The headline equity indices traded with modest gains in mid-morning trade. The Nifty climbed above the 23,750 mark after hitting the day’s low of 23,562.80 in morning trade. Media shares advanced after declining in past two consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex rose 461.95 points or 0.59% to 78,600.96. The Nifty 50 index added 116.75 points or 0.49% to 23,761.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% and the S&P BSE Small-Cap index rallied 0.78%.

The market breadth was strong. On the BSE, 2,599 shares rose and 1,101 shares fell. A total of 166 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Indo Farm Equipment received bids for 21,79,89,699 shares as against 84,70,000 shares on offer, according to stock exchange data at 11:15 IST on 01 January 2024. The issue was subscribed to 25.74 times.

The issue opened for bidding on 31 December 2024 and it will close on 02 January 2024. The price band of the IPO is fixed between Rs 204 and Rs 215 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index rose 0.96% to 1,835.35. The index slipped 1.92% in past two consecutive trading sessions.

Saregama India (up 3.57%), Hathway Cable & Datacom (up 3.50%), Zee Entertainment Enterprises (up 2.32%), Dish TV India (up 1.26%), Sun TV Network (up 1.05%), PVR Inox (up 0.48%), Den Networks (up 0.46%) and Network 18 Media & Investments (up 0.39%) advanced.

Stocks in Spotlight:

Indian Renewable Energy Development Agency (IREDA) rallied 3.51% after the company’s loan sanctioned surged 129% to Rs 31,087 crore as on 31 December 2024 as compared with Rs 13,558 crore as on 31 December 2023.

Mahindra & Mahindra added 1.72% after the auto major’s overall auto sales grew by 15.91% to 69,768 vehicles sold in December 2024 as against 60,188 vehicles sold in December 2023.

Easy Trip Planners shed 0.69%. The company informed that its board has approved appointment of Rikant Pittie as chief executive officer (CEO) of the company with effect from 1 January 2025.

Global Markets:

Asian markets were shut for a New Year holiday, while the US stock market ended lower overnight in a low-volume session.

At the close in NYSE, the Dow Jones Industrial Average fell 0.07%, while the S&P 500 index lost 0.43%, and the NASDAQ Composite index declined 0.9%.

Tesla stock gave up gains to close 3.2% lower. Chinese state news agency Xinhua reported that the company's energy storage gigafactory in Shanghai has entered trial production, just seven months after construction began, with full-scale production expected to commence early next year.

The US market is closed on Wednesday for New Year's Day.