 8 June. The company's stock is commanding a premium of Rs 92-94 in the unlisted market, indicating the demand for the shares, according to market sources. Grey market premiums are subject to change. The IPO consists of a fresh equity issue of up to Rs 350 crore and an offer for sale of up to 90 lakh shares. The net proceeds will go towards general corporate purposes, investment in subsidiary IKIO Solutions, repaying borrowings, and setting up a new facility in Noida.

BYJU'S, the leading edtech company, will launch the Initial Public Offering (IPO) for its subsidiary Aakash Education Services by mid-next year. AESL is expected to earn revenue of Rs 4,000 crores with operational profits of Rs 900 crores in FY23-24. The IPO will provide significant capital infusion to enhance Aakash's infrastructure and reach, extending high-quality test-prep education to a larger number of students.

Long-term investors may consider the IPO given the consistent growth in its contract manufacturing for Signify India (erstwhile Philips India) driven by new product development, strong position in customised lighting solutions in the growing segment of branded retail stores, superior operating margin than its peers, and emerging growth opportunities from exports by supplying lighting products for recreational vehicles in the US.

Nuvama PE is currently investing from its third late-stage/pre-IPO fund under the Crossover Opportunities banner. This fund has so far raised ₹3,800 crore. The latest crossover fund has invested in companies such as Ola Electric and DailyHunt.

IKIO Lighting has set a price band of Rs 270-285 per equity share for its upcoming IPO. The Noida-based company has reserved 50% of the offering for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. The IPO comprises a fresh equity issue of up to Rs 350 crore and offer for sale of up to 90 lakh shares by selling shareholders. Meanwhile, Sonalis Consumer Products is set to launch an SME IPO on June 7 with a fixed price of Rs 30 per equity share.

Maharashtra-based passive telecom infrastructure provider, Kore Digital's initial share sale opened on Friday with a price band of INR 180. This IPO is a fresh issue of up to 10 lakh equity shares of face value INR 10 each, aiming to raise around INR 18 crore. The net proceeds will be used to meet working capital requirements, investment in strategic acquisition, and other general corporate expenses. The allotment will be on June 12th and the shares will be listed on NSE Emerge on June 15th.

Indian LED lighting solutions manufacturer IKIO Lighting is launching its initial public offering (IPO) June 6-8, with shares expected to start trading on June 16. The company's shares will likely be listed at between INR270 ($3.81) and INR285 per equity share, with the upper end of that range raising INR607 crore for the company. The IPO will include a fresh equity issue of up to INR350 crore and an offer for sale of up to 9 million shares. The proceeds will be used to repay borrowings, invest in subsidiary IKIO Solutions and for general corporate purposes.

Investors can bid for a minimum of 52 equity shares and in multiples of 52 thereafter. Under the OFS, promoters Hardeep Singh will offload 60 lakh shares, and Surmeet Kaur will sell about 30 lakh shares.

Indian LED lighting solutions manufacturer, IKIO Lighting, has set a price band of INR 270 to INR 285 for its initial public offering (IPO), which opens for subscription on June 6 and is available until June 8. The IPO comprises a fresh equity issue of up to INR 350 crore and an offer for sale of up to nine million shares. 50% of the offer has been reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

Infollion Research's initial public offering (IPO) has been subscribed 5.68 times on Day 2, with one day remaining. The IPO includes a fresh issue of 22.24 lakh units and an offer for sale of up to Rs 3.92 lakh shares, priced between Rs 80-82. Infollion Research Services runs a marketplace catering to on-demand contingent hiring and work arrangements. The net proceeds will be used to fund expansion into the US and adding new freelancer categories. CFF Fluid control's IPO has so far been subscribed 54% on Day 1. The company's offer is a fresh issue of 52 lakh equity shares.

CFF Fluid Control is set to launch an initial public offering, with plans to close subscriptions on June 2 and list on the BSE SME platform on June 12. The Indian company specialises in manufacturing and servicing shipboard machinery for the Indian Navy, as well as systems for clean and nuclear energy. The issue offers 52 million equity shares for sale at Rs165 ($2) apiece, with the company hoping to raise up to INR858m ($13m). The retail-to-institutional investor ratio is 50:50. The cash raised will repay loans, fund working capital requirements and pay for equipment and "general corporate purposes.

