The domestic equity benchmarks traded with major gains in mid-morning trade after five days of steep decline amid value buying at lower levels and a rally in global markets. The Nifty climbed above the 23,850 mark. Metal shares advanced after declining for the past six consecutive trading sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, soared 856.16 points or 1.10% to 78,897.59. The Nifty 50 index rallied 273.60 points or 1.16% to 23,864.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.74% and the S&P BSE Small-Cap index fell 0.16%.
The market breadth was positive. On the BSE, 1,967 shares rose and 1,873 shares fell. A total of 222 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 6.63% to 14.07.
Economy:
India's foreign exchange reserves dipped by $1.98 billion to $652.87 billion as of December 13, according to data shared by the Reserve Bank of India (RBI) on Friday.
The Weekly Statistical Supplement released by the RBI showed that the primary contributor to this decline was the drop in Foreign Currency Assets (FCAs), which fell by $3 billion to $562.58 billion.
Meanwhile, gold reserves were up by $1.12 billion, bringing the total to $68 billion.
The Special Drawing Rights (SDRs) dipped by $35 million, now totaling $17.99 billion, while the reserve position in the International Monetary Fund (IMF) contracted by $27 million, standing at $42.40 billion.
IPO Update:
The initial public offer (IPO) of Unimech Aerospace and Manufacturing received bids for 20,77,023 shares as against 47,04,028 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 0.44 times.
The issue opened for bidding on 20 December 2024 and it will close on 26 December 2024. The price band of the IPO is fixed between Rs 745 and Rs 785 per share. An investor can bid for a minimum of 19 equity shares and in multiples thereof.
The initial public offer (IPO) of Ventive Hospitality received bids for 1,15,72,496 shares as against 1,44,34,453 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 0.80 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 610 and Rs 643 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.
The initial public offer (IPO) of Senores Pharmaceuticals received bids for 4,05,03,592 shares as against 85,34,681 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 4.76 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 372 and Rs 391 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.
The initial public offer (IPO) of Carraro India received bids for 17,03,415 shares as against 1,30,98,803 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 0.13 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 668 and Rs 704 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof.
The initial public offer (IPO) of Sanathan Textiles received bids for 3,32,94,018 shares as against 1,26,22,950 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 2.64 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 305 and Rs 321 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.
The initial public offer (IPO) of DAM Capital Advisors received bids for 26,21,53,635 shares as against 2,08,04,632 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 12.60 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 269 and Rs 283 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.
The initial public offer (IPO) of Transrail Lighting received bids for 14,49,61,482 shares as against 1,39,16,742 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 10.42 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 410 and Rs 432 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.
The initial public offer (IPO) of Concord Enviro Systems received bids for 94,98,384 shares as against 50,15,356 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 1.89 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 665 and Rs 701 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof.
The initial public offer (IPO) of Mamata Machinery received bids for 31,65,49,862 shares as against 51,78,227 shares on offer, according to stock exchange data at 11:15 IST on 23 December 2024. The issue was subscribed to 61.13 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 230 and Rs 243 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index rose 1.65% to 8,958.50. The index tumbled 5.77% in the past sixth consecutive trading sessions.
Jindal Steel & Power (up 4.03%), JSW Steel (up 3.48%), Steel Authority of India (up 3.39%), National Aluminium Company (up 2.31%), Tata Steel (up 1.82%), Hindalco Industries (up 1.79%), Vedanta (up 0.85%), Adani Enterprises (up 0.73%), Jindal Stainless (up 0.51%) and Hindustan Zinc (up 0.03%) added.
On the other hand, Welspun Corp (down 0.67%), Hindustan Copper (down 0.55%) and Ratnamani Metals & Tubes (down 0.01%) turned lower.
Stocks in Spotlight:
Larsen & Toubro rose 0.54%. The company informed that its precision engineering systems business vertical of L&T secured 'major' order for the supply of K9 Vajra-T Artillery Platforms to the Indian Army. The value of the contract, according to L&T's internal classification, ranges between Rs 5,000 crore and Rs 10,000 crore.
Piramal Enterprises added 1.81% after the administrative committee of its board approved the public issuance of secured non-convertible debentures (NCDs) aggregating up to Rs 2,000 crore in one or more tranches.
Global Markets:
The Dow Jones index futures were up 152 points, signaling a positive opening for U.S. stocks today.
Asian stocks rallied after the US inflation data came in below expectations, boosting hopes for potential interest rate cuts. The dollar remained relatively stable.
Relief washed over markets as the US averted a government shutdown. President Biden signed a bill on Saturday, ending a period of uncertainty after Congress passed a temporary funding plan just before the deadline. This deal funds the government until March 14 and includes disaster aid and agricultural assistance.
US stock markets rebounded on Friday. Technology stocks, which had declined sharply after the Fed's decision, saw some recovery on Friday. NVIDIA (+3.1%), Micron (+3.5%), Broadcom (+1.1%), and Intel (+2.4%) all experienced gains.
On Friday, the S&P 500 gained 1.1% to 5,930.90, the Dow Jones Industrial Average rose 1.2% to 42,841.06, and the NASDAQ Composite climbed 1% to 19,572.60.
The PCE price index, a key inflation measure, rose 0.1% in November, slower than the October increase of 0.2%. This brought the annual PCE inflation rate to 2.4%, still above the Fed's 2% target, suggesting persistent inflationary pressures.
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