RITES closes at Rs 211 levels on the NSE after listing at Rs 190

It had hit a high and low of Rs 205.75 and Rs 190 respectively, till now

Railways consultancy firm RITES, the first state-owned firm to hit the IPO market in the current fiscal ended the day at Rs 211 levels on the National Stock Exchange (NSE). The stock debuted at Rs 190 levels, up up 2.7% from its issue price of Rs 185 a share. 

Analysts, however, are not in favour of buying the stock at the current levels.

According to AK Prabhakar, head of research at IDBI Capital, "The market sentiment, currently is not in favor of buying the new IPOs. The increase in stock price is mainly due to over-subscription. A number of PSU