BAROMETERS TRADE WITH MODEST GAINS, METAL STOCKS SHINE

The benchmark indices traded with moderate gains in mid-morning trade. The Nifty hovered above the 21,300 level. Metal stocks extended gains for the fifth straight session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 466.84 points or 0.66% to 70,981.04. The Nifty 50 index advanced 134.95 points or 0.64% to 21,317.65.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,355.65 and 71,084.08 respectively, in morning trade today.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index gained 0.68%.

The market breadth was positive. On the BSE, 2,068 shares rose and 1,526 shares fell. A total of 146 shares were unchanged.

IPO Updates:

The initial public offer (IPO) of DOMS Industries received bids for 17,67,76,578 shares as against 88,37,407 shares on offer, according to stock exchange data at 11:21 IST on Friday (15 December 2023). The issue was subscribed 20 times.

The issue opened for bidding on Wednesday (13 December 2023) and it will close on Friday (15 December 2023). The price band of the IPO is fixed at Rs 750-790 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

The IPO of India Shelter Finance Corporation received bids for 11,14,75,920 shares as against 1,79,10,449 shares on offer, according to stock exchange data at 11:21 IST on Friday (15 December 2023). The issue was subscribed 6.22 times.

The issue opened for bidding on Wednesday (13 December 2023) and it will close on Friday (15 December 2023). The price band of the IPO is fixed at Rs 469-493 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO of INOX India received bids for 6,65,14,866 shares as against 1,54,77,670 shares on offer, according to stock exchange data at 11:21 IST on Friday (15 December 2023). The issue was subscribed 4.30 times.

The issue opened for bidding on Thursday (14 December 2023) and it will close on Monday (18 December 2023). The price band of the IPO is fixed at Rs 627-660 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index rose 1.54% to 7,690.60. The index jumped 4.45% in five trading sessions.

National Aluminium Company (up 5.71%), Ratnamani Metals & Tubes (up 2.73%), Hindustan Copper (up 2.6%), Adani Enterprises (up 2.14%), JSW Steel (up 2.08%), Hindalco Industries (up 1.87%), Tata Steel (up 1.67%), Jindal Stainless (up 1.6%), NMDC (up 1.41%) and Vedanta (up 0.63%) edged higher.

On the other hand, Hindustan Zinc (down 1.07%), Steel Authority of India (down 0.99%) and Jindal Steel & Power (down 0.41%) declined.

Global Markets:

Most of the Asian stocks edged higher on Friday as Wall Street continued to rally after the U.S. Federal Reserve held rates and laid out a roadmap for cuts in 2024 and beyond. Investors await key economic data out of China, including November house prices, industrial output, and retail sales data.

Japan�s manufacturing activity contracted in December for the seventh straight month, according to a private survey. A flash reading of the au Jibun Bank Japan manufacturing purchasing managers� index shrank to 47.7 in December from 48.3 in November, signaling the quickest deterioration in manufacturing business conditions for ten months. The au Jibun Bank flash services PMI, however, was 52.0 in December versus 50.8 in November, the fastest gain in the three months.

US stocks ended higher on Thursday lifted by optimism that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve. The 10-year Treasury note yield dropped below 4% for the first time since August as traders bet on rate cuts for 2024 mount.

The Bank of England kept interest rates at the highest level in 15 years as its policy makers persisted with their higher-for-longer message despite growing market bets on a wave of cuts in 2024. The Monetary Policy Committee voted 6-3 to keep its key policy rate at 5.25% for the third consecutive meeting, according to minutes of the decision released Thursday.

The European Central Bank left interest rates unchanged as expected on Thursday and signalled an early end to its last remaining bond purchase scheme.

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