At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 316.92 points or 0.39% to 81,672.76. The Nifty 50 index advanced 101.25 points or 0.41% to 24,937.35.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.56% and the S&P BSE Small-Cap index gained 0.86%.
The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,370.90 and 55,432.32, respectively.
The market breadth was strong. On the BSE, 2,327 shares rose and 1,397 shares fell. A total of 150 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Akums Drugs and Pharmaceuticals received 36,58,006 bids for shares as against 1,51,62,239 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (30 July 2024). The issue was subscribed 0.24 times.
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The issue opened for bidding on Tuesday (30 July 2024) and it will close on Thursday (01 August 2024). The price band of the IPO is fixed between Rs 646 to Rs 679 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index added 1.50% to 1,109.45. The index gained 4.13% in three consecutive trading sessions.
Phoenix Mills (up 5.77%), Brigade Enterprises (up 2.12%), DLF (up 1.38%), Sunteck Realty (up 0.65%), Godrej Properties (up 0.62%), Oberoi Realty (up 0.57%), Mahindra Lifespace Developers (up 0.45%) and Sobha (up 0.12%) advanced.
On the other hand, Prestige Estates Projects (down 1.59%) and Macrotech Developers (down 1.07%), edged lower.
Stocks in Spotlight:
Quess Corp advanced 2.19 after the companys consolidated net profit jumped 14% to Rs 112 crore on 1.9% increase in revenue to Rs 5,003 crore during the quarter.
Rail Vikas Nigam (RVNL) added 1.71% after the company said that it has emerged as the lowest bidder (L1) for a tender floated by Himachal Pradesh State Electricity Board (HPSEBL).
Global Markets:
Most Asian stocks declined on Tuesday, erasing the previous session's gains as investors remained cautious ahead of crucial interest rate decisions from the Bank of Japan and the Federal Reserve. Chinese market continued to underperform, hitting six-month lows amid persistent concerns over a slowing economic recovery.
Japan's Nikkei 225 index fell amid speculation over whether the Bank of Japan (BoJ) will maintain its ultra-loose monetary policy. The central bank is set to announce its policy decision on Wednesday, July 31. While recent inflation data has shown some slight improvement, analysts remain divided on the likelihood of a rate hike. The BoJ has been one of the few major central banks holding rates at ultra-low levels.
Regional markets took mixed cues from Wall Street, which ended flat on Monday. Caution ahead of the central bank meetings and a batch of quarterly earnings from tech giants prevented large market movements.
The S&P 500 rose marginally, recovering from its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped slightly while the Nasdaq Composite edged up.
The Federal Reserve's interest rate decision is also due on Wednesday. The central bank kept rates unchanged at its June meeting.
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