The key equity indices continued to extend gains in mid-morning trade. The Nifty marched above 22,150 mark. Realty shares witnessed buying demand for the fifth consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex was jumped 537.39 points or 0.73% to 73,003.98. The Nifty 50 index added 162.90 points or 0.74% to 22,167.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.48% and the S&P BSE Small-Cap index added 0.95%.

The market breadth was positive. On the BSE, 1,970 shares rose and 1,676 shares fell. A total of 131 shares were unchanged.

IPO Update:

The initial public offer (IPO) of SRM Contractors received 2,94,37,310 bids for shares as against 43,40,100 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (27 March 2024). The issue was subscribed 6.78 times.

The issue opened for bidding on Tuesday (26 March 2024) and it will close on Thursday (28 March 2024). The price band of the IPO is fixed at Rs 200 to 210 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index gained 1.02% to 897.30. The index climbed 8.21% in five trading sessions.

Sobha (up 4.54%), Brigade Enterprises (up 3.23%), Mahindra Lifespace Developers (up 1.66%), Prestige Estates Projects (up 1.61%), Oberoi Realty (up 1.28%), DLF (up 1.05%), Phoenix Mills (up 0.88%), Godrej Properties (up 0.43%) and Macrotech Developers (up 0.43%) advanced.

Stocks in Spotlight:

Apollo Pipes added 1.64% after the company said that it has entered into definitive agreements and acquired a majority controlling stake in Kisan Mouldings (KML).

Sanofi India jumped 4.89% after the compnay announced an exclusive partnership with Cipla for initial period of five years for distribution and promotion of its central nervous system (CNS) product range in India.

Shyam Metalics and Energy rose 1.38% after its joint venture (JV); Natural Resources Energy obtained a letter of intent for the grant of a composite licence for the Surjagad-1 iron ore block on an area of 1,526 hectares in Maharashtra.

Global Markets:

Most of the Asian stocks declined on Wednesday as investors assessed economic data from China and Australia.

China?s combined industrial profit for January and February climbed 10.2% year on year, data showed. Industrial profits fell 2.3% for the whole of 2023. Data from Australia showed consumer price inflation in February rose 3.4% year over year.

U.S. stocks slipped on Tuesday as investors awaited economic data in a holiday-shortened week to gauge the Federal Reserve's policy path. The Personal Consumption Expenditure data is due to be released on Friday.

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