As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 526.01 points or 0.73% to 72,996.31. The Nifty 50 index gained 118.95 points or 0.54% to 22,123.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index added 0.70%.
The market breadth was weak. On the BSE, 1,528 shares rose and 2,310 shares fell. A total of 111 shares were unchanged.
IPO Update:
The initial public offer (IPO) of SRM Contractors received 5,68,79,060 bids for shares as against 43,40,100 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (27 March 2024). The issue was subscribed 13.11 times.
The issue opened for bidding on Tuesday (26 March 2024) and it will close on Thursday (28 March 2024). The price band of the IPO is fixed at Rs 200 to 210 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index rose 0.85% to 895.75. The index rallied 8.02% in five trading sessions.
Prestige Estates Projects (up 4.12%), Swan Energy (up 2.12%), Mahindra Lifespace Developers (up 1.91%), Brigade Enterprises (up 1.59%), Oberoi Realty (up 1.47%), Phoenix Mills (up 0.79%), DLF (up 0.72%) and Godrej Properties (up 0.39%) advanced.
On the other hand, Macrotech Developers (down 1.42%) and Sobha (down 0.39%), edged lower.
Stocks in Spotlight:
Larsen & Toubro (L&T) rose 0.75%. The EPC major announced that its construction arm has secured ?large' orders for its Buildings & Factories business in the domestic and international markets.
Angel One jumped 9.51% after the stockbroker announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,555.01 per share.
Dynacons Systems & Solutions was locked in upper circuit of 20% after the company announced that it has been awarded a significant contract worth Rs 41.72 crore by the National Payments Corporation of India (NPCI) for a Data Centre Tech Refresh initiative.
Wockhardt was locked in upper circuit of 5% after pharmaceutical company announced the completion of fundraising of Rs 480 crore through qualified institutional placement (QIP) of equity shares.
Piramal Enterprises fell 2.41%. The company has invested Rs 2,000 crore in its wholly owned subsidiary, Piramal Capital & Housing Finance (PCHFL) by way of subscription to rights issue.
V2 Retail rallied 3.25% after the company said that the credit rating agency ICRA has upgraded its rating on the company?s fund-based ? working capital facilities to '[ICRA] BBB? from '[ICRA] BBB-? with 'stable? outlook.
Sanofi India added 3.24% after the compnay announced an exclusive partnership with Cipla for initial period of five years for distribution and promotion of its central nervous system (CNS) product range in India.
Global Markets:
The US Dow Jones index futures were currently up by 159 points, signaling a positive opening for US stocks today.
European shares traded mixed on Wednesday as investors were assessing Spanish inflation data, which came in at 3.2% for March, and French consumer confidence data indicated a moderate improvement.
Asian stocks ended mixed as traders assessed economic data from China and Australia. China?s combined industrial profit for January and February climbed 10.2% year on year, data showed.
Industrial profits fell 2.3% for the whole of 2023. Data from Australia showed consumer price inflation in February rose 3.4% year over year.
U.S. stocks slipped on Tuesday as investors awaited economic data in a holiday-shortened week to gauge the Federal Reserve's policy path. The Personal Consumption Expenditure data is due to be released on Friday.
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