The domestic equity indices ended with minor gains on Thursday, rising for the third straight day. The Nifty closed near the 21,650 mark . Oil & gas, consumer durables and auto shares were in demand while media, IT and FMCG realty stocks corrected.

As per provisional closing data, the barometer index, the S&P BSE Sensex rose 63.47 points or 0.09% to 71,721.18. The Nifty 50 index added 28.50 points or 0.13% to 21,647.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.66% and the S&P BSE Small-Cap index gained 0.79%.

The market breadth was strong. On the BSE, 2,344 shares rose and 1,484 shares fell. A total of 108 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 1.07% to 12.83.

IPO Update:

The initial public offer (IPO) of Jyoti CNC Automation received bids for 60,45,75,630 shares as against 1,75,39,681 shares on offer, according to stock exchange data at 15:20 IST on Thursday (11 January 2024). The issue was subscribed 34.47 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.

Stocks in Spotlight:

Polycab India tumbled 21.08% after the media reported that Polycab India engaged in unaccounted cash sales of approximately Rs 1,000 crore, which were not recorded in the books of accounts.

Meanwhile, Polycab issued a clarification on 10 January 2024, denying the rumors of tax evasion and stressing its commitment to compliance and transparency. The statement also affirmed the company's full cooperation with the income tax department and noted that it was awaiting official communication on the outcome of the search proceedings.

GTPL Hathway slipped 3.91% after the company reported 37% fall in consolidated net profit to Rs 23.68 crore, despite a 24% increase in revenue from operations to Rs 850.88 crore in Q3 FY24 over Q3 FY23.

Senco Gold jumped 5.59% after the jeweler said that its revenue grew approximately 24% year on year in the quarter ended 31 December 2023.

Ajmera Realty & Infra jumped 6.49% after the company?s sales value stood at Rs 253 crore in Q3 FY24, recording a growth of 98% as compared with Rs 128 crore posted in Q3 FY23.

Axiscades Technologies gained 5.34% after the company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 696.70 per share.

Kalyani Steels zoomed 14.17% after the company announced that it has emerged as successful bidder to acquire assets of Kamineni Steel and Power India worth Rs 450 crore.

Angel One rose 0.52%. The firm said that its board is scheduled to meet on Monday, 15 January 2024 to consider a proposal for raising funds through issuance of non-convertible securities on private placement basis.

CESC advanced 1.42% after the Noida Power Company, a subsidiary of the company has received an order from the Uttar Pradesh Electricity Regulatory Commission (UPERC), approving the Power Purchase Agreement for procurement of power of 95 MW RTC Power per annum for a period of 5 years.

Global Markets:

Markets in Europe and Asia advanced on Thursday as investors were looking forward to key US inflation data.

The Bank of Korea left its main lending rate unchanged at 3.50% for the eight time in a row.

US stocks ended higher on Wednesday led by communications stocks and megacaps. Investors are awaiting the U.S. consumer price index report slated for release Thursday. The producer price index reading is due on Friday.

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