The regulator intends to introduce a minimum price band in all public issues, where the upper price should be at least 5 per cent more than the floor price.

In the absence of any law specifying treatment of cryptocurrency, legal experts said the use of cryptocurrency for payments in India is neither legal, nor illegal. This has not deterred businesses or customers from opting for such transactions.

Zostel is planning to move the Securities and Exchange Board of India (Sebi), asking it to put the proposed $1.2 billion IPO on hold, said two people with direct knowledge of the matter.

There could be some slowdown in large deal wins, but the pipeline would stay reasonably good, analysts said.

The price of a barrel of crude jumped by 3 per cent, or $2.32, to $78.17 on the New York Mercantile Exchange, the highest since 2014. The Brent international benchmark hit a new 3-year high at $81.48, up 2.8 per cent on the day.

The Nasdaq Composite dropped 73.57 points, or 0.51 per cent, to 14,493.12 at the opening bell.

The bull market in the chemical sector that started a few years ago entered a new leg today as investors rushed to buy various companies that specialize in different chemical products.

The Nifty Realty index closed 2.17 per cent up at 517.05.

Nifty50 formed a bullish candle on the daily scale and negated the lower highs of the past five sessions. Now it has to hold above 17,700 for a bounce towards 17, 777 and 17 850 levels whereas support is seen at 17 580 and 17,450 levels.

The three-candlestick reversal formation suggests gains ahead. Analysts said the index needs to sustain above the 17,580 level for further upside.