Benchmarks hit fresh intraday high; European shares edge higher

The domestic equity barometers hit fresh intraday high in afternoon trade. The Nifty hovered near the 18,600 mark. PSU banks, IT and auto stocks advanced while FMCG, realty and consumer durables lagged behind.

At 13:31 IST, the barometer index, the S&P BSE Sensex, was up 376.92 points or 0.61% to 62,507.49. The Nifty 50 index added 99.85 points or 0.54% to 18,597.

Infosys (up 1.88%), Bajaj Finance (up 1.71%), IndusInd Bank (up 1.52%), M&M (up 1.44%) and HCL Tech (up 1.32%) were the top Nifty gainers.

Apollo Hospitals (down 0.94%), UPL (down 0.90%), BPCL (down 0.80%), Hindalco (down 0.73%) and Nestle India (down 0.40%) were the top Nifty laggards.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was positive. On the BSE, 2,008 shares rose and 1,444 shares fell. A total of 151 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Sula Vineyards received bids for 84,05,292 shares as against 1,88,30,372 shares on offer, according to stock exchange data at 13:30 IST on Tuesday (13 December 2022). The issue was subscribed 45%.

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 31,71,520 shares as against 1,28,00,000 shares on offer, according to stock exchange data at 13:30 IST on Tuesday (13 December 2022). The issue was subscribed 25%.

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 8,34,562 shares as against 80,41,805 shares on offer, according to stock exchange data at 13:30 IST on Tuesday (13 December 2022). The issue was subscribed 10%.

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 1.12%. 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.

Mahindra CIE Automotive added 0.75%. 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.

Kirloskar Brothers (KBL) declined 1.95%. 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).

Global markets:

Markets in Europe mostly 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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