At 11:28 IST, the barometer index, the S&P BSE Sensex, gained 313.42 points or 0.40% to 78,278.41. The Nifty 50 index added 140.55 points or 0.6% to 23,756.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 1.05% and the S&P BSE Small-Cap index jumped 1.50%.

The market breadth was strong. On the BSE, 2,603 shares rose and 1,149 shares fell. A total of 156 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Standard Glass Lining Technology received bids for 39,68,47,913 shares as against 2,08,29,567 shares on offer, according to stock exchange data at 11:15 IST on 7 January 2025. The issue was subscribed to 19.05 times.

The issue opened for bidding on 6 January 2025, and it will close on 8 January 2025. The price band of the IPO is fixed between Rs 133 and Rs 140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

The initial public offer (IPO) of Quadrant Future Tek received bids for 2,38,85,900 shares as against 57,99,999 shares on offer, according to stock exchange data at 11:15 IST on 7 January 2025. The issue was subscribed to 4.12 times.

The issue opened for bidding on 7 January 2025, and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 275 and Rs 290 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

The initial public offer (IPO) of Capital Infra Trust received bids for 52,64,250 shares as against 8,83,83,750 shares on offer, according to stock exchange data at 11:15 IST on 7 January 2025. The issue was subscribed to 0.06 times.

The issue opened for bidding on 7 January 2025, and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 99 and Rs 100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index added 1.29% to 23,370.75. The index slipped 2.03% in the past two consecutive trading sessions.

Biocon (up 7.65%), Zydus Lifesciences (up 4.73%), Ajanta Pharma (up 3.07%), Granules India (up 1.92%), Alkem Laboratories (up 1.87%), Natco Pharma (up 1.82%), Torrent Pharmaceuticals (up 1.74%), Ipca Laboratories (up 1.45%), Abbott India (up 1.27%) and Glenmark Pharmaceuticals (up 1.08%) advanced.

On the other hand, Gland Pharma (down 0.32%) edged lower.

Stocks in Spotlight:

NESCO jumped 3.99% after the company emerged as the highest bidder for a project in the south zone on the Bengaluru-Chennai Expressway Corridor (Phase II) section.

L&T rose 0.17%. The company announced that its Power Transmission & Distribution (PT&D) business has bagged large orders in India and the Middle East.

Mahindra & Mahindra rose 0.38%. The company said that its total production rose 19.93% to 53,361 units in the month of December 2024 as compared with 44,495 units produced in the same period last year.

Global Markets:

The Dow Jones index futures were down 39 points, signaling a flat-to-negative opening for U.S. stocks today, with focus remaining on key nonfarm payroll data due later in the week.

Most Asian stocks climbed on Tuesday, mirroring overnight gains in U.S. technology shares. However, Chinese markets lagged after the U.S. added two major tech companies to a blacklist.

Regional markets drew positive momentum from a robust Wall Street session, where technology stocks rebounded from a sluggish start to the year. NVIDIA Corporation, an AI leader, surged to a record high ahead of CEO Jensen Huang's keynote address at the Consumer Electronics Show in Las Vegas.

The S&P 500 advanced 0.55% on Monday, while the NASDAQ Composite soared 1.24%. The Dow Jones Industrial Average underperformed, edging down 0.06%. Despite these gains, Wall Street indices remain under pressure due to concerns over a potential slowdown in interest rate cuts in 2025, driven by persistent inflation and a robust labor market.