New Delhi, Sept. 10 -- India's benchmark Nifty 50 index has been on a steady climb since April despite the US's tariff pressures and other macroeconomic issues, but IPOs have struggled to deliver consistent listing-day returns to investors.

Listing day is when a company's shares debut on the stock exchanges following an initial public offering. The difference between the share price on listing day and the price at which the shares were sold during the IPO is keenly watched, especially by investors who've bet their money on the company's growth.

Average listing-day returns have swung from 9.1% in May to 10.8% in June, 15.6% in July, and 10.6% in August, show data from Prime Database. (See chart below.)

And while the Nifty 50 has gained ...