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At 11:26 IST, the barometer index, the S&P BSE Sensex jumped 565.92 points or 0.71% to 80,814.00. The Nifty 50 index rallied 156.15 points or 0.64% to 24,432.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.66% and the S&P BSE Small-Cap index gained 0.93%.
The market breadth was strong. On the BSE, 2,719 shares rose and 1,048 shares fell. A total of 156 shares were unchanged.
The three-day meeting of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) will begin from 4 December 2024 to 6 December 2024. The outcome of the meeting will be announced by RBI Governor Shaktikanta Das on 6 December 2024.
IPO Update:
The initial public offer (IPO) of Suraksha Diagnostic received bids for 47,79,788 shares as against 1,34,32,533 shares on offer, according to stock exchange data at 11:30 IST on 03 December 2024. The issue was subscribed 0.36 times.
The issue opened for bidding on 29 November 2024 and it will close on 3 December 2024. The price band of the IPO is fixed between Rs 420 to Rs 441 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index jumped 2.45% to 2,066.65. The index surged 9.19% in seven consecutive trading sessions.
Zee Entertainment Enterprises (up 5.24%), Dish TV India (up 2.66%), Tips Music (up 2.40%), Den Networks (up 2.10%), Network 18 Media & Investments (up 2.09%), Hathway Cable & Datacom (up 2%), Nazara Technologies (up 1.96%), PVR Inox (up 1.2%), Sun TV Network (up 0.99%) and Saregama India (up 0.56%) advanced.
Stocks in Spotlight:
Bharat Petroleum Corporation (BPCL) shed 0.14%. The company announced that it has signed a non-binding memorandum of understanding (MoU) with Coal India on 2 December 2024 for setting up coal to SNG plant.
Protean eGov Technologies rose 0.96%. The firm announced that it has received a work order worth Rs 161 crore from the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) to maintain KYC records registry.
Global Markets:
Asian stocks advanced on Tuesday, buoyed by positive sentiment from the US stock market. Investors are gearing up for a flurry of economic data and commentary from Federal Reserve officials, which will shape expectations for future interest rate decisions.
The US dollar rebounded from a three-day decline following a stern warning from the incoming administration to BRICS nations.
In the US, the S&P 500 extended its record-breaking streak, climbing 0.24%. The Nasdaq 100 gained 1%, while Tesla shares retreated in after-hours trading after a Delaware judge rejected a generous compensation package for CEO Elon Musk. The Dow Jones Industrial Average dipped 0.29%.
Tesla shares surged over 3%, building on recent gains. This followed Roth MTM's upgrade to 'buy' from 'neutral,' which cited the potential benefits of the EV maker's CEO's close ties with the incoming administration.
Bharat Petroleum Corporation (BPCL) is the second largest Indian oil marketing company (OMC), engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted 'Maharatna' status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds a 52.98% stake in BPCL as of 30 September 2024.
Coal India is a coal mining company engaged in the production and sale of coal. As of 30 September 2024, the Government of India held a 63.13% stake in the company.
Shares of Bharat Petroleum Corporation rose 0.07% to Rs 294.50, while shares of Coal India gained 0.34% to Rs 418.05 on the BSE.