Krishca Strapping, a manufacturers of high-tensile steel straps, seals, and tools, raised around ₹18 crore through the IPO, which was subscribed 244.92 times.

Crayons Advertising's IPO received an overwhelming response, with subscriptions totaling INR 4,104.67 crore, or 147.61 times the offer size. The retail portion of the offering was subscribed 169.94 times, while the non-institutional category secured 231.94 times the shares on offer. The qualified institutional buyer (QIB) portion was also oversubscribed. Based on the demand, the shares of the firm are set to be listed on June 2. The company plans to use the public issue proceeds to invest in its infrastructure and deploy cutting-edge technology.

Happy Forgings is now the largest supplier of forged and machined components to the automotive industry's commercial vehicles and tractor segments. Together, these two segments constitute 75% of its total revenues.

The Bengaluru headquartered company has roped-in Goldman Sachs, ICICI Securities, Axis Capital, and Kotak Securities as the lead managers for its initial public offering. An email sent to an Ola Electric spokesperson remained unanswered. Goldman Sachs, Axis Capital and Kotak Securities didn’t respond to the queries, while ICICI Securities’ spokesperson declined to comment

Infollion Research Services, a tech-oriented B2B human cloud marketplace, plans to raise up to INR 21.45 crore through its initial public offering (IPO), with a price band set at INR 80-82 per equity share. The IPO will open on May 29 and stay available till May 31. The proceeds will be used to expand services into the US and Western European regions, add new categories of freelancers and for technology development. Infollion's shares are reportedly trading at a premium of INR 44 in the unlisted market.

Ola Electric, which makes electric scooters, is backed by investors such as SoftBank Group Corp and Tiger Global Management, and was valued at $5 billion in its last fundraise in 2022.

The issue will be available for public subscription till May 26. The company has fixed the price band for the offer at Rs 85-90. Investors can bid for 1600 shares in 1 lot and in multiples thereof.

The initial share sale of dental products e-commerce company Vasa Denticity had a slow start with only 7% subscription on the first day, including 14% by retail investors and 3% by non-institutional investors. The company plans to raise up to Rs 54.06 crore with a price band of Rs 121-128 per share. The IPO will remain open for public subscription until May 25. Meanwhile, Auro Impex and Chemicals Ltd listed on the NSE Emerge platform after a successful IPO that was subscribed 67 times.

Indian software company Vinsys has closed a pre-IPO funding round valued at INR 200cr ($27m) and featuring Singapore's NAV Capital Emerging Star Fund and Swiss-based xMultiplied, among other investors. The Pune-based firm offers customised training courses for various sectors and employs over 800 certified IT professionals. Vinsys is planning to list on an SME exchange platform, and is seeking to expand into new markets, including the US and Europe. For the year ending March 2023, it posted revenues of INR 157.30 crore and a net profit of INR 16.02 crore.

Indian advertising agency, Crayons Advertising's initial public offering (IPO) was fully subscribed on the first day, driven by retail investors. Retail investors subscribed 3.13 times of the shares on offer, and the issue received bids that were 1.59 times the number of shares on offer. The company aims to raise around INR417.9m ($5.6m) from the IPO. The company has set the price band of INR62-65 per share, with the shares expected to debut on the NSE Emerge. The funds collected will be used to invest in the company's infrastructure and advanced technology.

The initial public offering (IPO) of state-run ECGC, India's largest export credit insurance firm, is likely to be postponed to the next financial year due to volatile export market conditions, said sources. Factors like the Russian-Ukraine war and monetary tightening by central banks may adversely affect the company's valuation if the IPO is rushed.

The government is planning to offload up to 25% stake in IREDA. It has decided to appoint SBI Capital Markets, BoB Capital Markets and IDBI Capital Markets and Securities as merchant bankers and Saraf and Partners as legal advisor for the IPO, said the official.

Hemant Surgical is planning to issue fresh equity shares of up to 27.6 lakh at a price band of Rs 85-90 per share. The company has reserved 35% of the issue for retail investors. The company has fixed QIB quota at 50% and NII quota at 15%. The GMP of the issue is expected to be around Rs 7. The company intends to use the net proceeds for funding capital expenditure towards installation of additional plant and machinery, meeting working capital requirements

Vasa Denticity is a Dental Products E-Commerce company, having 10,000+ SKUs, 30 owned brands, and 300 domestic & international brand tie-ups. The company is selling its products through the online portal 'DentalKart.com' & through the mobile application 'Dentalkart'

Nexus Select Trust is expected to list on the exchanges on May 19 and is expected to have a marginal premium of Rs 2.50 in the unlisted market. The company is offering a pre-tax yield of 8% in FY24 at the upper price band.

