At 11:28 IST, the barometer index, the S&P BSE Sensex was up 219.24 points or 0.30% to 73,721.88. The Nifty 50 index added 18.55 points or 0.08% to 22,351.20.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 1.10% and the S&P BSE Small-Cap index slipped 2.11%.
The market breadth was weak. On the BSE, 666 shares rose and 3,055 shares fell. A total of 102 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Popular Vehicles and Services received 18,15,350 bids for shares as against 1,44,15,110 shares on offer, according to stock exchange data at 11:30 IST on Tuesday (12 March 2024). The issue was subscribed 0.13 times.
The issue opened for bidding on Tuesday (12 March 2024) and it will close on Thursday (14 March 2024). The price band of the IPO is fixed at Rs 280 to 295 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index declined 3.20% to 877.55. The index dropped 5.67% in four consecutive trading sessions.
Swan Energy (down 16.41%), Prestige Estates Projects (down 3.78%), Macrotech Developers (down 3.3%), Godrej Properties (down 2.63%) and DLF (down 2.63%), Mahindra Lifespace Developers (down 2.6%), Sobha (down 1.95%), Phoenix Mills (down 1.7%), Brigade Enterprises (down 1.67%) and Oberoi Realty (down 1.51%) slipped.
Stocks in Spotlight:
Jupiter Wagons slipped 5.38%. The company won a Rs 957 crore order from the Ministry of Railways for manufacturing wagons.
Imagicaaworld Entertainment dropped 4.91%. The company said that it has been declared as the successful bidder for establishing a landmark concept at the Sabarmati Riverfront in Ahmedabad.
Adani Enterprises fell 1.11%. The company will begin a digital data collection survey in Dharavi on March 18th.
Global Markets:
Asian stocks traded mixed on Tuesday. Investor sentiment remained cautious as they awaited the release of the U.S. Consumer Price Index (CPI) data later on Tuesday. This data is expected to be a key factor in the Federal Reserve's plans for potential interest rate adjustments in 2024.
Unlike other Asian markets, Japanese stocks continued their downward trend. This decline reflects growing speculation that the Bank of Japan might raise interest rates sooner than anticipated.
The U.S. market witnessed a pullback on Monday, snapping a streak of record highs for major indices. Information technology stocks faced selling pressure, raising questions about whether stocks tied to artificial intelligence can sustain their momentum after significant rallies.
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