Indices traded with limited gains; Auto shares rally

The benchmark indices traded with moderate gains in mid-morning trade. The Nifty traded above 21,800 level after hitting days low of 21,743.07 in early trade. Auto shares advanced after declining in the past fifth consecutive trading sessions.

At 11:26 IST, the barometer index, the S&P BSE Sensex, gained 227.73 points or 0.32% to 71,959.15. The Nifty 50 index added 81 points or 0.37% to 21,852.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.69% and the S&P BSE Small-Cap index gained 1.04%.

The market breadth was positive. On the BSE, 2,217 shares rose and 1,489 shares fell. A total of 133 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Apeejay Surrendra Park Hotels received bids for 11,98,70,400 shares as against 3,47,61,903 shares on offer, according to stock exchange data at 11:30 IST on Tuesday (06 February 2024). The issue was subscribed 3.45 times.

The issue opened for bidding on Monday (05 February 2024) and it will close on Wednesday (07 February 2024). The price band of the IPO is fixed at Rs 147-155 per share. An investor can bid for a minimum of 96 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Auto index rose 1.14% to 19,838.80. The index gained 5.08% in the five trading sessions.

Maruti Suzuki India (up 2.59%), Bharat Forge (up 2.35%), TVS Motor Company (up 1.86%), Mahindra & Mahindra (up 1.34%), Tata Motors (up 1.32%), MRF (up 1.25%), Samvardhana Motherson International (up 1.11%), Bosch (up 0.91%), Bajaj Auto (up 0.77%) and Eicher Motors (up 0.72%) advanced.

Stocks in Spotlight:

Yes Bank soared 9.52% after the bank announce that the Reserve Bank of India has granted approval to HDFC Bank for the acquisition of an aggregate holding of up to 9.50% of the paid-up share capital or voting rights of Yes Bank. However, if HDFC Bank fails to acquire a major shareholding within one year, the approval will be revoked.

Hindalco Industries shed 1.15%. The Aditya Birla Group company informed that it has acquired 26% stake in the equity share capital of Ayana Renewable Power Four (ARPFPL) on 5 February 2024 at a consideration of Rs 1,62,50,000.

Global Markets:

Asian stocks were trading mixed on Tuesday with investors awaiting the Reserve Bank of Australias rate decision, though China stocks extended gains a day after its stimulus measures kicked in.

US stocks ended lower on Monday as Treasury yields spiked higher on concerns the Federal Reserve might not cut rates as much as expected. Lackluster results from McDonalds also dampened investor sentiment.

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