Milan Vaishnav of Gemstone Equity Research and Advisory is bullish on ICICI Bank with a target price Rs 735.
SGX Nifty: President Biden's massive infrastructure plan also faces an uncertain future.
Sensex ended 410.28 points or 0.68% lower at 59,667.60, while Nifty declined 106.50 points or 0.60% to 17,748.60
Shares of the company are quoting at Rs 405 apiece in the grey market marking a premium of Rs 230 or 131% over its issue price of Rs 175.
Raymond rose 3.95% to Rs 465.50 after the company's board approved business consolidation to enable monetisation for value unlocking.
The Nifty Auto index rallied 0.55% followed by Nifty Bank gained 0.44%, Nifty FMCG index advanced 0.36%.
Profits at China's industrial firms grew at a weaker pace in August from a year earlier.
Maruti Suzuki, rising over 6%, was the top Sensex gainer followed by M&M, Bajaj Auto, NTPC, Reliance Industries and HDFC Bank
Amid profit booking in IT, Pharma and FMCG stocks, Sensex & Nifty failed to uphold gains and closed on a flat note amid volatility.
Of late, the initial public offer of Paras Defence and Space Technologies was subscribed 304.26 times