GMR Power and Urban Infra, an entity that was formed after the demerger of the non-airports business of GMR Infrastructure, had a forgetful first day as it tanked 5 per cent to close at Rs 44.20.

“One should stick to one’s own investment philosophy. Just because commodities did well in the last four, five months, does not mean that growth had a reasonable price and quality investing is out of fashion. And there is no one answer, no strategy works well in all conditions. So one has to stick to one’s own style, one’s own conviction and take the calls accordingly.”

The regulator imposed a fine of Rs 4 crore on DCHL, Rs 1.30 crore each on T.Venkattram Reddy, T. Vinayak Ravi Reddy, Rs 20 lakh on N Krishnan and Rs 10 lakh on V Shankar.

The Nifty IT index closed 0.03 per cent up at 36082.0.

The stock quoted a 52-week high price of Rs 5899.9 and low of Rs 2677.0.

"The fact that investors have lost money in new-age IPOs means the future IPOs will come at a much more reasonable pricing and that will make the job of investing much easier for all of us because they can no longer tell us to look at 2032 earnings and invest. We will tell them that if you want us to invest on 2032 earnings, look for other investors."

The pan-European STOXX 600 index rose 0.1% to extend a recovery to a sixth straight session, with sentiment also buoyed by a strong closing on Wall Street overnight and Asian equity markets earlier in the day.

The allocation to commodities often tends to be minimal as investors tend to undermine its importance in a portfolio.

Trading volumes climbed to a new high in the current year, with aggregate turnover registering a rise of 179 per cent year-on-year on a 9 month basis.

“While certain sectors like consumer, pharma and technology were doing well in the pre pandemic period, the situation changed post pndemic. From 2021 onwards, we have started seeing broad-based recovery even in sectors like commodities, infrastructure, industrials and real estate which has a very large multiplier impact on a number of other industries.”