Analysts said the loss of the deal may force the company to lower its guidance for the current fiscal again.
If India can grow at this 7-8% range and the backdrop remains positive, there is potential for a lot of foreign capital to come in.
Five out of ten IPOs since April saw their retail portion getting fully subscribed by 1-2 times at the end of the first day, according to Prime Database.
In the letter, Tata Securities said it will not be placing any new order in trading accounts from September 5 and requested clients to close all open positions accordingly.
India is in the right part of its economic cycle, with factors such as pent-up urban demand, control over inflation and scope for monetary easing, said Divecha.
The BSE Oil and Gas index has gained 14% year-to-date. On Monday, IOC ended up 1.2% at Rs 582, BPCL rose 3.4% to Rs 605.80 and HPCL jumped 4.5% to Rs 1,314.10.
Open interest (OI) in KPIT, Pidilite, Engineers India have doubled in the last one month, suggesting traders expect a sharp move in the near-term.
The open interest on Thursday in Nifty futures was `20,300 crore compared to Rs 16,200 crore seen at the start of July series.
"For India in particular, low commodity price environment is beneficial and that is likely to stay for some more time," says Periwal.
The 'sell' recommendations on the stock more than doubled from 7 to 17 with leading brokerages downgrading the stock.
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