At 11:30 IST, the barometer index, the S&P BSE Sensex was up 31.61 points or 0.04% to 77,369.20. The Nifty 50 index added 18.20 points or 0.08% to 23,534.20.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.48% and the S&P BSE Small-Cap index rose 1.01%.

The market breadth was strong. On the BSE, 2,370 shares rose and 1,284 shares fell. A total of 157 shares were unchanged.

Economy:

The government announced an increase in Minimum Support Prices (MSP) for all 14 kharif crops for the 2024-25 season (July-June). This hike is expected to put an additional Rs 35,000 crore in the hands of farmers, bringing the total MSP payout to around Rs 2 lakh crore.

Meanwhile, the Reserve Bank of India (RBI) projects continued economic momentum in the April-June quarter, driven by rising private consumption and strengthening manufacturing and services sectors.

IPO Update:

The initial public offer (IPO) of DEE Development Engineers received 6,03,39,099 bids for shares as against 1,49,44,944 shares on offer, according to stock exchange data at 11:15 IST on Thursday (20 June 2024). The issue was subscribed 4.04 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 193 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The initial public offer (IPO) of Akme Fintrade (India) received 4,07,22,750 bids for shares as against 78,65,000 shares on offer, according to stock exchange data at 11:15 IST on Thursday (20 June 2024). The issue was subscribed 5.18 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 114 to Rs 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal Index gained 1.94% to 9,962.70. The index fell 1.31% in past two consecutive trading sessions.

Hindustan Zinc (up 6.13%), Vedanta (up 5.86%), NMDC (up 3.82%), Hindustan Copper (up 2.97%), National Aluminium Company (up 2.83%), Steel Authority of India (up 2.68%), Jindal Steel & Power (up 2.16%), Hindalco Industries (up 1.85%), Tata Steel (up 1.44%) and Adani Enterprises (up 1.17%) advanced.

Stocks in Spotlight :

Indian Oil Corporation added 1.44% after the company said that it has entered into a joint venture agreement with GPS Renewables, one of the leading biofuels companies in the country.

Brigade Enterprises rallied 3.16% after the company announced that it has signed a land lease agreement to develop a third World Trade Center (WTC) tower at Infopark Kochi.

GMR Power and Urban Infra was locked in 5% upper circuit after the firm’s subsidiary, GMR Smart Electricity Distribution (GSEDL) has entered into an arrangement with Bosch Global Software Technologies (BGSW) for the smart meter projects.

Global Markets:

Asian stocks traded mixed on Thursday, awaiting further U.S. policy signals. Sterling held steady ahead of a Bank of England meeting, where interest rates are likely to remain unchanged.

Central bank decisions from Switzerland and Norway are also on investors' watchlist, shaping the global rate outlook. China, as expected, kept benchmark lending rates steady despite a sluggish economy.

US equities were higher at the close on Wednesday. The Dow Jones Industrial Average added 0.15%, while the S&P 500 index gained 0.25%, and the NASDAQ Composite index added 0.02%.