Crayons Advertising plans to use the proceeds from its upcoming public offering to invest in setting up its own film and animation studios and to enhance its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR and other emerging immersive tech. The public issue proceeds will be utilised for capital expenditure on infrastructure and cutting-edge technology.

The base issue comprises up to 1.70 crore shares of the company representing 7% of the total equity, with a green shoe option of 69.88 crore shares representing 2.88% stake.

Remus Pharmaceuticals is planning to raise Rs 47 crore through its initial share sale. The company is engaged in the business of marketing and distribution of finished formulations of pharmaceutical drugs. It also deals in APIs and provides technical consultancy services to various distributors for preparation of reports on the dossiers of the products to be registered by them in various countries. The IPO comprises an issue of 3.8 lakh equity shares of face value of Rs 10 each and the company plans to raise about Rs 47 crore from

Crayons Advertising, a homegrown integrated advertising agency, is set to go public on Monday, May 22, with a price band of Rs 62-65 per share. The company plans to use the proceeds from the public issue to invest in setting up its own film and animation studios and enhancing its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR, and other emerging immersive tech.

Krishca Strapping Solutions has announced its Initial Public Offering (IPO), planning to raise Rs 18 crore. The manufacturing company, incorporated in 2017, specializes in making and selling high-quality steel straps, steel seals, strapping tools and other packaging solutions. The IPO's size consists of up to 33.2 lakh equity shares with a face value of Rs 10 each. The company has a steel strapping capacity of 18,000 MT annually and aims to use the net proceeds for setting up a new strapping line, repayment of debt and for other corporate purposes.

Nexus Select Trust, India's first retail assets-led real estate investment trust (REIT), backed by Blackstone Group, has raised over INR1.44bn ($19m), accounting for 45% of a $429m IPO, from 16 institutional investors in its fully-subscribed anchor book. The REIT owns 17 assets across 14 cities with Mumbai, Bangalore and Delhi being the primary markets. At the upper end of the IPO's price band, which was INR95-100 per unit, the issue was subscribed 6.55 times in the non-institutional investor category and 5.06 times by institutional investors.

Nexus Select Trust REIT IPO's share allotment is set to take place on May 16th, with the process being supervised by the registrar. Investors may receive shares based on a lottery basis. Investors can check their allotment status through the BSE or the registrar's website. Currently, Nexus Select Trust shares are commanding a premium of ₹2 in the unlisted market. The company aims to offer a pre-tax yield of 8% in FY24, at the upper price band, and will be India’s first REIT with rent-yielding retail real estate assets.

Sources told ET that the total IPO size would be Rs 900 - 1,100 crore, and the company may consider a Pre IPO placement of Rs 123 crore.

The issue received over 155,000 applications and the institutional investor portion was subscribed 5.06 times while the other investor portion witnessed 6.55 times subscription at the upper end of the price band of ₹95-100 per unit.

Nexus Select Trust's Rs 3,200-crore Initial Public Offering (IPO) that aims to establish India's first retail assets-led Real Estate Investment Trust (REIT), has been successful, with a total subscription of 5.74 times. The REIT had raised over Rs 1,440 crore through its anchor book, which was subscribed to by 16 institutional investors. The issue received over 1.55 lakh applications, while the institutional investor portion was subscribed 5.06 times, and the investor portion witnessed 6.55 times subscription at the upper end of the price band of Rs 95-100 per unit.

India's Rs 3,200 crore ($435m) initial public offering (IPO) of Blackstone-backed Nexus Select Trust, a real estate investment trust (REIT), was fully subscribed on the third day of bidding. The institutional investor segment was subscribed 1.32 times with other investors seeking 1.87 times. The issue is a mix of fresh-share offer and an offer for sale portion, gaining Rs 1,440 crore on the day before the issue opened from institutional investors. If the IPO touches the upperband of Rs 100, Nexus will have a market cap of Rs 15,150 crore, offering a pre-tax yield of 8% in FY24.

