Benchmarks trade near days high; Nifty above 18,300

11 Nov 2022 , 01:38 PM

The equity benchmarks were trading near the days high in afternoon trade, tracking strong global cues. IT, metal and realty shares rallied. However, autos, FMCG and PSU banks corrected. At 13:28 IST, the barometer index, the S&P BSE Sensex, surged 1,066.10 points or 1.76% to 61,679.80. The Nifty 50 index gained 289.80 points or 1.61% to 18,318. HDFC (up 6.58%), HDFC Bank (up 6.48%), Infosys (up 4.07%), HCL Technologies (up 3.78%) and Hindalco Industries (up 3.70%) were top Nifty gainers. Eicher Motors (down 4.93%), NTPC (down 0.93%), HeroMoto Corp (down 0.92%), Kotak Mahindra Bank (down 0.90%) and M&M (down 0.88%) were major Nifty losers. The broader market lagged the frontline indices. The S&P BSE Mid-Cap index gained 0.06% while the S&P BSE Small-Cap index rose 0.33%. The market breadth was strong. On the BSE, 1,846 shares rose and 1,542 shares fell. A total of 149 shares were unchanged. US CPI inflation print was cooler than expected 7.7% in October, triggering a rally in global equity markets. The latest number led to the conclusion that inflation in the US market has peaked, and the US Fed may pause the aggressive stance on the rate hikes soon. The US central bank has delivered four consecutive rises of 0.75% points this year in an attempt to slow price growth. Markets now expect a smaller 0.5% point rise at the Feds meeting in December. Global Markets: The Dow Jones index futures were up 216 points, indicating a positive opening in the US stocks today. Shares in Europe and Asia galloped after the release of U.S. inflation data in October raised investor hopes that inflation has peaked. US stocks mounted their biggest rally since 2020 after Octobers reading of consumer prices. Meanwhile, US President Joe Biden is reportedly expected to discuss Russias war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting. The meeting between the two leaders, the first since Biden ascended to the U.S. presidency, will take place ahead of the G-20 Summit in Bali, Indonesia. Primary Market: The initial public offer (IPO) of Inox Green Energy Services received bids for 87,91,980 shares as against 6,67,21,310 shares on offer, according to stock exchange data at 13:24 IST on Friday (11 November 2022). The issue was subscribed 13%. The issue opened for bidding on Friday (11 November 2022) and it will close on Tuesday (15 November 2022). The price band of the IPO is fixed at Rs 61 to 65 per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof. The IPO of Five-Star Business Finance received bids for 1,59,37,689 shares as against 3,04,88,966 shares on offer, according to stock exchange data at 13:24 IST on Friday (11 November 2022). The issue was subscribed 52%. The issue opened for bidding on Wednesday (9 November 2022) and it will close on Friday (11 November 2022). The price band of the IPO is fixed at Rs 450 to 474 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof. The IPO of Archean Chemical Industries received bids for 12,37,67,028 shares as against 1,99,57,325 shares on offer, according to stock exchange data 13:24 IST on Friday (11 November 2022). The issue was subscribed 6.20 times. The issue opened for bidding on Wednesday (9 November 2022) and it will close on Friday (11 November 2022). The price band of the IPO is fixed at Rs 386 to 407 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof. The IPO of Kaynes Technology India received bids for 38,87,000 shares as against 1,04,70,246 shares on offer, according to stock exchange data 13:24 IST on Friday (11 November 2022). The issue was subscribed 37%. The issue opened for bidding on Thursday (10 November 2022) and it will close on Monday (14 November 2022). The price band of the IPO is fixed at Rs 559 to 587 per share. An investor can bid for a minimum of 25 Equity Shares and in multiples thereof. Powered by Capital Market – Live News