Indian equity benchmarks closed higher on Tuesday, recovering from a weak start to end the session in positive territory.

The BSE Sensex rose 286.98 points, or 0.37%, to close at 77,656.09.

The Nifty 50 gained 115.50 points, or 0.48%, to settle at 24,334.55.

The recovery came despite the indices opening in the red amid mixed global cues, as Asian markets slipped following a tech-led sell-off on Wall Street overnight.

The BSE Sensex had opened in the red, dropping 73.62 points to 77,295.49, while the Nifty 50 opened 43.3 points lower at 24,175.75, as Asian markets tracked a tech-led sell-off on Wall Street overnight.

Brent crude remained around $92 a barrel through the session, with fresh US sanctions on Iran and broader geopolitical uncertainty continuing to weigh on investor sentiment.

The BSE Sensex had opened in the red, dropping 73.62 points to 77,295.49, while the Nifty 50 opened 43.3 points lower at 24,175.75, as Asian markets tracked a tech-led sell-off on Wall Street overnight.

Brent crude remained around $92 a barrel through the session, with fresh US sanctions on Iran and broader geopolitical uncertainty continuing to weigh on investor sentiment.

US Treasury Secretary Scott Bessent’s announcement of fresh sanctions against Iran, along with threats of retaliation against nations doing business with the country, contributed to volatility in oil prices during the day.

Healthcare and pharma stocks led the recovery, with Adani Enterprises, Max Healthcare Institute and Apollo Hospitals Enterprise among the top gainers on the Nifty 50 index.

The session’s rebound came despite the weak start, underscoring how domestic buying interest helped offset the early drag from global cues.

Markets have shown a pattern of volatile opens followed by recoveries through several sessions this month, with investors closely tracking both global commodity prices and domestic corporate earnings.

Broader market breadth was mixed through the session, with advancing stocks roughly in line with declining ones even as the headline indices finished comfortably higher.

Photo by Jnpet, Wikimedia Commons, CC BY-SA 3.0

The government’s offer for sale in Hindustan Copper opened for non-retail investors today, with retail participation set to open on August 26.

The floor price for the OFS has been fixed at Rs 514 per share, a 9.5% discount to the stock’s Monday closing price of Rs 567.90.

The government will sell a base 3% stake, roughly 2.90 crore shares, with an option to retain oversubscription for another 3%, taking the total offer size to up to 6% of the company’s issued and paid-up equity capital.

If the full 6% is sold, the promoter’s shareholding in Hindustan Copper would decline from 66.14% to approximately 60.14%.

A 10% reservation has been set aside for retail investors, along with a dedicated pool of 25,000 shares for eligible company employees.

At the floor price, the government could raise around Rs 894 crore from the sale, with some estimates placing the overall transaction value at close to Rs 3,000 crore.

Hindustan Copper is a public sector undertaking under the Ministry of Mines and is India’s only vertically integrated copper producer, covering mining, beneficiation and smelting.

Offer for sale transactions are a common route used by the government to meet minimum public shareholding norms or raise non-tax revenue from its stake in listed public sector companies.

The stock’s performance in the days following the OFS will be watched closely, as such sales can sometimes weigh on share prices in the near term due to the increased supply of shares in the market.

The floor price acts as the minimum bid price for institutional investors on the first day, with the final allotment price determined based on the bids received during the book-building process.

Retail investors, who get access on the second day, are typically allotted shares at either the floor price or a further discount, depending on the specific terms set for the retail category in this OFS.

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Hy-Tech Engineers Ltd’s initial public offering opened for subscription on Monday, August 24, with a price band fixed at Rs 50 to Rs 53 per equity share.

The issue will remain open until August 27, giving investors a four-day window to apply before the book-building process closes.

The IPO comprises a fresh issue of shares worth Rs 60 crore and an offer for sale worth Rs 75.73 crore, taking the total issue size to Rs 135.73 crore.

The minimum lot size for retail investors is 283 shares, translating to a minimum investment of roughly Rs 14,999 at the upper end of the price band.

Allotment for the issue is expected to be finalised on August 28, with the stock tentatively scheduled to list on both the NSE and BSE on September 1.

Hy-Tech Engineers is among several companies tapping India’s primary market this week, with five mainboard and five SME offers scheduled across the August 24 to September 1 window.

Grey market premium, an informal indicator of listing-day sentiment, has moved from Rs 5 on August 19 to around Rs 22-25 in the days leading up to the opening, though it is not a guaranteed outcome and can change before listing.

IPO proceeds from the fresh issue portion are typically used by companies for working capital requirements, debt repayment, or funding expansion plans, details of which are laid out in the company’s prospectus.

The IPO comprises a fresh issue of shares worth Rs 60 crore and an offer for sale worth Rs 75.73 crore, taking the total issue size to Rs 135.73 crore.

The minimum lot size for retail investors is 283 shares, translating to a minimum investment of roughly Rs 14,999 at the upper end of the price band.

Allotment for the issue is expected to be finalised on August 28, with the stock tentatively scheduled to list on both the NSE and BSE on September 1.

Photo by Niyantha Shekhar, Wikimedia Commons, CC BY 2.0