The stock market witnessed a bullish trend on Tuesday in view of the mega event week and the Sensex showed a recovery of more than 1000 points from the day's low level. Nifty also took support from the lower levels and closed at the level of 24213 with a gain of 218 points.

Some stocks are being watched closely by investors. Recently listed Waaree Energies Ltd shares rallied 19.52 percent to hit a record high of Rs 3,570.95 on Tuesday. The stock closed the day higher by 16.32 percent at Rs 3,475.30. At this price, it has climbed 131.22 percent from its issue price of Rs 1,503. It has never closed in the red since delivering strong listing gains on October 28.

The counter witnessed high trading volumes as nearly 8.33 lakh shares were transacted. This figure was higher than the two-week average volume of 7.81 lakh shares. Total turnover on the counter stood at Rs 271.32 crore, taking its market capitalization (m-cap) to Rs 99,839.53 crore.

Experts believe that the shares of Waaree Energies Ltd are in momentum and can continue to rise. Given the current emphasis on green energy, solar energy, and alternative fuels, the stock of Waaree Energies is going up. Experts are saying that investors with high-risk appetites are considering entering at current levels. Experts believe that for big investments, one should wait for the quarterly results of the company.

Waaree Energies IPO was sold between October 21 and October 23. The company raised Rs 4,321.44 crore from its IPO, which included fresh share selling of Rs 3,600 crore and an offer for sale (OFS) of 48 lakh equity shares.

Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital were the book-running lead managers to the IPO, while Link Intime India acted as the registrar.

Waaree Energies, incorporated in December 1990, is an Indian manufacturer of solar PV modules with a total installed capacity of 12 GW. Its product portfolio includes solar energy products including multicrystalline modules; monocrystalline modules; and PV modules such as Topcon modules.

Another company of Waaree, Waaree Renewable Technologies Ltd is a multi-bagger stock that has given a return of more than 500% in one year, while in the last five years, Waaree Renewable Technology Ltd has given a return of 73600%. Waaree Energy has had a bumper start in the market and it is possible that it too will give bumper returns like Waaree Renewable Technologies.