At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 635.69 points or 0.81% to 79,228.76. The Nifty 50 index gained 231.20 points or 0.96% to 24,223.75.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 1.68% and the S&P BSE Small-Cap index gained 1.52%.
The market breadth was strong. On the BSE, 2,786 shares rose and 944 shares fell. A total of 130 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 9.05% to 17.05.
IPO Update:
The initial public offer (IPO) of Brainbees Solutions received 79,58,848 bids for shares as against 4,96,39,004 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 0.16 times.
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The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 440 to Rs 465 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.
The initial public offer (IPO) of Unicommerce eSolutions received 6,15,71,184 bids for shares as against 1,40,84,681 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 4.37 times.
The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.
Buzzing Index :
The Nifty Metal index gained 2.12% to 9,077.15. The index advanced 1.82% in two consecutive trading sessions.
Vedanta (up 4.31%), Jindal Stainless (up 3.93%), National Aluminium Company (up 3.23%), Steel Authority of India (up 2.98%) and JSW Steel (up 2.78%), Hindalco Industries (up 2.47%), Welspun Corp (up 2.47%), Adani Enterprises (up 2.37%), Hindustan Copper (up 2.34%) and NMDC (up 2.09%) advanced.
Stocks in Spotlight :
Lupin jumped 4.93% after the companys consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter.
Tata Power Company fell 2.02% after the companys consolidated net profit decreased marginally to Rs 970.91 crore in Q1 FY25 as compared with Rs 972.49 crore in Q1 FY24. Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year.
Global Markets :
Asian stocks advanced on Wednesday, recovering from sharp losses earlier in the week. Japan's markets surged following encouraging comments on interest rates from the Bank of Japan. However, lingering concerns about a global economic slowdown tempered overall sentiment.
Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday the central bank won't raise interest rates when financial markets are unstable.
Regional markets drew support from a strong Wall Street close, though the U.S. recovery remained fragile after Monday's steep decline. Recent comments from Federal Reserve officials alleviated immediate recession fears, boosting investor confidence. The S&P 500 and Nasdaq rallied 1% on Tuesday, erasing some of the previous day's losses.
The Fed has indicated that interest rate cuts might be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points, ending at 16,366.86.
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