At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 445.49 points or 0.55% to 80,870.17. The Nifty 50 index gained 134 points or 0.55% to 24,706.65.
In the broader market, the S&P BSE Mid-Cap index jumped 0.34% and the S&P BSE Small-Cap index rallied 0.17%.
The market breadth was positive. On the BSE, 2,226 shares rose and 1,510 shares fell. A total of 132 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Interarch Building Products received 2,41,73,248 bids for shares as against 46,91,585 shares on offer, according to stock exchange data at 11:24 IST on Tuesday (20 August 2024). The issue was subscribed 5.15 times.
The issue opened for bidding on Monday (19 August 2024) and it will close on Wednesday (21 August 2024). The price band of the IPO is fixed between Rs 850 to Rs 900 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.
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Buzzing Index:
The Nifty PSU bank index added 1.35% to 7,019.50. The index gained 3.62% in three consecutive trading sessions.
Union Bank of India (up 3.55%), Bank of Baroda (up 2.47%), Bank of India (up 2.11%), Indian Bank (up 1.68%) and Canara Bank (up 1.35%), State Bank of India (up 0.89%), Punjab National Bank (up 0.69%), UCO Bank (up 0.67%), Bank of Maharashtra (up 0.58%) and Central Bank of India (up 0.56%) edged higher.
Stocks in Spotlight:
Nucleus Software Exports was locked in an upper circuit of 20% after the company informed that its board will meet on Thursday, 22 August 2024 to consider the proposal for buyback of equity shares.
Mishra Dhatu Nigam declined 0.79% after the company announced that it has secured an order worth Rs 285 crore. "With this, the open order position of MIDHANI as on date is around Rs 2,098 crore, the company said in a statement.
Global Markets:
Most Asian stocks climbed on Tuesday, mirroring Wall Street's gains fueled by anticipation of potential Federal Reserve rate cut hints later this week.
China's benchmark lending rates remained unchanged as expected, with minimal market impact.
Investor focus is on the Fed's July meeting minutes, due Wednesday, and Chair Jerome Powell's Jackson Hole speech on Friday for clues on the U.S. rate outlook.
Risk appetite was also bolstered by Israeli Prime Minister Benjamin Netanyahu's acceptance of a U.S.-proposed interim deal to address the Gaza conflict.
U.S. stocks rallied on Monday, extending their strongest weekly performance of the year. The Dow Jones Industrial Average rose 0.6%, the S&P 500 gained 1%, and the Nasdaq Composite jumped 1.4%. Tech giants like Nvidia, Microsoft, and Alphabet contributed to the Nasdaq's outperformance.
The upcoming Jackson Hole Economic Symposium, starting Thursday, will be closely watched for insights into the Fed's transition from a restrictive to neutral monetary policy stance.
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