At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 327.89 points or 0.41% to 80,548.61. The Nifty 50 index gained 100.05 points or 0.41% to 24,572.15.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.83% and the S&P BSE Small-Cap index gained 1.23%.
The market breadth was strong. On the BSE, 2,285 shares rose and 1,414 shares fell. A total of 139 shares were unchanged.
Economy:
The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).
IPO Update:
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The initial public offer (IPO) of Godavari Biorefineries received bids for 7,32,690 shares as against 1,12,74,739 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (23 October 2024). The issue was subscribed 0.06 times.
The issue opened for bidding on Wednesday (23 October 2024) and it will close on Friday (25 October 2024). The price band of the IPO is fixed between Rs 334 to Rs 352 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.
The initial public offer (IPO) of Deepak Builders & Engineers India received bids for 15,57,84,847 shares as against 89,67,061 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (23 October 2024). The issue was subscribed 17.37 times.
The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 192 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.
The initial public offer (IPO) of Waaree Energies received bids for 25,05,02,472 shares as against 2,10,79,384 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (23 October 2024). The issue was subscribed 11.88 times.
The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 1,427 to Rs 1,503 per share. An investor can bid for a minimum of 9 equity shares and in multiples thereof.
Buzzing Index:
Nifty Metal index gained 0.96% to Rs 9,408.70. The index dropped 4.46% in past two consecutive trading sessions.
Hindustan Zinc (up 3.56%), NMDC (up 3.45%), National Aluminium Company (up 3.23%), Vedanta (up 2.01%), Adani Enterprises (up 1.77%), Welspun Corp (up 1.56%), Jindal Stainless (up 1.53%), Jindal Steel & Power (up 1.31%), Hindalco Industries (up 1.2%) and JSW Steel (up 0.49%) advanced.
On the other hand, Steel Authority of India (down 1.58%), APL Apollo Tubes (down 1.12%) and Ratnamani Metals & Tubes (down 0.41%) edged lower.
Stocks in Spotlight:
Olectra Greentech gained 1.61% after the companys consolidated net profit zoomed 163.49% to Rs 47.56 crore on 70.48% rise in revenue to Rs 523.67 crore in Q2 FY25 over Q2 FY24.
Rites added 1.69% after the company said that it has secured an order worth Rs 453.99 crore from Karnataka Mining Environment Restoration Corporation (KMERC) for construction of railway Private Freight Terminals under turnkey basis in Karnataka.
Global Markets:
The Dow Jones index futures were down 141 points, indicating a weak opening in the US stocks today.
Most Asian stocks traded higher on Wednesday. However gains were capped as rising U.S. Treasury yields and the looming presidential election continued to weigh on investor sentiment.
Hong Kong's stock market led the region, buoyed by a strong debut from China Resources Beverage. Chinese equities also extended their recent rally following Beijing's stimulus measures, including a surprise interest rate cut by the People's Bank of China on Monday.
US stocks saw a flat overnight session. Mixed corporate earnings and the ongoing uncertainty surrounding the U.S. presidential election contributed to the cautious mood. At the close in NYSE, the Dow Jones Industrial Average declined 0.02%, while the S&P 500 index declined 0.05%, and the NASDAQ Composite index added 0.18%.
General Motors stock rose 10% after the company reported stronger-than-expected third-quarter earnings, driven by robust revenue growth and improved profitability.
Verizon stock fell 5% after the telecom giant reported mixed third-quarter results, with earnings slightly beating expectations but revenue falling short.
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