Barometers trade with decent gains; realty stocks advance

The domestic equity barometers traded in a narrow range with decent gains in mid morning trade. The Nifty was trading above the 17,350 mark. Realty stocks extended rally for the eight consecutive session.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 172.06 points or 0.30% to 58,302.01. The Nifty 50 index added 45.60 points or 0.26% to 17,369.20.

The Sensex hit record high of 58,515.85 and the Nifty hit a record high of 17,421.55 in early trade. Upbeat Asian stocks boosted investors' sentiment.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index added 0.53%. Both the indices outperformed the Senex.

The market breadth was strong. On the BSE, 1715 shares rose and 1370 shares fell. A total of 182 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 220,643,330 with 4,567,114 deaths. India reported 404,874 active cases of COVID-19 infection and 440,752 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's foreign exchange reserves rose by $16.663 billion to touch a record high of $633.558 billion in the week ended 27 August 2021, the Reserve Bank of India (RBI) data showed. According to RBI data, forex reserves rose to a record $633.558 billion, mainly due to an increase in Special Drawing Rights (SDR) holdings.

In the reporting week ended August 27, 2021, the country's SDR holdings rose by $17.866 billion to $19.407 billion, according to weekly data released by the Reserve Bank of India (RBI) on Friday.

Foreign currency assets (FCAs), a major component of the overall reserves, fell by $1.409 billion to $571.6 billion in the reporting week. Gold reserves rose by $192 million to $37.441 billion. The country's reserve position with the IMF rose by $14 million to $5.11 billion in the reporting week, the data showed.

Buzzing Index:

The Nifty Realty index rose 1.23% to 423. The index has added 13.25% in four sessions.

Sobha Developers (up 7%), Brigade Enterprises (up 4%), Oberoi Realty (up 3%), Prestige Estates (up 1.87%), Sunteck Realty (up 1.01%), Hemisphere Properties India (up 0.77%) and Godrej Properties (up 0.53%) advanced.

Stocks in Spotlight:

Force Motors gained 0.52% to Rs 1376.35. The company's total auto sales surged 43% to 1,987 units in August 2021 from 1,389 units sold in August 2020. The company's total production increased 50% to 2,148 units in August 2021 from 1,432 units in August 2020.

Ashoka Buildcon added 2.69% to Rs 103.15. The company has received a letter of award from Adani Road Transport for six-laning of national corridor NH-19 from Pangarh to Palsit (total design length 67.750 km) in the state of West Bengal. The accepted EPC contract price is Rs 1,567.45 crore.

Global Markets:

Most Asian stocks advanced on Monday, following U.S. jobs data released Friday that came in far short of expectations. Japanese shares climbed on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga's successor.

In US, the Dow Jones Industrial Average retreated on Friday and the S&P 500 slipped from a record high after the August jobs report came in short of expectations, showing the impact of the delta-fueled Covid resurgence.

U.S. jobs data released Friday came in far short of expectations, with the economy adding just 235,000 positions in August. Meanwhile, the unemployment rate declined to 5.2% from 5.4% in July, in line with estimates.

In a press conference on Friday, President Joe Biden touted the average monthly job gains since he took office and lower weekly jobless claims, and called for more vaccinations and for Congress to pass infrastructure and budget bills.

U.S. markets are closed on Monday for the Labor Day holiday.

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