The ports business of the Sajjan Jindal-led JSW Group plans to deploy the proceeds of the public issue to retire its debt and fund capacity expansion projects. The IPO is entirely a fresh share issue.

Nexus Select Trust, the first Real Estate Investment Trust (REIT) backed by rent-yielding retail real estate assets, has been subscribed 57% on the second day of the Rs3,200 crore ($434m) Initial Public Offering (IPO), according to an update. The non-institutional investors' category has been fully subscribed while the qualified institutional buyer’s share was subscribed 17%. Blackstone sponsors the REIT, which has a portfolio of 17 operational shopping malls, two hotels and office spaces across 14 cities in India including New Delhi's Select City Walk. The issue runs until 11 May.

The JSW Infrastructure IPO is the third public listing by the JSW Group and follows 13 years after the public listing of JSW Energy in January 2010. JSW Infrastructure Promoters will not be diluting their current stake.

At Tuesday's closing price, Mankind Pharma was valued at a price-to-earnings ratio of 43 times its FY22 earnings. Mankind is now India's fifth largest pharma company by market value of ₹57,046 crore. Sun Pharma, Divi's Lab, Dr. Reddy's Lab, and Cipla are currently valued between ₹75,284 crore and ₹2.31 lakh crore.

Nexus Select Trust real estate investment trust (REIT), which includes a fresh offering and OFS portion, was subscribed 28% on the first day of the IPO. The REIT has a price band of Rs 95-100 per unit and closed on May 11. A day ahead of the IPO, Nexus raised Rs 1,440 crore from anchor investors. At the upper band of Rs 100 per unit, the company has a market cap of Rs 15,150 crore and offers a pre-tax yield of 8% in FY24. It is the largest mall platform in India and includes 17 high-quality assets.

Nexus Select Trust plans to raise Rs 3,200 crore through an 3-day IPO opening on 9 May. The firm is the owner of India's largest mall platform consisting of 17 assets. The trust will become India's first REIT with rent-yielding retail estate assets, with the IPO comprising a fresh offering and OFS portion worth up to Rs 1,800 crore.

Mankind Pharma is set to list on May 9 with a premium of Rs 120 apiece according to grey market trends. The company is valued at a price-to-earnings ratio of 30 times FY22 earnings and has a market capitalisation of Rs 44,000 crore. The initial share sale of the company was subscribed 15.32 times with strong interest from QIBs and is the largest IPO so far this year. The company has 25 manufacturing facilities across India, a dedicated in-house R&D centre and a team of over 600 scientists.

Cainiao Network Technology's initial public offering (IPO) plan comes after Alibaba flagged in late March it would split its business into six units and that most of them would explore capital raisings or market debuts to help fund future growth.

The RBI certainly seems to be on a pause mode. And in fact, global central banks also, especially the US Federal Reserve, also seems to be indicating that they would pause soon.

​The first part is that if you look at the differential between repo and the FFTR, upper bound, then that is today at 125 basis points. Now, that is the lowest number that we have seen in 23 years.

​So, while you may argue that in PE terms it is low, but if I have to look on a PEG basis which is I think a better reflection because that does factor in the earnings growth potential, within the top six, if I may, LTIMindtree probably look the most attractive within the space.

I think next quarter or so, they will still remain subdued in the packaging films. After that, I think the margins will improve.

Cboe Global Markets received regulatory approval from the US Commodity Futures Trading Commission to offer leveraged derivatives products on its digital trading platform, including physically and financially settled bitcoin and ether margined futures contracts. Cboe Digital allows trading and clearing of bitcoin and ether futures on a fully collateralized basis. The margined contracts are expected to launch in H2 2022 and will enable users to trade crypto futures while putting less collateralized capital upfront. Cboe Digital's clearinghouse will act as the central counterparty to reduce default risks.

The US Securities and Exchange Commission (SEC) has sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for allegedly evading US regulations and misleading investors. The SEC claims that Binance.US was secretly controlled by Binance and that the exchange artificially inflated trading volumes, among other charges. The news caused major cryptocurrencies to tumble, with bitcoin down 5.45% and Binance's cryptocurrency down 9.72%. This is the latest enforcement action against the cryptocurrency industry by the SEC, which has prompted some companies to increase compliance and expand overseas.

