At 11:30 IST, the barometer index, the S&P BSE Sensex rallied 484 points or 0.60% to 79,960.63. The Nifty 50 index advanced 150.90 points or 0.62% to 24,364.20.

In the broader market, the S&P BSE Mid-Cap index rallied 1.39% and the S&P BSE Small-Cap index gained 1.17%.

The market breadth was strong. On the BSE, 2,734 shares rose and 1,025 shares fell. A total of 141 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Swiggy received bids for 85,66,264 shares as against 16,01,09,703 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (06 November 2024). The issue was subscribed 0.05 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 371 to Rs 390 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of ACME Solar Holdings received bids for 61,16,328 shares as against 5,82,03,223 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (06 November 2024). The issue was subscribed 0.11 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 275 to Rs 289 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

The initial public offer (IPO) of Sagility India received bids for 12,64,06,500 shares as against 38,70,64,594 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (06 November 2024). The issue was subscribed 0.33 times.

The issue opened for bidding on Tuesday (05 November 2024) and it will close on Thursday (07 November 2024). The price band of the IPO is fixed between Rs 28 to Rs 30 per share. An investor can bid for a minimum of 500 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index jumped 3.33% to 41,770.55. The index shed 0.04% in the past trading session.

Persistent Systems (up 4.46%), LTIMindtree (up 3.92%), Tata Consultancy Services (up 3.42%), HCL Technologies (up 3.23%), Wipro (up 3.22%), Infosys (up 3.12%), Tech Mahindra (up 3.03%), Coforge (up 2.84%), Mphasis (up 2.31%) and L&T Technology Services (up 2.25%) advanced.

Stocks in Spotlight:

Oil India jumped 6.03% after the petroleum business company’s net profit zoomed 379.29% to Rs 2,016.20 crore in Q2 FY25 as against Rs 420.66 crore in Q2 FY24. Revenue from operations (excluding excise duty) fell 3.32% to Rs 7,247.03 crore in Q2 FY25 from Rs 7,496.51 crore reported in the same period a year ago.

Rites added 0.85%. The company said that the company’s consortium has emerged as the lowest bidder (L-1) for a tender floated by Delhi Metro Rail Corporation (DMRC).

Global Markets:

The Dow Jones index futures soars 550 points, signaling a strong opening for U.S. stocks today, as early vote counts showed Donald Trump leading Kamala Harris.

Asian stocks advanced on Wednesday, mirroring Wall Street’s overnight gains, as markets monitored the results of a highly contested U.S. presidential election. Investors also focused on potential additional stimulus measures from China.

On Tuesday, U.S. stock indexes surged, recovering from recent losses due to gains in technology stocks. Speculation over an upcoming rate cut by the Federal Reserve further boosted risk appetite. The S&P 500 climbed 1.2% to 5,782.76 points, while the NASDAQ Composite increased 1.4% to 18,438.62 points. The Dow Jones Industrial Average rose 1.02% to 42,221.88 points.

Attention this week remains on the Federal Reserve meeting, where the central bank is expected to reduce interest rates by 25 basis points.