NIFTY HOVERS BELOW 24,600 LEVEL; PSU BANKS SLIDE

The frontline indices continued trade with minor losses in the mid-morning trade. The Nifty hovered below the 24,600 level. PSU bank shares extended losses for the second consecutive trading session. Trading was volatile due to the weekly F&O series expiry today.

At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 87.53 points or 0.11% to 81,438.61. The Nifty 50 index fell 43.35 points or 0.18% to 24,596.45.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.37% and the S&P BSE Small-Cap index slipped 0.63%.

The market breadth was weak. On the BSE, 1,519 shares rose and 2,292 shares fell. A total of 134 shares were unchanged.

IPO Update:

The initial public offer (IPO) of One MobiKwik Systems received bids for 11,36,91,890 shares as against 1,18,71,696 shares on offer, according to stock exchange data at 11:03 IST on 12 December 2024. The issue was subscribed to 9.58 times.

The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 265 and Rs 279 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The initial public offer (IPO) of Vishal Mega Mart received bids for 50,91,96,960 shares as against 75,67,56,757 shares on offer, according to stock exchange data at 11:03 IST on 12 December 2024. The issue was subscribed 0.67 times.

The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 74 and Rs 78 per share. An investor can bid for a minimum of 190 equity shares and in multiples thereof.

The initial public offer (IPO) of Sai Life Sciences received bids for 3,43,30,311 shares as against 3,88,29,848 shares on offer, according to stock exchange data at 11:06 IST on 12 December 2024. The issue was subscribed 0.88 times.

The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 522 to Rs 549 per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index fell 0.81% to 7,031.95. The index slipped 1.69% in two consecutive trading sessions.

Punjab & Sind Bank (down 1.7%), Bank of India (down 1.47%), Indian Bank (down 1.34%), UCO Bank (down 1.16%), Central Bank of India (down 1.08%), Canara Bank (down 0.99%), Bank of Maharashtra (down 0.97%), State Bank of India (down 0.93%), Punjab National Bank (down 0.81%) and Bank of Baroda (down 0.59%) declined.

Stocks in Spotlight:

Reliance Power rallied 4.47% after the company announced that its subsidiary Reliance NU Suntech won a 930 MW solar energy contract with a battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI).

Godawari Power & Ispat spurted 2.95% after the company signed a seven-year deal with GAIL for RLNG gas supply to its upcoming pellet plant.

Vedanta added 1.58% after the company said that its board will meet on 16 December 2024 to consider a proposal for a fourth interim dividend on equity shares for the financial year 2024-25.

Gland Pharma added 1.86% after the pharmaco received approval from the United States Food and Drug Administration (USFDA) for Phytonadione Injectable Emulsion USP, 10 mg/mL single dose ampules.

Global Markets:

Most Asian stocks advanced on Thursday after US equities rallied on Wednesday following benign inflation data. This fueled expectations of a potential Federal Reserve interest rate cut this month.

In Asia, key economic reports are due today: Australia`s labor market data and India`s inflation and industrial production figures. China`s Central Economic Work Conference is also underway, where policymakers are expected to outline next year`s economic policies, likely including stimulus measures.

US markets surged on Wednesday, with the Nasdaq Composite hitting a record high. Tech stocks, particularly Tesla and NVIDIA, rallied sharply on the prospect of lower interest rates and the potential easing of regulatory scrutiny. Artificial intelligence optimism also contributed to the gains.

The NASDAQ Composite surged 1.8% to a record high of 20,033.61 points, while the S&P 500 rose 0.8% to 6,084.19 points. The Dow Jones Industrial Average lagged, falling 0.2% to 44,148.56 points.

The US consumer price index (CPI) rose by 2.7% last month, accelerating slightly from 2.6% in October. While stripping out more volatile items like food and fuel, the "core" number climbed by 3.3% in the twelve months to July, also in line with expectations.

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