Indices trade with modest gains; PSU banks slide

Domestic equity benchmarks traded with minor gains in mid-morning trade. The Nifty traded above the 21,500 level. Barring the Nifty PSU bank index, all the other sectoral indices on the NSE traded in the green.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 257.63 points or 0.36% to 71,694.82. The Nifty 50 index gained 85.15 points or 0.40% to 21,538.25.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,593 and 71,913.07 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.59% and the S&P BSE Small-Cap index rose 0.55%.

The market breadth was strong. On the BSE, 2,198 shares rose and 1,417 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index fell 0.17% to 5,756.20. The index rose 0.79% in the past trading session.

Union Bank of India (up 0.53%), Bank of Baroda (up 0.49%), Punjab National Bank (up 0.22%), Bank of India (up 0.13%) and State Bank of India (up 0.08%) edged higher.

On the other hand, Indian Overseas Bank (down 1.61%), Indian Bank (down 1.53%) and Central Bank of India (down 1.25%) declined.

IPO Updates:

The initial public offer (IPO) of Azad Engineering received bids for 47,65,404 shares as against 1,01,22,705 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (20 December 2023). The issue was subscribed 0.47 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 32,33,179 shares as against 2,99,77,052 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (20 December 2023). The issue was subscribed 3.58 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 4,36,59,598 shares as against 1,37,44,472 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (20 December 2023). The issue was subscribed 3.18 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 2,58,80,250 shares as against 79,00,000 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (20 December 2023). The issue was subscribed 3.28 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.

The initial public offer (IPO) of Motisons Jewellers received bids for 1,42,66,93,500 shares as against 2,08,71,000 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (20 December 2023). The issue was subscribed 68.36 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 52-55 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

The IPO of Suraj Estate Developers received bids for 2,91,74,124 shares as against 82,35,293 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (20 December 2023). The issue was subscribed 3.54 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 340-360 per share. An investor can bid for a minimum of 41 equity shares and in multiples thereof.

The IPO of Muthoot Microfin received bids for 9,26,48,895 shares as against 2,43,87,447 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (20 December 2023). The issue was subscribed 3.80 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277-291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

Stocks in Spotlight:

UPL shed 0.14%. The firm stated that its board will meet on Friday (December 22) to consider a proposal of fund raising by issue of equity shares through appropriate permissible modes.

Rail Vikas Nigam (RVNL) rose 0.82% after the company�s joint venture, KRDCL-RVNL emerged as the lowest bidder (L-1) for the railway project worth Rs 123.36 crore.

Global Markets:

Most of the Asian stocks traded higher on Wednesday, with Japan stocks extending gains to another session after the country�s central bank left its ultra-loose monetary policy unchanged at its final meeting this year.

The People�s Bank of China held its one-year loan prime rate at 3.45%. The five-year benchmark loan rate was unchanged at 4.2%.

US stocks ended higher on Tuesday as the Federal Reserve�s recent dovish shift on rates lifted stocks.

Powered by Capital Market - Live News