The IPO by the firm jointly owned by India's ICICI Bank and UK's Prudential, was priced at 2,165 rupees per share at the upper end of the price band.

The hike comes against the backdrop of rising inflation and a weak Japanese economy.

Core inflation, which strips out prices of fresh food, remained unchanged from 3% in October, and came in line with Reuters-polled economists' average estimate.

Experts say that investors should look for the BOJ's communication around its terminal rate, pace of rate hikes, and the weak yen.

Despite strong economic and strategic reasons, the absence of political will remains the biggest hurdle in closing of India-U.S. trade deal.