Barometers turn rangebound, realty stocks rally

The key equity indices traded in a narrow range with strong gains in mid-morning trade. The Nifty hovered above the 21,150 mark. Realty stocks extended gains for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 843.83 points or 1.21% to 70,428.43. The Nifty 50 index advanced 237.10 points or 1.13% to 21,163.45.

The Nifty 50 and S&P BSE Sensex hits an all-time high at 21,189.55 and 70,540 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.81% and the S&P BSE Small-Cap index gained 0.94%.

The market breadth was strong. On the BSE, 2,240 shares rose and 1,355 shares fell. A total of 137 shares were unchanged.

IPO Updates:

The initial public offer (IPO) of DOMS Industries received bids for 6,84,43,812 shares as against 88,37,407 shares on offer, according to stock exchange data at 11:24 IST on Thursday (14 December 2023). The issue was subscribed 7.74 times.

The issue opened for bidding on Wednesday (13 December 2023) and it will close on Friday (15 December 2023). The price band of the IPO is fixed at Rs 750-790 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

The IPO of India Shelter Finance Corporation received bids for 3,71,60,070 shares as against 1,79,10,449 shares on offer, according to stock exchange data at 11:24 IST on Thursday (14 December 2023). The issue was subscribed 2.07 times.

The issue opened for bidding on Wednesday (13 December 2023) and it will close on Friday (15 December 2023). The price band of the IPO is fixed at Rs 469-493 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO of INOX India received bids for 81,32,124 shares as against 1,54,77,670 shares on offer, according to stock exchange data at 11:24 IST on Thursday (14 December 2023). The issue was subscribed 0.53 times.

The issue opened for bidding on Thursday (14 December 2023) and it will close on Monday (18 December 2023). The price band of the IPO is fixed at Rs 627-660 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index rose 2.82% to 764.70. The index jumped 4.47% in two trading sessions.

Swan Energy (up 5.7%), Brigade Enterprises (up 4.08%), Phoenix Mills (up 2.97%), Sobha (up 2.59%), Godrej Properties (up 2.48%), DLF (up 2.2%), Prestige Estates Projects (up 1.76%), Mahindra Lifespace Developers (up 1.26%), Macrotech Developers (up 1.18%) and Oberoi Realty (up 0.76%) advanced.

Global Markets:

Asian stocks were trading higher on Thursday as investors embraced the U.S. Federal Reserve�s move to end its interest-rate-hiking cycle and signal cuts for the next year.

US stocks closed at yet another fresh highs of the year on Wednesday, with the dovish Federal Reserve signals pushing the S&P 500 closer to the all-time high. US Fed Chair Jerome Powell said inflation easing without an unemployment spike is good news, while reiterating that policy has moved well into restrictive territory.

The Fed held rates at 5.25%-5.5% for a third straight time and laid out the timeline for at least three quarter-percentage point cuts in 2024 and beyond. The Federal Reserve is willing to cut rates even if the U.S. economy doesn�t dip into a recession in 2024, Chair Jerome Powell said.

Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

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