Barometers turn rangebound; metal shares shine

The headline equity indices traded with decent gains in mid-morning trade. The Nifty traded above the 23,300 level. Metal shares advanced after declining in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 131.71 points or 0.17% to 76,621.79. The Nifty 50 index added 51.60 points or 0.22% to 23,310.80.

In the broader market, the S&P BSE Mid-Cap index added 0.92 % and the S&P BSE Small-Cap index gained 0.92%.

The S&P BSE small-cap index and S&P BSE Mid-Cap index hit a 52 week high at 49,751.40 and 44,810.89 respectively.

The market breadth was strong. On the BSE, 2,513 shares rose and 1,159 shares fell. A total of 139 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Le Travenues Technology (Ixigo) received 15,71,67,234 bids for shares as against 4,37,69,494 shares on offer, according to stock exchange data at 11.30 IST on Tuesday (11 June 2024). The issue was subscribed 3.59 times.

The issue opened for bidding on Monday (10 June 2024) and it will close on Wednesday (12 June 2024). The price band of the IPO is fixed at Rs 88 to 93 per share. An investor can bid for a minimum of 161 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index rose 0.79% to 9,873.25. The index shed 0.38% in the previous trading sessions.

Hindustan Zinc (up 3.91%), Vedanta (up 1.69%), NMDC (up 1.59%), National Aluminium Company (up 1.38%), Tata Steel (up 1.38%), APL Apollo Tubes (up 0.75%), Hindustan Copper (up 0.62%), Steel Authority of India (up 0.52%), Welspun Corp (up 0.36%) and Ratnamani Metals & Tubes (up 0.09%) edged higher

On the other hand, JSW Steel (down 0.37%), Jindal Stainless (down 0.26%) and Adani Enterprises (down 0.25%) slipped.

Stocks in Spotlight:

Suzlon Energy added 2.68% after the company said that it has secured a 103.95 MW order from AMPIN Energy Transition to supply 33 wind turbines with a rated capacity of 3.15 MW each.

Global Markets:

Asian stocks traded mixed on Tuesday, mirroring a subdued Wall Street session. Investors are cautious ahead of the Federal Reserve's decision this week and key U.S. inflation data. This wait-and-see approach is also due to European political uncertainties.

The Fed is expected to announce its interest rate decision and release updated economic projections on Wednesday, June 12th, 2024.

Despite the wait for the Fed, Wall Street managed to notch slight gains on Monday. Both the S&P 500 and Nasdaq closed at record highs after a volatile session. The Dow Jones also finished positive, up 0.2% to 38,868.04. The S&P 500 climbed 0.3% to 5,360.79, and the Nasdaq rose 0.4% to 17,192.53, marking record closes for both indexes.

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