Equity barometers trade with significant gains; European markets open in the green

The domestic equity benchmarks continued to trade with significant gains in afternoon trade. The Nifty hovered above the 21,300 level. Markets in Europe and Asia traded in the green on Friday.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 473.66 points or 0.67% to 70,987.86. The Nifty 50 index advanced 140.65 points or 0.66% to 21,323.35.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,355.65 and 71,084.08 respectively, in morning trade today.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index gained 0.68%.

The market breadth was positive. On the BSE, 2,017 shares rose and 1,656 shares fell. A total of 149 shares were unchanged.

IPO Updates:

The initial public offer (IPO) of DOMS Industries received bids for 28,79,00,298 shares as against 88,37,407 shares on offer, according to stock exchange data at 13:33 IST on Friday (15 December 2023). The issue was subscribed 32.58 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 22,40,07,960 shares as against 1,79,10,449 shares on offer, according to stock exchange data at 13:33 IST on Friday (15 December 2023). The issue was subscribed 12.51 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 8,29,01,038 shares as against 1,54,77,670 shares on offer, according to stock exchange data at 13:33 IST on Friday (15 December 2023). The issue was subscribed 5.36 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.

Stocks in Spotlight:

Vedanta advanced 0.77%. The company proposes to hold a meeting of its duly constituted Committee of Directors on 19 December 2023 to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis as part of its routine refinancing that is undertaken in ordinary course of business.

Hero MotoCorp rose 0.55%. The board of directors of the company approved purchase of additional shares of Ather Energy Pvt. Ltd, an existing Associate company for up to Rs 140 crore. After this transaction, Hero`s stake in Ather Energy will increase to 39.7% from 36.7%.

Adani Ports and Special Economic Zone gained 0.62%. The company has entered into a second strategic partnership with Terminal Investment (TiL) for the operation of Adani Ennore Container Terminal (AECTPL). Terminal Investment, through its fully owned subsidiary Mundi, will acquire a 49% shareholding of AECTPL from APSEZ for a consideration of Rs 247 crore. The total enterprise value of AECTPL is Rs 1,211 crore. The transaction is subject to regulatory approvals. After the completion of the transaction, APSEZ would hold 51% stake in AECTPL.

Global Markets:

European markets opened higher while most Asian markets edged higher on Friday as Wall Street continued to rally after the U.S. Federal Reserve held rates and laid out a roadmap for cuts in 2024 and beyond. Investors await key economic data out of China, including November house prices, industrial output, and retail sales data.

Japan�s manufacturing activity contracted in December for the seventh straight month, according to a private survey. A flash reading of the au Jibun Bank Japan manufacturing purchasing managers� index shrank to 47.7 in December from 48.3 in November, signaling the quickest deterioration in manufacturing business conditions for ten months. The au Jibun Bank flash services PMI, however, was 52.0 in December versus 50.8 in November, the fastest gain in the three months.

US stocks ended higher on Thursday lifted by optimism that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve. The 10-year Treasury note yield dropped below 4% for the first time since August as traders bet on rate cuts for 2024 mount.

The Bank of England kept interest rates at the highest level in 15 years as its policy makers persisted with their higher-for-longer message despite growing market bets on a wave of cuts in 2024. The Monetary Policy Committee voted 6-3 to keep its key policy rate at 5.25% for the third consecutive meeting, according to minutes of the decision released Thursday.

The European Central Bank left interest rates unchanged as expected on Thursday and signalled an early end to its last remaining bond purchase scheme.

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