MSCI's Asia-Pacific shares index lost 0.1%, Tokyo's Nikkei was down 0.22%, China shares declined 0.15%, while Hong Kong's Hang Seng slipped 0.07%. Oil prices also fell, as Saudi Arabia pledged to further cut output, while US crude relinquished 0.25% to $71.97 per barrel and Brent was at $76.55, down 0.21%. The US dollar index saw minimal change.

Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 0020 GMT. The U.S. West Texas Intermediate crude eased 25 cents, or 0.4%, to $71.90 a barrel.

A survey from the Institute for Supply Management showed the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Fed's fight against inflation.

Apple Inc ended 0.8% lower after the world's most valuable company unveiled an augmented-reality headset called the Vision Pro, its riskiest and biggest bet since the introduction of the iPhone. Earlier Apple rose as much as 2.2% to an all-time high.

Foreign portfolio investors (FPIs) net sold shares worth about Rs 701 crore in Indian markets on Monday. DIIs were net buyers at Rs 1,196 crore.

The Board of SBI will meet on June 9 to consider and approve for raising funds during FY24 through private placement mode by way of issuance of debt instruments.

Shares of state-owned OMCs retreated for the second straight day. Bharat Petroleum Corp (BPCL) ended nearly 1% lower at the end of Monday's trading after falling as much as 1.4% earlier in the session. Shares of Indian Oil Corp (IOC) and Hindustan Petroleum Corp (HPCL) also settled lower after falling 1-2%.

The committee suggested that the Indian Banks' Association could update its Model Operating Procedure (MOP), in line with regulations, for hassle-free settlement of claims in accounts of the deceased account holders.

Recently, State Bank of India (SBI) chairman Dinesh Kumar Khara said that the lender had received ₹17,000 crore of ₹2,000 notes and only 20% of those had been exchanged while the remaining stayed in the system.

Founded in 2011 by Murdia, Indira IVF is India's largest fertility clinic chain, with 114 centres, supported by a workforce of over 2,400. It performed more than 40,000 in vitro fertilisation procedures in 2022. The clinic chain posted revenue of ₹1,250 crore in FY23 at an ebitda of ₹375-410 crore, said people aware of the matter.

NaBFID was established under the National Bank for Financing Infrastructure and Development Act, 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure and for matters connected therewith or incidental thereto.

According to the voting results published on the BSE, 53.51% of institutional investors' votes was against the resolution, while 46.49% votes were in favour. Kalyani will however retain the post of the company's managing director as the special resolution went in his favour thanks to the dominant promoter group votes.

The company informed the bourses that it allocated 63.8 million shares at ₹285 per share on Monday to anchor investors, including HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs AMC, Malabar India Fund, Mirae Asset Global, among others. The company has fixed the price band for the public issue at ₹270 to ₹285 per share.

CaratLane had been in a strategic vendor relationship with Tanishq, Titan’s jewellery brand, since 2010. Between 2016 and 2019, Titan bought into the company in tranches, spending a cumulative Rs 440-450 crore, primarily via a secondary purchase of shares from Tiger Global, an early stage backer. Titan also made a primary infusion of Rs 99 crore in the company.

The decision of the Organization of the Petroleum Exporting Countries (OPEC) to announce an oil production cut also hurt the rupee as importers rushed to lock in purchases of the dollar-denominated commodity.

"Members are hereby informed that The Clearing Corporation of India Ltd. (CCIL), presently in the 'run-off regime', has made an application to the Bank of England for recognition as a TC-CCP on 31st January, 2023," the CCIL said on its website on June 2.

The platform, called Onyx by JP Morgan and created in 2020, uses blockchain for wholesale payments transactions. Currently, clearing and settlement arrangements are carried out through banks' overseas nostro accounts that are bound by weekends and currency holidays, JP Morgan said.

The public sector bank, which wants to monetise its non-core assets, held consultations with investment bankers recently to carry out the proposed stake sale, said the people aware of the developments.

​​Since many of these blue chips are well-researched and widely-owned, ET looked into Goldman’s picks in the mid-cap space that it considers will multiply in value over the next few years.

The prepaid loans include a margin-linked share-backed financing of $2.15 billion, which the company had paid off by March 12 before its March 31 deadline. The group had also prepaid $500 million of debt taken for the acquisition of Ambuja Cement along with $203 million interest in March.

