Indian shares fell for third day in a row on Wednesday as banking, auto and FMCG shares came under heavy selling pressure amid weak global cues.
With the listing at a premium of over 114 per cent, the shares controlled by 61-year-old Damani, including through his family members and investment firms, are now worth a stellar $5.1 billion.
On the Nifty 50, financial stocks contributed most to the losses, led by index heavyweight ICICI Bank which was down 1.6 percent.
Analysts are bullish on this stock despite the massive upmove and suggest buying D-Mart's shares for a long term perspective.
The proposed public issue comprised sale of fresh issue of up to 1 crore equity shares of Four SeasonsResidency.
Motilal Oswal has initiated coverage on Delta Corp with a buy for target price of Rs 229 per share.
Telecom stocks struggled with selling pressure, weighed by Bharti Airtel, which was down nearly 3 per cent. Tata Communications, Tata Teleservices Maharashtra, RCom, MTNL, Idea and Bharti Infratel were trading lower between 0.4 per cent and 2 per cent.
Analysts say the Nifty has strong support at the 9,000-9,050 zone and a breach below 9,000 could take the index below 8,800 levels.
With valuations stretched investors see the Trump administration's struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts.
Analysts expect a period of consolidation ahead as investors focus on individual stock movements as they wait for the earnings season to start in mid-April.
Traders should use corrections towards 9,050 level to build long positions, the brokerage said.
Shares of Dr Reddy's Laboratories slumped as much as 5.12 per cent today to hit fresh 52-week low of Rs 2,602.
Surjit Pal, pharma analyst at Prabhudas Lilladher, says Divis Lab shares could remain under pressure as its FY18 earnings would be hit due to the import alert.
D-Mart is seen by analysts as a potential market leader given its steady increase in stores and its know-how in operating the stores, having yet to shut a store since its establishment in 2000.
Deven Choksey, MD of KR Choksey Securities, is optimistic that D-Mart will be able to sustain profit growth in the future.
Banking and pharma stocks were among the losers while some buying was seen in IT, FMCG and capital goods stocks.
The dollar's index against a basket of six major currencies stood at 100.37, after hitting a six-week low of 100.02 on Monday.