At 11:28 IST, the barometer index, the S&P BSE Sensex rose 468.63 points or 0.58% to 81,513.68. The Nifty 50 index added 165.85 points or 0.67% to 24,961.60.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.41% and the S&P BSE Small-Cap index gained 1.74%.
The market breadth was strong. On the BSE, 2,643 shares rose and 1,101 shares fell. A total of 124 shares were unchanged.
IPO Update :
The initial public offer (IPO) of Garuda Construction and Engineering received bids for 1,34,46,108 shares as against 1,99,04,862 shares on offer, according to stock exchange data at 11:30 IST on Tuesday (08 October 2024). The issue was subscribed 0.68 times.
The issue opened for bidding on Tuesday (08 October 2024) and it will close on Thursday (10 October 2024). The price band of the IPO is fixed between Rs 90 to Rs 95 per share. An investor can bid for a minimum of 157 equity shares and in multiples thereof.
Buzzing Index :
The Nifty Bank index gained 1.13% to 51,046.90. The index fell 7.16% in past six consecutive trading sessions.
HDFC Bank (up 1.79%), State Bank of India (up 1.51%), Bank of Baroda (up 1.43%), Axis Bank (up 1.43%) and Federal Bank (up 1.18%), IDFC First Bank (up 1.08%), Canara Bank (up 0.88%), IndusInd Bank (up 0.81%), Kotak Mahindra Bank (up 0.65%) and ICICI Bank (up 0.45%) advanced.
On the other hand, Punjab National Bank (down 0.28%) and AU Small Finance Bank (down 0.16%) edged lower.
Stocks in Spotlight :
Bajaj Finserv declined 0.26%. The company said that its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for September 2024 was at Rs 1,689.17 crore, recording a decline of 7.59% year on year (YoY).
FSN E-Commerce Ventures (Nykaa) shed 0.57%. The company stated that it has witnessed a strong performance with consolidated net revenue growth of mid-twenties in second quarter of FY25.
Rites rose 0.73%. The company said that it has received the LOA for supply and commissioning of overhauled in-service cape gauge ALCO diesel electric locomotives from Ntokoto Rail Holdings. The value of the aforementioned contract is $5.4 million, which at the prevailing exchange translates to Rs 45.33 crore.
Global Markets:
Most Asian shares tumbled on Tuesday. However, Chinese stocks surged as trading resumed after a week-long break, buoyed by recent stimulus measures from Beijing. Officials are scheduled to provide further details on these measures later today.
In contrast, other Asian indices followed Wall Street's downward trend. U.S. stocks fell sharply on Monday as investors anticipated a smaller rate cut from the Federal Reserve due to a stronger-than-expected U.S. jobs report.
The major U.S. indexes suffered significant losses on Monday. The Dow Jones Industrial Average fell 0.94%, the S&P 500 dropped 0.96%, and the NASDAQ Composite lost 1.18%.
Fears of an escalating Middle East conflict also dampened risk appetite. Meanwhile, the impending landfall of Hurricane Milton, following on the heels of Hurricane Helene, added further anxiety.
US tech stocks witnessed a sharp decline. Google's parent company, Alphabet Inc., faced pressure after being ordered to restructure its Android app store. Additionally, negative analyst comments on Amazon and Apple triggered selling in these tech giants.
The release of the minutes from the September Federal Reserve meeting, scheduled for Wednesday, will be closely monitored. These minutes will offer insights into the Fed's future rate cut strategy. Thursday's consumer price index data is another key event. Investors will be looking for signs of persistent inflation, which could influence the Fed's monetary policy decisions.