As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 402.73 points or 0.65% to 62, 533.30. The Nifty 50 index added 110.85 points or 0.60% to 18,608.
The Nifty Bank index recorded its fresh record high today at 43,983.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.40%.
The market breadth was positive. On the BSE, 1,928 shares rose and 1,594 shares fell. A total of 147 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.26% to 12.88.
Economy:
India's consumer price inflation moderated to 5.88% in November on an annual basis - marking an 11 month low. The inflation stood at 6.77 per cent in October. The number has dropped within RBI's tolerance band after 10 months. The Food inflation eased sharply to 4.67% in November compared to 7.01% in previous month.
Ministry of Statistics & Programme Implementation stated that for the month of October 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 129.6, marking a 4% drop compared to October 2021. The IIP has turned negative for first time in four months.
IPO Update:
The initial public offer (IPO) of Sula Vineyards received bids for 93,42,480 shares as against 1,88,30,372 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (13 December 2022). The issue was subscribed 50%.
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 33,36,080 shares as against 1,28,00,000 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (13 December 2022). The issue was subscribed 26%.
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 9,90,611 shares as against 80,41,805 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (13 December 2022). The issue was subscribed 12%.
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.
Stocks in Spotlight:
Tata Motors (TML) rose 1.09%. The company's board approved partial divestment of the equity shares held by TML in Tata Technologies, a subsidiary of the company, through initial public offering (IPO).
Separately, the company announced that it will be increasing the prices of its commercial vehicles (CV) up to 2% from January 2023. While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles.
Kirloskar Brothers (KBL) declined 1.06%. The company on Monday said its shareholders have rejected a resolution pertaining to a forensic audit in the affairs of the company by an external agency. KBL on 8 December 2022 called for an extraordinary general meeting (EGM) of its shareholders to consider and approve forensic audit of the affairs of the company by an external agency. The company infomed on Monday that 63.99% of the shareholders voted against the resolution while 36.01% were in favour of the resolution proposed by Kirloskar Industries (KIL).
ICICI Bank rose 0.45%. The private lender said that it has allotted 50,000 senior unsecured redeemable long term bonds in the nature of debentures aggregating to Rs 5,000 crore on private placement basis. The bonds are redeemable at the end of 7 years (redemption date being 12 December 2029). There are no special rights/ privileges attached to the bonds, it said. The bonds carry a coupon of 7.63% p.a. payable annually and were issued at par.
Mahindra CIE Automotive added 0.73%. The company has invested Rs 24.26 million towards subscription of 3,03,250 equity shares of Strongsun Solar Private Limited (Strongsun) which will constitute 27.35% of the post-issue paid-up capital of Strongsun.
Bandhan Bank gained 2.03% after the bank said that it has received claim amounting to Rs 916.61 crore under the Credit Guarantee Fund for Micro Units (CGFMU) scheme for FY 2022-23
Kama Holdings declined 0.86%. The company announced that its board approved share buyback upto Rs 50.02 crore at a price not exceeding Rs 14,500 per share through the tender offer route, on a proportionate basis. The maximum buyback price of Rs 14,500 per equity share represents a 5.16% premium to Monday's closing price of Rs 13,788.05 on the BSE.
Global markets:
Markets in Europe advanced while Asian stocks traded mixed on Tuesday as investors look ahead to a highly anticipated Federal Reserve meeting and U.S. CPI data.
US stocks indexes rallied on Monday, lifted in part by gains in Microsoft and Pfizer, as investors girded for inflation data on Tuesday and a policy announcement from the Federal Reserve later in the week.
The Federal Reserve is set to begin its two-day meeting on Tuesday. Economists widely expect the U.S. central bank to raise rates by half a percentage point Wednesday. The latest reading for the U.S. consumer price index report for November is also slated for Tuesday. Traders are hoping for signs of easing inflation.
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