At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 246.49 points or 0.39% to 62,779.79. The Nifty 50 index added 77.50 points or 0.42% to 18,685.50.
In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index gained 0.65%.
The market breadth was strong. On the BSE, 2,128 shares rose and 1,203 shares fell. A total of 149 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Sula Vineyards received bids for 1,42,91,970 shares as against 1,88,30,372 shares on offer, according to stock exchange data at 11:21 IST on Wednesday (14 December 2022). The issue was subscribed 76%.
The issue opened for bidding on Monday (12 December 2022) and it will close on Wednesday (14 December 2022). The price band of the IPO is fixed at Rs 340-357 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.
The initial public offer (IPO) of Abans Holdings received bids for 37,32,575 shares as against 1,28,00,000 shares on offer, according to stock exchange data at 11:21 IST on Wednesday (14 December 2022). The issue was subscribed 29%.
The issue opened for bidding on Monday (12 December 2022) and it will close on Thursday (15 December 2022). The price band of the IPO is fixed at Rs 256-270 per share. An investor can bid for a minimum of 55 equity shares and in multiples thereof.
The initial public offer (IPO) of Landmark Cars received bids for 17,76,105 shares as against 80,41,805 shares on offer, according to stock exchange data at 11:21 IST on Wednesday (14 December 2022). The issue was subscribed 22%.
The issue opened for bidding on Tuesday (13 December 2022) and it will close on Thursday (15 December 2022). The price band of the IPO is fixed at Rs 481-506 per share. An investor can bid for a minimum of 29 equity shares and in multiples thereof.
Buzzing Index:
The Nifty IT index rose 0.91% to 29,643.75. The index has advanced 2.03% in two trading sessions.
L&T Technology Services (up 2.93%), LTI Mindtree (up 2.87%), Coforge (up 1.77%), Persistent Systems (up 1.44%), Tech Mahindra (up 1.32%), Wipro (up 0.88%), Tata Consultancy Services (up 0.8%), HCL Technologies (up 0.7%), Mphasis (up 0.66%) and Infosys (up 0.51%) gained.
Stocks in Spotlight:
Bank of Baroda declined 0.28%. The bank said that its board has approved the divestment of its majority shareholding in the Nainital Bank. The board of the Mumbai-based bank has authorized issuance of an advertisement inviting expressions of interest (EOI) through a preliminary information memorandum (PIM) from interested parties (IPs). The government backed lender currently holds 98.57% of the total equity share capital of Nainital Bank.
Bayer Cropscience slipped 1.67% to Rs 4670.95 after the company informed about the temporary suspension of operations at its crop protection formulations plant located at Himatnagar, Gujarat.
Axis Bank rose 0.19%. The private lender on Tuesday announced that its board has approved raising Rs 12,000 crore through allotment of non-convertible bonds at a coupon rate of 7.88% p.a. payable annually, on a private placement basis.
Global markets:
Asian stocks advanced across the board on Wednesday, after stocks on Wall Street saw a second day of gains on an inflation print that came in cooler than expected.
Sentiment at Japan's large manufacturers worsened in the fourth quarter, according to the Bank of Japan's quarterly tankan business sentiment survey. The headline index for large manufacturers' sentiment came in at 7, a decline from the previous quarter's reading of 8. The index for small manufacturing slightly improved to -2 in the fourth quarter from -4 in the previous quarter.
US stocks rose for a second day on Tuesday, fueled by a cooler-than-anticipated inflation report.
Prices rose less than expected in November. The consumer price index, which measures a wide basket of goods and services, rose just 0.1% from the previous month, and increased 7.1% from a year ago, the Labor Department reported Tuesday.
On Wednesday, the central bank will conclude its December meeting and deliver its latest rate hike. As per reports, a 50 basis point hike is expected, a smaller bump after four consecutive 75 basis point hikes. Chair Jerome Powell will also speak Wednesday, giving further clues about what's coming from the Fed in 2023.
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