The key equity benchmarks traded with decent gains in the mid-morning trade, as investors viewed the recent correction as excessive. Positive sentiment was further supported by gains in markets across mainland China, South Korea, and Hong Kong, which helped boost domestic investor confidence. The Nifty traded above the 23,200 level. PSU Bank shares advanced after declining for the past four consecutive trading sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, rallied 438.27 points or 0.57% to 76,768.28. The Nifty 50 index added 152.45 points or 0.66% to 23,238.40.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 1.90% and the S&P BSE Small-Cap index gained 1.40%.
The market breadth was strong. On the BSE, 2,728 shares rose and 1,026 shares fell. A total of 123 shares were unchanged.
IPO Update:
The initial public offer of Laxmi Dental received bids for 7,32,84,618 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 8.17 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 added 3.33% to 6,093.80. The index slipped 4.57% in past four consecutive trading sessions.
Bank of Maharashtra (up 4.92%), Indian Bank (up 4.14%), Canara Bank (up 4.08%), Indian Overseas Bank (up 4.03%) and Central Bank of India (up 4.01%), UCO Bank (up 3.94%), Punjab & Sind Bank (up 3.77%), Bank of India (up 3.13%), Bank of Baroda (up 3.03%) and State Bank of India (up 3%) advanced.
Stocks in Spotlight:
United Spirits slipped 4.05% after the company's managing director (MD) and chief executive officer (CEO), Hina Nagarajan, tendered his resignation effective from 31 2025.
Angel One fell 1.94%. The company reported 8.1% increase in consolidated net profit to Rs 281.47 crore in Q3 FY25 as against Rs 260.31 crore posted in Q3 FY24.
Meanwhile, the company's board has declared the first interim dividend for the financial year 2024-25 at the rate of Rs 11 per share on equity shares with a face value of Rs 10 per share, as of the record date. The record date for determining shareholder eligibility for the interim dividend, as declared by the Board of Directors, will be Tuesday, 21 January 2025. The dividend will be paid on or before 12 February 2025.
Further, the company's board has appointed Ambarish Kenghe as the Group Chief Executive Officer and Key Managerial Personnel, effective on or before 06 March 2025.
JSW Energy jumped 6.81% after the company said it has received letter of intent (LoI) for its resolution plan for KSK Mahanadi Power Company (KMPCL) under the Insolvency and Bankruptcy Code, 2016.
Global Markets:
U.S. stock futures signal a positive open on Tuesday, with Dow Jones Industrial Average futures trading 87 points higher. Concerns over the potential impact of disruptive trade tariffs under the incoming Trump administration have eased slightly, following reports that his team is considering a gradual increase in import duties.
Asian markets traded mixed performance on Tuesday, with investor sentiment dampened by ongoing concerns about the tight monetary conditions in the United States.
U.S. indices partially recovered from their initial losses on Monday, resulting in a mixed close. The S&P 500 saw a modest 0.16% gain, while the Dow Jones Industrial Average rebounded from a two-month low with a robust 0.86% increase. The NASDAQ Composite lagged behind, experiencing a 0.38% decline.
This week, investor attention will be firmly focused on the release of December's Consumer Price Index (CPI) inflation data on Wednesday. Additionally, the earnings season is set to commence in earnest on Wednesday, with several major Wall Street banks scheduled to report their financial results.
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