Equity benchmarks trade with strong gains; European markets open lower

The domestic equity barometers continued to trade with strong gains in afternoon trade. The Nifty marched above the 19,800 level. Markets in Europe and Asia mostly traded in the red on Tuesday.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 298.23 points or 0.45% to 65,953.38. The Nifty 50 index rose 97.90 points or 0.5% to 19,791.90.

In the broader market, the S&P BSE Mid-Cap index added 0.23% while the S&P BSE Small-Cap index gained 0.34%.

The market breadth was strong. On the BSE, 2,082 shares rose and 1,564 shares fell. A total of 144 shares ere unchanged.

Primary Market:

The initial public offer (IPO) of Indian Renewable Energy Development Agency received bids for 58,68,23,840 shares as against 47,09,21,451 shares on offer, according to stock exchange data at 13:34 IST on Tuesday (21 November 2023). The issue was subscribed 1.25 times.

The issue opened for bidding on Tuesday (21 November 2023) and it will close on Thursday (23 November 2023). The price band of the IPO is fixed at Rs 30-32 per share. An investor can bid for a minimum of 460 equity shares and in multiples thereof. The issue is to be made through the book-building process.

The offer comprises of fresh issue of 40.32 crore equity shares and an offer for sale of 26.88 crore equity shares. The promoter and promoter group shareholding would decline to 75% post...

Stocks in Spotlight:

Bajaj Finance rose 0.75%. The company has announced that the debenture allotment committee of the company has allotted 50,000 secured redeemable non-convertible debentures (NCD), at the face value of Rs 1 Lakh each, aggregating to Rs 503.17 crore. The said NCDs have a tenor of 3591 days and their redemption date is 20 September 2033. The privately placed instruments bear a coupon rate of 7.79% per annum, which is payable annually.

Tech Mahindra shed 0.13%. the company, through our material subsidiary Tech Mahindra (Americas) Inc., has entered into a collaboration deed with TONOMUS and will, subject to receiving any applicable regulatory clearances, incorporate a new wholly-owned subsidiary (JVCo). The parties intend for the JVCo to provide product and platform development services, platform and product engineering services and solutions, network services, metaverse services and solutions, intellectual property development services, and cognitive solutions and services to TONOMUS, other NEOM group companies and other customers relating to cognitive city development.

Karnataka Bank added 0.07% while HDFC Life Insurance Company rose 2.25%. Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life Insurance Company to offer life insurance products to its customers.

Global Markets:

European markets opened mostly lower while most of their Asian peers traded in the red on Tuesday.

Investors will keep an eye out for the minutes from the Federal Reserve�s Oct. 31 to Nov. 1 policy meeting. Traders are hoping to glean some insight into policymakers� rate decision and learn what it might take for them to change tack.

Fed funds futures pricing data suggests a nearly 100% probability that the Federal Open Market Committee will hold steady on rates at its upcoming December meeting.

US stocks jumped Monday to start a holiday shortened week, boosted by strong tech gains led by Microsoft and Nvidia. Microsoft Corp. hit a new all-time high after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team.

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.

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