Footwear retailer Khadim India has received capital markets regulator Sebi's approval to raise an estimated Rs 550-650 crore through an initial public offering.

The company had approached Securities and Exchange Board of India (Sebi) with its draft red herring prospectus in July and received its 'observations' on September 13, which is necessary for any company to launch their public offer.

The rupee dropped marginally against the US currency to 64.14 in early trade today on some dollar demand from importers and banks.

The rupee opened lower by 5 paise at 64.18 against the last close of 64.13 at the interbank foreign exchange. It moved in a range of 64.18 to 64.13 in early trade before quoting at 64.14, down by 1 paise, at 0930hrs.

Shares of Biocon rose 3.6 percent intraday on zero observation from USFDA for Visakhapatnam facility.

United States Food & Drug Administration (USFDA) has completed the audit of active pharmaceutical ingredients facility at Visakhapatnam, Andhra Pradesh without any observations, and so not issued form 483.

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Going forward, Aditya Agarwal of Way2Wealth Brokers expects Nifty to rally towards 10,200-10,250.

Any weekly closing above 10,200 will confirm that the current trend is still up, he said.

In the short term, 10,200 level will act as resistance for Nifty, he added.