Indices end near day's high; auto stocks advance

The key equity benchmarks ended near the day's high after a strong session on Wednesday. The Nifty closed above the 16,950 mark. Buying was wide spread with autos, banks and realty stocks gaining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, jumped 611.55 points or 1.09% to 56,930.56. The Nifty 50 index added 184.60 points or 1.10% to 16,955.45.

The broader indices outperformed the benchmarks. The S&P BSE Mid-Cap index rose 1.47% while the S&P BSE Small-Cap index gained 1.66%.

The market breadth was strong. On the BSE, 2435 shares rose and 907 shares fell. A total of 104 shares were unchanged.

New Listing:

Shares of Metro Brands ended at Rs 502 on the BSE, at a premium of 0.40% as against the issue price of Rs 500. The scrip was listed at Rs 436, representing a discount of 12.80% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 507.70 and a low of Rs 426.10. Over 7.75 lakh shares of the company have changed hands in the counter.

The IPO of Metro Brands was subscribed 3.64 times. The issue opened for bidding on 10 December 2021 and it closed on 14 December 2021. The price band of the IPO was fixed at Rs 485-500.

Primary Market:

The initial public offer (IPO) of CMS Info Systems received bids for over 2.17 crore shares as against 3.75 crore shares on offer, according to stock exchange data at 15:30 IST on Wednesday, (22 December 2021). The issue was subscribed 58%.

The issue opened for bidding on 21 December 2021 and it will close on 23 December 2021. The price band of the IPO is fixed at Rs 205-216. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Auto index rose 1.61% to 10,652.95. The index has added 2.38% in two sessions.

Tata Motors (up 3.73%), Eicher Motors (up 3.12%), Bharat Forge (up 1.72%), Ashok Leyland (up 1.63%), Maruti Suzuki (up 1.48%), Mahindra & Mahindra (up 1.03%), TVS Motor Company (up 0.41%) and Bajaj Auto (up 0.16%) advanced.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 2.76% to Rs 1877.15. The company's construction arm secured a 'significant' order for its buildings and factories business from a reputed developer. According L&T's classification, the value of 'significant' contracts lies between Rs 1000 crore to Rs 2,500 crore.

Zee Entertainment Enterprises (ZEEL) shed 0.13% to Rs 348.55. Sony Pictures Networks India (SPNI) and ZEEL announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.

Yes Bank jumped 4.83% to Rs 13.33. The bank said its board of directors have considered and approved raising of funds by issue of equity shares / depository receipts / convertible bonds / debentures / warrants / any other equity linked securities, through permissible modes, for amount up to Rs 10,000 crore.

Vascon Engineers jumped 9.85% to Rs 25.10. The company has received letter of award amounting to approximately Rs 199 crore from Vedanta for construction of Cairn Oil & Gas Residential Complex at Barmer, Rajasthan.

IndiaMART InterMESH rose 1.40% to Rs 6599.75. The company has indirectly through its wholly owned subsidiary, Tradezeal Online, agreed to acquire 4,784 compulsorily convertible series A preference shares and 100 equity shares aggregating to 26.01% of Edgewise Technologies, on fully diluted basis.

PNC Infratech surged 4.07% to Rs 209.25 after the company received letter of acceptance (LOA) for a user fee collection mandate in NCR from National Highways Authority of India (NHAI). The contract value of the same is Rs 369 crore.

Global Markets:

Most shares in Europe and Asia advanced on Wednesday. Investors continue to assess the impact of the omicron COVID variant.

Investors are juggling the rapid spread of the omicron variant, and the introduction of containment measures by governments around the world, with new scientific analysis of its severity and pharmaceutical developments on booster shots and treatments.

In US, President Joe Biden said in a Tuesday address that people with booster shots are "highly protected," urging Americans to get their extra doses. The president reiterated that the U.S. is not going back to March 2020 at the height of the initial outbreak where the country went into a forced lockdown.

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