Barometers trade with minor gains; realty shares in demand

The domestic equity indices traded with minor gains in mid-morning trade. The Nifty traded above the 17,950 mark after hitting the day's low at 17,853.80 in early trade. Realty shares witnessed some bit of value buying.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 71.44 points or 0.12% to 61,103.70. The Nifty 50 index added 27.85 points or 0.16% to 17,957.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.23%

The market breadth remained positive. On the BSE, 1,674 shares rose and 1,546 shares fell. A total of 175 shares were unchanged.

Investor sentiment took a hit after stronger-than-expected U.S. inflation readings ramped up fears of more hawkish moves from the Federal Reserve. The U.S. consumer price index data for January showed that inflation remained resilient despite a slew of interest rate hikes by the Fed. Regional central banks are also expected to raise rates to keep up with the Fed, further tightening the liquidity conditions.

Buzzing Index:

The Nifty Realty index rose 0.45% to 402.15. The index had fallen 3.48% in the past two sessions.

Indiabulls Real Estate (up 4.66%), Phoenix Mills (up 1.01%), Sunteck Realty (up 0.87%), Godrej Properties (up 0.74%), Brigade Enterprises (up 0.11%) and DLF (up 0.08%).

On the other hand, Macrotech Developers (down 0.56%), Oberoi Realty (down 0.07%) and Sobha (down 0.04%) moved lower.

Stocks in Spotlight:

Prestige Estates Projects advanced 2.60%. The company's consolidated net profit surged 45.2% to Rs 127.80 crore in Q3 FY23 as against Rs 88 crore reported in the same period last year. Revenue from operations surged 74.5% year on year to Rs 2,317 crore in the quarter ended 31 December 2022.

Apollo Hospitals rose 3%. The healthcare major's consolidated net profit tumbled 32.8% to Rs 153.46 crore in Q3 FY23 as compared to Rs 228.37 crore in Q3 FY22. However, revenue from operations stood at Rs 4,263.58 crore during the quarter, up 17.2% from Rs 3,638.93 crore recorded in the same period last fiscal.

ITD Cementation India advanced 1.48%. The company said it secured order worth about Rs 833 crore to construct Thal Sena Bhawan at Delhi Cantt-10 on EPC basis. The company has secured orders worth over Rs 8,800 crore since april till date.

Global markets:

Asian stocks traded lower on Wednesday after the release of U.S. inflation data that came in hotter-than-expected.

Wall Street stocks ended mixed on Tuesday after US consumer price data for January offered little to change expectations about the Federal Reserve's path forward on interest rate hikes.

Inflation in the US continued to surge in January, with the latest data showing higher-than-expected increases both year-on-year and month-on-month. The US Bureau of Labor Statistics reported on Friday that the Consumer Price Index (CPI) rose by 6.4% from January 2022.

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