NIFTY ABOVE 23,550; PRIVATE BANK SHARES ADVANCE

The frontline indices traded with minor gains in mid-morning trade. The Nifty traded above the 23,550 mark. Private bank shares advanced after declining in the past two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 183.48 points or 0.24% to 77,523.71. The Nifty 50 index rose 35 points or 0.15% to 23,572.85. The Nifty Bank clocked an all-time high of 52,118.25 in morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.33% and the S&P BSE Small-Cap index gained 0.35%.

The S&P BSE Small-Cap index hit an all-time high at 52,542.41.

The market breadth was positive. On the BSE, 2,045 shares rose and 1,662 shares fell. A total of 150 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Allied Blenders and Distillers received 40,38,494 for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 11:20 IST on Tuesday (25 June 2024). The issue was subscribed 0.10 times.

The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed between Rs 267 to Rs 281 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The initial public offer (IPO) of Stanley Lifestyles received 8,42,15,280 for shares as against 1,02,41,507 shares on offer, according to stock exchange data at 11:20 IST on Tuesday (25 June 2024). The issue was subscribed 8.22 times.

The issue opened for bidding on Friday (21 June 2024) and it will close on Tueday (25 June 2024). The price band of the IPO is fixed between Rs 351 to Rs 369 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Private Bank index added 0.65% to 25,949.85. The index shed 0.26% in the past two trading sessions.

Axis Bank (up 1.79%), HDFC Bank (up 1.59%), ICICI Bank (up 0.65%), Federal Bank (up 0.63%), Kotak Mahindra Bank (up 0.18%), IDFC First Bank (up 0.16%) edged higher.

On the other hand, Bandhan Bank (down 1.8%), City Union Bank (down 0.74%) and IndusInd Bank (down 0.06%) declined.

Stocks in Spotlight:

Craftsman Automation surged 11.68% after the company announced that it has has entered into a memorandum of understanding (MoU) with Sunbeam Lightweighting Solutions Private (Sunbeam) and Kedaara Capital Fund II LLP (Kedaara)

RBL Bank shed 0.31% to Rs 255.85. The bank announced that its board will consider the proposal of raising of funds on 27 June 2024, through qualified instit

Allcargo Gati declined 0.48% to Rs 112.49. The company informed that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 106.07 per share.

Global Markets:

Asian shares advanced on Tuesday, with investor eyes set on Friday`s crucial U.S. inflation data. The upcoming U.S. presidential debate on Thursday and the first French election round this weekend are also adding to the cautious sentiment, as investors weigh potential political impacts on their holdings.

Wall Street closed with mixed results overnight. The Nasdaq suffered a significant drop of over 1%, led by a 7% plunge in AI leader Nvidia. This decline suggests investors are shifting out of technology stocks for now. However, the Dow Jones bucked the trend, climbing 0.7% to reach a one-month high. The S&P 500 ended slightly lower, down 0.31%.

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