"Most of the new age tech do not make any money and have not ever made any money. Nykaa seems to be the best of these companies. Amongs the IPOs of this season, Nykaa seems to be the best managed and the most likely franchise to build a great business over a five to 10 year period," says Saurabh Mukherjea

The stock quoted a 52-week high of Rs 5654.0 and a 52-week low of Rs 3145.0.

The Nikkei share average edged up 0.15% to end at 25,346,48, after opening the session down 0.35%.

Bajaj Finance, Angel One, SRF, Indus Towers, Aarti Industries and Rain Industries were some other stocks sending bullish signals.

On the technical charts, the 200-day moving average of the stock stood at Rs 5512.82.

Promoters held 51.5 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 7.94 per cent and 3.38 per cent, respectively.

The Nifty Bank index closed 2.22 per cent up at 35312.15.

About 32 of 36 BSE500 stocks with FPI ownership of 30 per cent or more have fallen up to 46 per cent so far in 2022. Metropolis Healthcare has plunged 46 per cent year-to-date. FPIs owned 30.06 per cent stake in this company as of December 31.

One97 Communications, ahead of market hours, said it achieved the highest ever monthly loan disbursals in February and sustained growth in the payments business.

“Reliance has taken advantage of the situation by getting the best price for their products on the refining side. On the other hand, we continue to have a relatively stronger outlook on the new materials business. Reliance is largely driven by the possibilities of making the big out of the entire new vertical segment of business which is what is likely to drive the company. ”