As per provisional closing data, the barometer index, the S&P BSE Sensex gained 165.32 points or 0.22% to 73,667.96. The Nifty 50 index added 3.05 points or 0.01% to 22,335.70.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 1.31% and the S&P BSE Small-Cap index tumbled 2.11%.
The market breadth was weak. On the BSE, 669 shares rose and 3,224 shares fell. A total of 74 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 2.55% to 13.64.
Economy:
Passenger vehicle wholesales in India rose 11% year-on-year in February, as sports utility vehicles continued to steer demand in the market, industry body SIAM said on Tuesday. The total passenger vehicle dispatches to dealers last month stood at 3,70,786 units, as compared to 3,34,790 units in the year-ago period.
"Passenger vehicles again reported its highest-ever sales of February posting sales of 3.7 lakh units with a growth of 10.8% as compared to February 2023," SIAM Director General Rajesh Menon said in a statement.
IPO Update:
The initial public offer (IPO) of Popular Vehicles and Services received 32,87,700 bids for shares as against 1,44,15,110 shares on offer, according to stock exchange data at 15:25 IST on Tuesday (12 March 2024). The issue was subscribed 0.23 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.
New Listing:
Shares of R K Swamy ended at Rs 263.25 on the BSE, representing a discount of 8.59% as compared with the issue price of Rs 288.
The scrip was listed at Rs 252, exhibiting a discount of 1.14% to the issue price.
On the BSE, over 6.91 lakh shares of the company were traded in the counter.
Shares of Bharat Highways Infrastructure Investment Trust InvITended at Rs 103.10 on the BSE, representing a premium of 1.03% as compared with the issue price of Rs 100.
The scrip was listed at Rs 101.10, exhibiting a premium of 1.01% to the issue price.
On the NSE, over 153.97 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty Realty index slipped 3.71% to 872.90. The index dropped 6.17% in four consecutive trading sessions.
Swan Energy (down 19.66%), DLF (down 5.32%), Macrotech Developers (down 4.73%), Godrej Properties (down 4.38%) and Sobha (down 3.9%), Mahindra Lifespace Developers (down 2.79%), Oberoi Realty (down 2.76%), Brigade Enterprises (down 1.56%), Prestige Estates Projects (down 0.31%) declined.
Stocks in Spotlight:
Mahindra & Mahindra shed 0.51%. The company informed that its total production jumped 26.07% to 73,380 units in the month of February 2024 as compared with 58,203 units produced in the same period last year.
Aditya Birla Capital advanced 1.95% after the company received board approval to merge its subsidiary Aditya Birla Finance into the main company. Regulatory and shareholder approvals are pending.
Tata Power Company slipped 3.97%. The company said that Tata Power Solar Systems has successfully commissioned the countrys largest solar and battery energy storage systems (BESS) project at Rajnandgaon in Chhattisgarh.
IRB Infrastructure Developers dropped 4.14%. The company stated that its project SPV, IRB Lalitpur Tollway has achieved financial closure for a project in Uttar Pradesh and Madhya Pradesh by tying up project finance of Rs 3,500 crore from the lender.
H.G. Infra Engineering shed 0.64%. The company said that it has received the letter of award from the National Highways Authority of India (NHAI) for an Andhra Pradesh-based project worth Rs 862.11 crore.
Imagicaaworld Entertainment dropped 4.83%. The company said that it has been declared as the successful bidder for establishing a landmark concept at the Sabarmati Riverfront in Ahmedabad.
Spicejet slipped 8.90% after the companys chief operating officer COO and chief commercial officer CCO have resigned from their positions.
Global Markets:
European markets advanced while Asian stocks ended 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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