As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 122.10 points or 0.17% to 71,437.19. The Nifty 50 index added 34.45 points or 0.16% to 21,453.10.

In the broader market, the S&P BSE Mid-Cap index slipped 0.31% and the S&P BSE Small-Cap index rose 0.10%.

The market breadth was positive. On the BSE, 1,908 shares rose and 1,853 shares fell. A total of 143 shares were unchanged.

Economy:

India?s economic growth rate is expected to remain strong, supported by macroeconomic and financial stability, according to an International Monetary Fund (IMF) assessment report released on Tuesday.

Going forward, the country?s foundational digital public infrastructure and a strong government infrastructure program will continue to sustain growth. India has potential for even higher growth, with greater contributions from labour and human capital, if comprehensive reforms are implemented,? the report stated.

The country?s current account deficit is expected to improve to 1.8 per cent of GDP in FY2023/24 as a result of resilient services exports and, to a lesser extent, lower oil import costs, the report adds.

It projects a real GDP growth rate of 6.3 per cent in FY2023/24 and FY2024/25 and states that headline inflation is expected to gradually decline to the target although it remains volatile due to food price shocks?.

The World Bank?s Migration and Development Brief, released on Monday, states that the inward remittances to India in 2023 increased by 12.3 per cent to $125 billion from 111.22 billion in 2022. India's inward remittances now account for 3.4 per cent of the country?s gross domestic product (GDP).

According to this report, India continues to be the highest recipient of remittances globally, followed by Mexico ($67 billion) and China ($50 billion). India currently accounts for 66 per cent of all remittances to South Asia, higher than 63 per cent in 2022.

IPO Updates:

The initial public offer (IPO) of Happy Forgings received bids for 1,32,34,721 shares as against 83,65,639 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (19 December 2023). The issue was subscribed 1.58 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 808-850 per share. An investor can bid for a minimum of 17 equity shares and in multiples thereof.

The initial public offer (IPO) of Credo Brands Marketing (MUFTI) received bids for 1,94,25,454 shares as against 1,37,44,472 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (19 December 2023). The issue was subscribed 1.41 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 266-280 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The initial public offer (IPO) of RBZ Jewellers received bids for 1,36,41,750 shares as against 79,00,000 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (19 December 2023). The issue was subscribed 1.73 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 95-100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

The initial public offer (IPO) of Motisons Jewellers received bids for 89,71,28,000 shares as against 2,08,71,000 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (19 December 2023). The issue was subscribed 42.98 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 52-55 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

The IPO of Suraj Estate Developers received bids for 1,58,07,099 shares as against 82,35,293 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (19 December 2023). The issue was subscribed 1.92 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 340-360 per share. An investor can bid for a minimum of 41 equity shares and in multiples thereof.

The IPO of Muthoot Microfin received bids for 5,26,38,732 shares as against 2,43,87,447 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (19 December 2023). The issue was subscribed 2.16 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277-291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

Stocks in Spotlight:

Nestle India gained 4.66% after the company fixed 5 January 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub-division of equity shares of the company such that 1 equity share having face value of Rs 10 each will be subdivided into 10 equity shares having face value of Re. 1 each.

Vedanta rose 0.61% after the board of directors of the company has approved the second interim dividend of Rs 11 per share for the financial year 2023-24. The record date for the purpose of payment of dividend is 27 December 2023.

Sun Pharmaceutical Industries shed 0.35%. The company has entered into agreement to acquire about stake 16.7% shares on fully diluted basis, in Lyndra Therapeutics, Inc., a company based in Massachusetts, engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies.

Devyani International surged 5.29% after the company announced its entry into Thailand market through acquisition of equity stake in Restaurants Development Company and its holding companies.

PNC Infratech added 1.92%. The civil construction company announced that it has been declared as L1 (first lowest) bidder for a highway project in Madhya Pradesh, for a bid project cost of Rs 1,174 crore.

Jubilant FoodWorks advanced 1.13% after the company?s board approved the appointment of Suman Hedge as executive vice president and chief financial officer (CFO) of the company with effect from 1 march 2024.

India Glycols zoomed 8.23% after the company received a tender by oil marketing companies (OMC?s) and oil companies for supplying ethanol under Ethanol Blended Petrol Programme (EBPP).]

Kaynes Technology India jumped 6.18% after the company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,449.96 per share.

Global Markets:

Shares in Europe and Asia traded higher on Tuesday as investors assessed the Bank of Japan?s final rate decision for 2023. The BOJ made no change to its negative interest rate policy, holding the benchmark interest rate at -0.1%. The central bank also kept its stance on its yield curve control policy unchanged.

US stocks ended higher on Monday as market participants parsed mounting expectations of interest rate cuts from the Federal Reserve in the coming year and looked ahead to a week of crucial economic data. A broad but modest rally boosted the S&P 500 and the Nasdaq to solid gains, while the Dow ended flat.

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