Indices extend gains; Sensex up 331 pts; metal shares shine

The key equity benchmarks continued to extend gains in mid-morning trade. The Nifty climbed above the 21,350 mark. Metal stocks gained for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 331.13 points or 0.47% to 71,196.81. The Nifty 50 index added 119 points or 0.56% to 21,374.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.94% and the S&P BSE Small-Cap index gained 1.16%.

The market breadth was strong. On the BSE, 2,648 shares rose and 920 shares fell. A total of 155 shares were unchanged.

IPO Updates:

The initial public offer (IPO) of Innova Captab received bids for 1,76,98,857 shares as against 90,78,010 shares on offer, according to stock exchange data at 11:18 IST on Friday (22 December 2023). The issue was subscribed 1.95 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.

The initial public offer (IPO) of Azad Engineering received bids for 14,42,44,800 shares as against 1,01,22,705 shares on offer, according to stock exchange data at 11:18 IST on Friday (22 December 2023). The issue was subscribed 14.25 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.

Buzzing Index:

The Nifty Metal index added 1.67% to 7,649.35. The index gained 3.07% in two trading sessions.

National Aluminium Company (up 5.12%), Hindustan Copper (up 3.85%), Steel Authority of India (up 2.98%), Tata Steel (up 2.6%), Hindalco Industries (up 2.15%), Vedanta (up 2.01%), Jindal Stainless (up 1.95%), Jindal Steel & Power (up 1.51%), Adani Enterprises (up 1.28%) and Ratnamani Metals & Tubes (up 1.26%) edged higher.

Stocks in Spotlight:

WPIL was locked in an upper circuit of 5% after the firm received a turnkey project from Public Health Engineering Department, Government of West Bengal worth Rs 425.35 crore.

Lupin rose 1.81% after the company announced that it has launched of Softovac Liquifibre, a 100% Ayurvedic liquid laxative. Softovac Liquifibre is 100% Ayurvedic bowel regulator in liquid form. It provide relief from constipation, the ayurvedic way.

Global Markets:

Most of the Asian stocks declined on Friday, with the Bank of Japan�s October meeting minutes showing board members debated on how to communicate the shift in their yield control stance. Japan�s headline inflation rate slowed to 2.8%, down from 3.3% in October, the slowest pace of inflation since July 2022.

US stocks rebounded on Thursday as the year-end rally resumed. Chip stocks gained, led by Micron Technology after its better-than-expected quarterly forecast.

The third reading of real gross domestic product came in lower than expected. Real gross domestic product rose at an annual rate of 4.9% in the third quarter, according to the third estimate from the Bureau of Economic Analysis. That�s down from the second estimate�s increase of 5.2%.

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