Barometers bounce back, Nifty ends above 21,255; NSE VIX drops below 14 mark

Domestic equity barometers ended with modest gains on Thursday. The benchamarks started on a lower note today, but gradually rebounded to close with gains, despite mixed global cues. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty settled above the 21,250 mark after hitting the day�s low of 20,976.80 in morning trade. However, there remained an overall subdued trend as FIIs remained quiet ahead of the festive break, and the global market traded negatively before the announcement of US GDP data. All the sectoral indices onthe NSE ended in the green. Media, oil & gas and PSU banks stocks were in demand.

The barometer index, the S&P BSE Sensex jumped 358.79 points or 0.51% to 70,865.10. The Nifty 50 index added 104.90 points or 0.50% to 21,255.05.

HDFC Bank (up 1.82%), Reliance Industries (up 1.38%) and SBI (up 1.22%) boosted the indices.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.61% and the S&P BSE Small-Cap index advanced 1.69%.

The market breadth was strong. On the BSE, 2649 shares rose and 1134 shares fell. A total of 113 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 4.79% to 13.76.

Numbers to Tracks:

The yield on India`s 10-year benchmark federal paper added 0.17% to 7.184 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2700, compared with its close of 83.1850 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement lost 0.03% to Rs 62,395.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 102.36.

The United States 10-year bond yield advanced 0.21% to 3.886.

In the commodities market, Brent crude for February 2024 settlement fell 18 cents or 0.19% to $79.52 a barrel.

Global Markets:

The US Dow Jones index futures were up 155 points, indicating a positive opening in the US stocks today.

Markets in Europe declined while Asian stocks ended mixed on Thursday after Wall Street dropped overnight, while investors awaited gross domestic product reading and inflation numbers from the U.S. Investors in Asia will assess producer prices reading from South Korea, as well as Indonesia�s central bank decision on Thursday.

US stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street`s impressive rally, which had been driven by falling interest rates and the Federal Reserve`s dovish turn.

Stocks in Spotlight:

UltraTech Cement rose 0.76%. The company has entered into share subscription and shareholders agreement to acquire 26% equity shares of Clean Max Terra, a company engaged in generation and transmission of renewable energy. The acquisition is for the purposes of meeting the company�s green energy needs, optimising energy cost and comply with regulatory requirements for captive power consumption under electricity laws.

ICICI Bank declined 0.26%. RBI has approved the re-appointment of Sandeep Batra as Executive Director of the Bank with effect from 23 December 2023 to 22 December 2025. This renewed term of two years is within the five years term as previously approved by the shareholders.

Mazagon Dock Shipbuilders rallied 3.62% after the state-owned shipbuilding firm said that it has signed a contract worth about Rs 1,600 crore with acquisition wing of the Ministry of Defence for the construction and delivery of six next generation offshore patrol vessels (NGOPVs) for Indian Coast Guard (ICG).

Ashok Leyland shed 0.41%. The commercial vehicle manufacturer said that it has bagged an order from Tamil Nadu State Transport Corporation (TNSTC) for 552 ultra-low entry (ULE) diesel non-ac buses.

Flair Writing Industries fell 2.97%. The compnay�s consolidated net profit rose 4.18% to Rs 257 crore on 3.48% increase in net sales to Rs 33.29 crore in Q2 FY24 over Q1 FY24.

Tarsons Products surged 14.29% after the company, along with its wholly-owned subsidiary Tarsons Life Science, announced the signing of an agreement to acquire 100% stake in Nerbe R&D GmbH and Nerbe plus GmbH & Co. KG.

Cochin Shipyard jumped 6.02% after the state-run shipbuilding firm announced that it has signed a contract worth Rs 488.25 crore with the Ministry of Defense (MoD) for the short refit of Indian naval ship.

Allcargo Logistics rallied 4.63%. The company recorded a sequential increase in less than container load (LCL) volumes in the month of November 2023 to 7.17 lakh cubic meters. The company�s full container load (FCL) volume for the month of November 2023 was down 2% to 0.49 lakh twenty-foot equivalent units (TEUs) from 0.50 lakh TEUs in November 2022.

PVR INOX fell 0.52%. India`s largest film exhibition company announced the opening of 3 screen multiplex at IRIS Broadway in Gurugram, Haryana. The company has launched its 14th multiplex in the city of Gurugram, located in IRIS Broadway, Sector 85, Gurugram, on NH-8, Dwarka Expressway.

IPO Updates:

The initial public offer (IPO) of Innova Captab received bids for 1,27,60,473 shares as against 90,78,010 shares on offer, according to stock exchange data at 17:00 IST on Thursday (21 December 2023). The issue was subscribed 1.41 times.

The issue opened for bidding on Thursday (21 December 2023) and it will close on Tuesday (26 December 2023). The price band of the IPO is fixed at Rs 426-448 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

Azad Engineering`s IPO received bids for 11,24,42,904 shares as against 1,01,22,705 shares on offer, according to stock exchange data at 17:00 IST on Thursday (21 December 2023). The issue was subscribed 11.11 times.

The issue opened for bidding on Wednesday (20 December 2023) and it will close on Friday (22 December 2023). The price band of the IPO is fixed at Rs 499-524 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.

The IPO of Happy Forgings received bids for 68,62,91,547 shares as against 83,65,639 shares on offer, according to stock exchange data at 17:00 IST on Thursday (21 December 2023). The issue was subscribed 82.04 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 808-850 per share. An investor can bid for a minimum of 17 equity shares and in multiples thereof.

The IPO of Credo Brands Marketing (MUFTI) received bids for 71,26,92,325 shares as against 1,37,44,472 shares on offer, according to stock exchange data at 17:00 IST on Thursday (21 December 2023). The issue was subscribed 51.85 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 266-280 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The IPO of RBZ Jewellers received bids for 13,31,83,500 shares as against 79,00,000 shares on offer, according to stock exchange data at 17:00 IST on Thursday (21 December 2023). The issue was subscribed 16.86 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 95-100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

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