At 11:30 IST, the barometer index, the S&P BSE Sensex was up 55.57 points or 0.08% to 78,533.54. The Nifty 50 index added 30.70 points or 0.13% to 23,758.35.
In the broader market, the S&P BSE Mid-Cap index shed 0.51% and the S&P BSE Small-Cap index fell 0.40%.
The market breadth was negative. On the BSE, 1,587 shares rose and 2,201 shares fell. A total of 158 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Unimech Aerospace and Manufacturing received bids for 11,99,86,976 shares as against 47,04,028 shares on offer, according to stock exchange data at 11:15 IST on 26 December 2024. The issue was subscribed 25.51 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 610 and Rs 643 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.
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Buzzing Index:
The Nifty Auto index rose 0.98% to 22,779.05. The index shed 0.41% in the previous trading session.
Maruti Suzuki India (up 1.74%), Mahindra & Mahindra (up 1.31%), Apollo Tyres (up 1.03%), Tata Motors (up 0.87%) and Bajaj Auto (up 0.82%), Hero MotoCorp (up 0.78%), Balkrishna Industries (up 0.57%), MRF (up 0.21%), Bosch (up 0.21%) added.
On the other hand, Samvardhana Motherson International (down 0.99%), Bharat Forge (down 0.83%) and Ashok Leyland (down 0.58%) edged lower.
Stocks in Spotlight:
Godfrey Phillips India gained 4.94% after the company announced that its nomination and remuneration committee has approved the appointment of Siddharth Chawla as chief operating officer (COO) and senior management personnel of the company.
Panacea Biotec hit an upper circuit of 5% after the company received a letter of award (LoA) from the United Nations International Children's Emergency Fund (UNICEF) for supply of its bivalent oral polio vaccine (bOPV).
Global Markets:
Asia-Pacific stocks advanced on Thursday, with several markets remaining closed for Boxing Day.
Investors closely tracked the developments in the Japanese economy after media reports stated that the country was preparing a record $735 billion budget for its fiscal year starting in April. The budget will account for increased social security and debt-servicing expenses, the report said.
On Wednesday, Bank of Japans Governor Kazuo Ueda reportedly said: Japans economy will move closer to sustainable and stable 2 percent inflation [in 2025], accompanied by wage increases.
Traders in Asia will be looking at November manufacturing output data coming out of Singapore later in the day.
The Chinese government said on Wednesday that efforts to stabilize and stem the declines of the countrys real estate market will persist in 2025. The measures will include controlling the supply of commercial housing to optimize supply.
European markets closed higher on Tuesday, in a shortened trading day for Christmas Eve.
In the US, stocks jumped Tuesday on Christmas Eve as the market pulled off back-to-back gains in the holiday week.
The S&P 500 added 1.1% to 6,040.04, and the Dow Jones Industrial Average gained 390.08 points, or 0.91%, to 43,297.03. The Nasdaq Composite climbed 1.35% to 20,031.13.
Tuesday marked the start of the seasonal Santa Claus rally, which happens in the last five trading days of the year and the first two in January.
With two straight winning days, the S&P 500 is up 1.8% this week, while the Dow has gained about 1%. The strong rally in megacap tech lifted the Nasdaq up 2.3% week to date.
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