As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 241.86 points or 0.34% to 71,106.96. The Nifty 50 index added 94.35 points or 0.44% to 21,349.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.74% and the S&P BSE Small-Cap index gained 1.04%.

The market breadth was strong. On the BSE, 2,438 shares rose and 1,325 shares fell. A total of 120 shares were unchanged.

The exchanges will remain closed on Monday, 25 December 2023, on the occasion of Christmas.

IPO Updates:

The initial public offer (IPO) of Innova Captab received bids for 2,83,53,303 shares as against 90,78,010 shares on offer, according to stock exchange data at 15:51 IST on Friday (22 December 2023). The issue was subscribed 3.12 times.

The issue opened for bidding on Thursday (21 December 2023) and it will close on Tuesday (26 December 2023). The price band of the IPO is fixed at Rs 426-448 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

The initial public offer (IPO) of Azad Engineering received bids for 77,94,26,228 shares as against 1,01,22,705 shares on offer, according to stock exchange data at 15:51 IST on Friday (22 December 2023). The issue was subscribed 77 times.

The issue opened for bidding on Wednesday (20 December 2023) and it will close on Friday (22 December 2023). The price band of the IPO is fixed at Rs 499-524 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) jumped 3.73%. The Department of Economic Affairs, Ministry of Finance has decided in the public interest, to grant one-time exemption to Life Insurance Corporation of India to achieve 25% Minimum Public Shareholding (MPS) within 10 years from the date of listing i.e., till May 2032.

WPIL was locked in an upper circuit of 5% after the firm received a turnkey project from Public Health Engineering Department, Government of West Bengal worth Rs 425.35 crore.

State Bank of India declined 1.13%. The largest PSU bank announced that it will sign an agreement with World Bank for obtaining a line of credit of $165 million. The said funds would be used for supporting grid connected rooftop solar photovoltaic (PV) projects in Residential & Institutional sectors, on 22nd December 2023 at Delhi.

GMR Airports Infrastructure rose 1.72%. GMR Airports Limited (GAL), a subsidiary of GMR Airports Infrastructure Limited, and NIIF (National Investment and Infrastructure Fund) entered into binding agreements for NIIF to invest up to INR 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle to develop and operate the Bhogapuram International Airport.

Lupin added 0.58% after LupinLife, the consumer healthcare business of the company announced the launch of Softovac Liquifibre, a 100% Ayurvedic liquid laxative. With this, the company enters the Indian liquid laxative market with this innovative product that is a formulation of Isabgol fibre in liquid form and natural actives such as Sonamukhi, Harad, Mulethi, Saunf, Amaltas and Gulab Dal.

RailTel Corporation of India added 1.75% after the company said that it has received the work order from N F Railway Construction worth Rs 66.83 crore.

Brigade Enterprises shed 0.06%. The company announced the signing of a 10-year agreement with Sidvin Core-Tech India for leasing out 54,300 square feet of Grade A office space at Brigade Deccan Heights in Northwest Bangalore.

Global Markets:

The Dow Jones index futures were down 114 points, indicating a negative opening in the US stocks today.

Most of the stocks in Europe and Asia traded lower on Friday, with the Bank of Japan?s October meeting minutes showing board members debated on how to communicate the shift in their yield control stance. Japan?s headline inflation rate slowed to 2.8%, down from 3.3% in October, the slowest pace of inflation since July 2022.

US stocks rebounded on Thursday as the year-end rally resumed. Chip stocks gained, led by Micron Technology after its better-than-expected quarterly forecast.

The third reading of real gross domestic product came in lower than expected. Real gross domestic product rose at an annual rate of 4.9% in the third quarter, according to the third estimate from the Bureau of Economic Analysis. That?s down from the second estimate?s increase of 5.2%.

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