Bitcoin fell as much as 6.5% to $25,491, the least since April, as of 12:50 p.m. in New York. Binance Coin, the native token of the ecosystem of the world’s biggest digital asset exchange, slumped as much as 13%.

Hemant Surgicals made a strong debut on the BSE SME platform with its shares being listed at a 90% premium over its issue price of Rs 90. The stock closed at Rs 179.55, a nearly 100% increase over the offer price. The company's Rs 24.8 crore public offer was oversubscribed by 139 times.

Pune-based IT services firm Vinsys IT plans to use the book-building process to float 3.89 million equity shares of Rs 10 each, and will appoint merchant bankers to the issue.

Indian equities remain attractive despite high relative valuations due to strong earnings growth prospects and increasing bids from domestic and foreign investors, according to Morgan Stanley India's Managing Director, Ridham Desai. While relative valuations remain high, India's profit book, low market correlation with oil and US growth and lower beta to emerging markets, set up India for strong equity markets, Desai said.

On Monday, Indian equity indices ended higher, dominated by bulls for the second straight session. Index heavyweights Reliance Industries, ICICI Bank, and M&M stocks performed well amid a positive trend in global markets.

Binance and its CEO Changpeng Zhao have been accused of violating US securities rules by the US Securities and Exchange Commission (SEC). The charges include operating unregistered exchanges, selling unregistered securities and misleading investors. Zhao denied the charges on Twitter, saying his team would review the allegations.

The 30-share BSE Sensex climbed 240 points to settle at 62,788. Nifty gained 60 points, but ended below 18,600 levels. From the Nifty pack, top gainers included HDFC Bank, Axis Bank, Reliance, HDFC and ICICI Bank.

Shares of the world's most valuable listed company were last up 1.5% at $183.70. They have jumped nearly 40% in 2023, compared with an 11.5% rise in the benchmark S&P 500.

Several NBFC-MFIs found the clauses attached for taking the funding support from Sidbi quite stringent. They believe the clauses may create roadblocks in raising fresh equity from new investors. One of the clauses says that NBFC-MFIs cannot take fresh equity capital at terms more favorable than those offered to Sidbi, unless such terms are approved by it.

Morgan Stanley has retained its stance on Indian equity markets given relatively strong domestic demand, but has cut its active position on China overweight as its initial recovery momentum waned in April and May. Morgan Stanley said the US dollar's strength is delaying the timeline for overall earnings recovery for MSCI China.

The net debt to EBITDA ratio is now at 2.81 times, the group said in a credit update.

Apple Inc shares rose 1.5% to touch an all-time high ahead of its annual software developer conference later in the day, where the iPhone maker is widely expected to announce a new mixed-reality headset.

Investments in equities or mutual funds should be made with a long-term horizon to avoid risks from timing the market, according to Bhuvanaa Shreeram, Co-Founder & Head of Financial Planning at House of Alpha. Investors should focus on balancing large-cap with small- and mid-cap funds, with 50% of the money going to the former and the remaining divided between the latter, she advised.

“The short-term trend of Nifty continues to be positive with rangebound action. The present consolidation movement is expected to continue within a high low range of 18700-18500 levels in the next 1-2 sessions,” Shetti said, adding that a decisive move above 18700-18800 is expected to bring more upside for the near term.

SEBI and stock exchanges have included micro-small cap firms in their enhanced surveillance framework, prompting a large number of market stocks to suffer steep losses. The companies with a market capitalisation of less than Rs5 billion will be put under surveillance in a two-stage process.

"Gold prices edged lower on the back of positive economic data points, higher US dollar and yields, offsetting support from the prospects that the Federal Reserve would pause its rate hikes this month," Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.

In the Nifty pack, 25 stocks closed in the green, while 24 stocks ended in the red.

Goldman Sachs is optimistic about India's medium-term growth prospects and recommends foreign investors build exposure in the emerging market due to its stable macroeconomics and strong historical track record. The bank favours domestic cyclicals, especially banks and investment cyclicals such as industrials and cement. It also expects themes like "make in India" and quality at a reasonable price to play out in the coming years. The bank has identified largecap compounders and midcap multibaggers as stocks investors should consider for increasing exposure in the medium term. India's aggregate equity market capitalization has surged 12-fold since 2003.