As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 271.50 points or 0.38% to 71,657.71. The Nifty 50 index gained 73.85 points or 0.34% to 21,618.70.

In the broader market, the S&P BSE Mid-Cap index added 0.23% and the S&P BSE Small-Cap index advanced 0.35%.

The market breadth was positive. On the BSE, 2,092 shares rose and 1,742 shares fell. A total of 101 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 2.20% to 12.97.

IPO Update:

The initial public offer (IPO) of Jyoti CNC Automation received bids for 6,31,02,960 shares as against 1,75,39,681 shares on offer, according to stock exchange data at 15:24 IST on Wednesday (10 January 2024). The issue was subscribed 3.60 times.

The issue opened for bidding on Tuesday (9 January 2024) and it will close on Thursday (11 Thursday 2024). The price band of the IPO is fixed at Rs 315-331 per share. An investor can bid for a minimum of 45 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index gained 3.56% to 2,472.90. The index advanced 3.32% in the past trading session.

Network 18 Media & Investments (up 20%), TV18 Broadcast (up 15.76%), Dish TV India (up 8.41%), D B Corp (up 3.83%), Hathway Cable & Datacom (up 3.11%), Zee Entertainment Enterprises (up 1.42%), Nazara Technologies (up 1.07%) advanced.

Stocks in Spotlight:

Delta Corp rallied 3.02% after the gaming and casino firm's consolidated net profit dropped to Rs 34.48 crore in Q3 December 2023 as compared to net profit of Rs 84.82 crore in Q3 December 2022. Total income rose to Rs 244.47 crore in Q3 December 2023 from Rs 285.02 crore in Q3 December 2022.

Power Finance Corporation (PFC) shed 0.43%. The PFC received No Objection letter from Reserve Bank of India (RBI) for setting up of a finance company (as a wholly owned subsidiary) in International Financial Services Centre (IFSC) situated in GIFT City, Gujarat.

Lupin rose 0.75%. The drug maker announced the launch of Bromfenac Ophthalmic Solution, 0.07%, after having received an approval from the United States Food and Drug Administration (U.S. FDA). Lupin is the exclusive first-to-file for this product and is eligible for 180-day exclusivity

One 97 Communications (Paytm) shed 0.08%. The company announced that it will invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem in Gandhinagar, Gujarat.

RailTel Corporation of India rose 0.29%. The firm stated that it has received the work order from Centre for Development of Telematics (C-DoT) worth Rs 29.54 crore. The contract involves Installation, Testing, and commissioning of MPLS VPN connectivity at 26 sites across India. The order has to be executed within a period of 14 weeks from the date of receipt of purchase order.

Karnataka Bank declined 0.52%. The Karnataka Bank has partnered with fintech company Digivriddhi (DGV) to offer host of financial services catering to the needs of dairy farmers & Milk Societies. The services will be made available at Village Dairy Co-operative Societies, associated with Milk unions of Karnataka Milk Federation (KMF).

KIOCL slipped 2.30% after the firm announced that the operations of Pellet Plant Unit of the company situated at Mangalore, have been temporarily suspended, with effect from 9th January 2024 due to non-availability of iron-ore fines.

Marathon Nextgen Realty jumped 3% after the company said that its area sold in Q3 FY24 aggrgaged to 2,21,862 square feet, which is higher by 24% as compared with the same period last year.

Global Markets:

Markets in Europe advanced while Asian stocks traded mixed on Wednesday, as investors were looking forward to key US inflation data.

The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank. Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the bank said in its latest ?Global Economic Prospects? report. The bank warned that without a ?major course correction,? the 2020s will go down as ?a decade of wasted opportunity.?

US stock markets were muted on Tuesday. Investors will now focus on a inflation report from the US on Thursday for cues on the timing of the Fed?s rate cut.

The US trade deficit narrowed in November as imports of consumer goods fell to a one-year low. The trade deficit contracted 2% to $63.2 billion, the Commerce Department's Census Bureau said. Imports declined 1.9%, or $6.1 billion, to $316.9 billion. Exports decreased 1.9%, or $4.8 billion, to $253.7 billion.

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