The key equity benchmarks traded with modest gains in the mid-morning trade, driven by positive global market sentiment ahead of crucial US inflation data. The Nifty traded above the 23,200 level. PSU Bank shares extended gains for the two consecutive trading sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, added 337.75 points or 0.44% to 76,837.38. The Nifty 50 index rose 72.50 points or 0.31% to 23,247.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.48% and the S&P BSE Small-Cap index added 0.52%.
The market breadth was strong. On the BSE, 2,444 shares rose and 1,244 shares fell. A total of 128 shares were unchanged.
IPO Update:
The initial public offer of Laxmi Dental received bids for 21,41,95,773 shares as against 89,70,371 shares on offer, according to stock exchange data at 11:15 IST on 14 January 2025. The issue was subscribed 23.88 times.
The issue opened for bidding on 13 January 2025 and it will close on 15 January 2025. The price band of the IPO is fixed between Rs 407 and Rs 428 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index rose 0.78% to 6,192.80. The index rose 0.41% in two consecutive trading sessions.
Union Bank of India (up 2.23%), Canara Bank (up 1.75%), Bank of India (up 1.22%), Punjab National Bank (up 0.96%), State Bank of India (up 0.93%), Indian Bank (up 0.49%), Bank of Baroda (up 0.08%) added.
On the other hand, Indian Overseas Bank (down 7.1%), Central Bank of India (down 6.96%) and UCO Bank (down 6.94%) edged lower.
Stocks in Spotlight:
Optiemus Infracom shed 0.78%. The company said that its subsidiary Optemus Unmanned Systems (OUS) has entered into a partnership with KunWay Technology, a Taiwan-based drone manufacturing company to manufacture their wide range portfolio of drones in India.
Network18 Media & Investment fell 0.16%. The company reported consolidated net loss of Rs 1,435.45 crore in Q3 FY25 as compared with net loss of Rs 58.08 crore in Q3 FY24. Net sales declined 23.3% YoY to Rs 1,360.50 crore in Q3 FY25.
Aditya Birla Fashion and Retail (ABFRL) rose 0.19. The company informed that its board has approved preferential issue of equity shares upto Rs 2,379 crore and issuance of equity shares by way of qualified institutions placement (QIP) upto Rs 2,500 crore.
Global Markets:
Most Asian stocks traded mixed on Wednesday, following a subdued US trading session. Investors are eagerly awaiting key US Consumer Price Index (CPI) inflation data, which will provide crucial insights into the Federal Reserve's future interest rate policy. Persistent inflation could limit the Fed's ability to cut interest rates, a concern highlighted in their December meeting.
Eurozone industrial production data is also expected to be released ahead of the US inflation figures.
Meanwhile, impeached South Korean President Yoon Suk Yeol was arrested on Wednesday by authorities. This follows a failed attempt to impose military law in late 2024, as reported by local media. Yoon will now face trial on charges of insurrection after his unsuccessful attempt to implement martial law in December. This move was met with widespread opposition from citizens and policymakers, triggering nationwide protests and calls for his removal.
US indices exhibited mixed performance on Tuesday, with technology stocks continuing to struggle. The markets are also recovering from a weak start to the year, having declined from record highs in December. The S&P 500 rose 0.1% to 5,842.86 points on Tuesday, while the NASDAQ Composite fell 0.2% to 19,044.39 points. The Dow Jones Industrial Average rose 0.5% to 42,518.28 points.
The US Producer Price Index (PPI), a key indicator of consumer price inflation, came in at 0.2% on Tuesday, lower than expected. The PPI, which measures the change in the price of goods sold by manufacturers, remained unchanged compared to the previous reading.
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