The frontline indices traded with significant gains in mid-morning trade. The Nifty traded above the 24,400 level. Media shares witnessed buying demand for the seventh consecutive trading session.

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.

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