As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 597.67 points or 0.74% to 80,845.75. The Nifty 50 index gained 181.10 points or 0.75% to 24,457.15.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rallied 0.92% and the S&P BSE Small-Cap index jumped 1.03%.

The market breadth was strong. On the BSE, 2,738 shares rose and 1,224 shares fell. A total of 105 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.22% to 14.37.

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 1,50,20,146 shares as against 1,34,32,533 shares on offer, according to stock exchange data at 15:15 IST on 03 December 2024. The issue was subscribed 1.12 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 PSU Bank index surged 2.60% to 6,977.50. The index shed 0.68% in past two consecutive trading sessions.

Union Bank of India (up 5.39%), Bank of India (up 3.53%), Canara Bank (up 3.35%), Bank of Baroda (up 3.23%), Punjab National Bank (up 2.7%), Central Bank of India (up 2.2%), State Bank of India (up 2.08%), Punjab & Sind Bank (up 2.06%), Indian Overseas Bank (up 1.99%) and UCO Bank (up 1.94%) advanced.

Stocks in Spotlight:

Bharat Petroleum Corporation (BPCL) rose 0.03%. 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.

Nazara Technologies rose 0.86%. The company's board approved the five investments totaling to Rs 196 crore aimed at solidifying its position in the gaming and entertainment ecosystems.

Torrent Power surged 7.25% after the company announced that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,555.75 per share.

Tata Power Company advanced 2.90% after the company said that its subsidiary, Tata Power Renewable Energy, successfully commissioned the 431 MW DC solar project at Neemuch in Madhya Pradesh.

Granules India slumped 10.12% after the US drug regulator issued Form 483 with 6 observations following inspection at Gagillapur facility in Hyderabad, Telangana.

C E Info Systems dropped 8.34% to Rs 1548.40, extending losses after the company said it will buy stake in a B2C company floated by its CEO Rohan Verma.

The company announced on 1 December 2024, that will to continue focusing on its core B2B and B2B2C businesses. Rohan Verma, CEO and executive director, MapmyIndia will float a B2C new venture. MapmyIndia will take 10% stake and provide an additional funding of Rs 35 crore via CCD in the new company. The CCD will convert to equity either after 10 years or at a 25% discount to any 3rd party valuation of new company whichever is earlier.

MOIL jumped 4.46% after the company achieved its best ever November production of 1.63 lakh tonnes of manganese ore in November 2024.

NBCC (India) gained 1.13% after the company announced that it has received a work order worth Rs 213 crore from Motilal Nehru College, New Delhi.

Safari Industries (India) rallied 2.92% after its wholly owned subsidiary, Safari Manufacturing, has successfully commenced commercial production at its newly established manufacturing facility in Jaipur, Rajasthan.

Pricol rose 0.36%. The company’s subsidiary, Pricol Precision Products (PPPL) will acquire injection moulded plastic component solutions division of Sundaram Auto Components for total consideration of Rs 215.3 crore.

Godavari Biorefineries added 1.70% after the company announced the signing of a strategic international license agreement with Catalyxx Inc for manufacturing biobutanol and higher alcohols in India.

Indoco Remedies shed 0.39%. The company announced that it has entered into a strategic partnership with Clarity Pharma, UK to launch 20 products in UK market.

Solar Industries India slipped 0.47%. The company and its subsidiary received export orders worth Rs 2,039 crore for supply of defence products.

Protean eGov Technologies rose 0.84%. The company 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.

Apollo Micro Systems added 0.45%. The company announced that it has been declared the lowest bidder for orders worth Rs 21.42 crore from Bharat Electronics (BEL) and a private company.

Global Markets:

European stocks advanced on Tuesday as investors keeping an eye on political upheaval in France. France’s financial markets are being closely watched on Tuesday after Prime Minister Michel Barnier turned to special constitutional powers to pass a contested budget bill without a parliamentary vote.

Swiss annual inflation advanced to 0.7% in November from 0.6% the previous month, according to figures from the Federal Statistics Office.

Asian stocks ended higher 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.

South Korea's inflation rate rose to 1.5% year-on-year in November, up from 1.3% in October, which had been the lowest in 45 months. The increase comes as the country faces challenges from a weakening Korean won and slowing exports. Last Thursday, the Bank of Korea unexpectedly lowered its interest rate by 25 basis points to 3%, marking the first time since 2009 that the central bank has implemented two consecutive rate cuts.

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.