Key equity benchmarks hit fresh all-time highs; European markets advance

The domestic equity indices rose further and hit fresh all-time highs in afternoon trade. The Nifty hovered near the 21,200 mark. European markets opened higher while most of their Asian peers traded in the green on Thursday.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 973.49 points or 1.40% to 70,558.09. The Nifty 50 index advanced 270.30 points or 1.29% to 21,196.65.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,205.35 and 70,576.48, respectively, in trade today.

In the broader market, the S&P BSE Mid-Cap index rose 0.99% and the S&P BSE Small-Cap index gained 0.84%.

The market breadth was strong. On the BSE, 2114 shares rose and 1582 shares fell. A total of 130 shares were unchanged.

Economy:

India`s wholesale price inflation surged out of the deflationary zone for the first time since March this year to register a 0.26 per cent increase in November, according to figures released by the Commerce and Industry Ministry on Thursday.

This is the highest level of Wholesale Price Index (WPI) inflation in eight months as wholesale prices had been falling in recent months.

The WPI inflation was at (-0.52) per cent in October and 2023 and 6.12 per cent in November 2022.

WPI data follows the figures on the country�s retail inflation, which rose to a three-month high of 5.55 per cent in November.

IPO Updates:

The initial public offer (IPO) of DOMS Industries received bids for 9,00,46,998 shares as against 88,37,407 shares on offer, according to stock exchange data at 13:33 IST on Thursday (14 December 2023). The issue was subscribed 10.19 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 5,17,99,260 shares as against 1,79,10,449 shares on offer, according to stock exchange data at 13:33 IST on Thursday (14 December 2023). The issue was subscribed 2.89 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 1,97,94,940 shares as against 1,54,77,670 shares on offer, according to stock exchange data at 13:33 IST on Thursday (14 December 2023). The issue was subscribed 1.28 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:

State Bank of India (SBI) rose 0.68%. The bank will be signing EURO 70 million Line of Credit with KfW (German Development Bank) for supporting Solar PV projects in India on 14 December 2023 at Bank�s IFSC Gift City Branch, Ahmedabad.

Biocon was up 0.06%. Bicara Therapeutics Inc. (Bicara), an associate company of Biocon, has completed its US$165 Million Series C funding. Consequent to this infusion of Series C funding and post allotment of shares by Bicara, the company``s shareholding in Bicara on fully diluted basis will fall below 20% and thereby, Bicara will cease to be an associate company of Biocon.

Punjab National Bank added 1.50%. CRISIL Ratings has assigned `CRISIL AA+/Stable� rating to Tier-I bonds (under Basel III) of the bank. The agency has reaffirmed its `CRISIL AAA/CRISIL AA+/Stable/CRISIL A1+� ratings on the existing debt instruments of the bank.

Global Markets:

European markets advanced as most Asian stocks were edge higher on Thursday. Investors embraced the U.S. Federal Reserve�s move to end its interest-rate-hiking cycle and signal cuts for the next year.

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.

Investors in Europe will be keeping a close eye on monetary policy decisions from the European Central Bank and Bank of England on Thursday.

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.

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