Sensex gains 193 pts; metal shares shine

The key equity indices marched higher and hit the day's high in mid-morning trade. The Nifty traded above 22,050 mark. Metal shares advanced after declining in the past three trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 192.95 points or 0.27% to 72,954.84. The Nifty 50 index added 85.05 points or 0.39% to 22,082.75.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.51% and the S&P BSE Small-Cap index surged 2.49%.

The market breadth was strong. On the BSE, 2,612 shares rose and 1,116 shares fell. A total of 106 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Krystal Integrated Services received 2,53,900 bids for shares as against 29,99,448 shares on offer, according to stock exchange data at 11:25 IST on Thursday (14 March 2024). The issue was subscribed 0.08 times.

The issue opened for bidding on Thursday (14 March 2024) and it will close on Monday (18 March 2024). The price band of the IPO is fixed at Rs 680 to 715 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.

The initial public offer (IPO) of Popular Vehicles and Services received 73,46,300 bids for shares as against 1,44,15,110 shares on offer, according to stock exchange data at 11:25 IST on Thursday (14 March 2024). The issue was subscribed 0.51 times.

The issue opened for bidding on Tuesday (12 March 2024) and it will close on Thursday (14 March 2024). The price band of the IPO is fixed at Rs 280 to 295 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index gained 1.29% to 7,745.80. The index slumped 8.64% in the past three trading sessions.

Hindustan Copper (up 8.19%), Adani Enterprises (up 4.53%), National Aluminium Company (up 4.48%), Jindal Stainless (up 4.41%), Vedanta (up 3.37%), Ratnamani Metals & Tubes (up 3.13%), Steel Authority of India (up 2.74%), Hindalco Industries (up 2.66%), Jindal Steel & Power (up 1.36%) and Hindustan Zinc (up 0.89%).

On the other hand, Tata Steel (down 1.36%), JSW Steel (down 1.31%) and Welspun Corp (down 0.83%) moved lower.

Stocks in Spotlight:

Indian Hume Pipe Company surged 16.18% after the companys joint venture received a work order worth Rs 1,137.77 crore from the Public Health and Municipal Engineering Department, Government of Telangana.

Tata Motors shed 0.64%. The company announced that it has signed a memorandum of understanding (MoU) with the Government of Tamil Nadu to setting up a vehicle manufacturing facility in the state.

Rail Vikas Nigam (RVNL) jumped 6.26%. The company said that its joint venture, RVNL-SALASAR has received a letter of award (LoA) from Madhya Pradesh Power Transmission Company (MPPTC) worth Rs 173.98 crore.

Global Markets:

Asian stocks traded mixed on Thursday. Investors were focused on two key events: the outcome of spring wage negotiations in Japan and India's wholesale inflation data.

Japan's wage negotiations have concluded, with early reports indicating large companies offered significant pay raises. This could lead the Bank of Japan to tighten its monetary policy when they meet next week.

In the US market, the S&P 500 and Nasdaq closed slightly lower on Wednesday as investors took profits from chipmaker stocks. This comes as they await producer price data and further signs on the inflation trend before the Federal Reserve meeting next week.

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