Benchmarks trade near day's high; breadth positive

Indices traded near the day's high in mid morning trade. The Nifty hovered near the 18,050 level. Realty, pharma and IT stocks rallied while metal stocks declined.

At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 204.65 points or 0.34% to 60,600.43. The Nifty 50 index added 44.55 points or 0.25% to 18,047.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.59%.

The market breadth was positive. On the BSE, 2,086 shares rose and 1229 shares fell. A total of 92 shares were unchanged.

Economy:

The employment across nine sectors of the economy stood at 3.10 crore in the July-September 2021 quarter, increasing by 2 lakh from the July-September 2021 quarter, according to labour ministry data released Monday. As per Quarterly Employment Survey (QES) report released by minister Bhupender Yadav, the total employment in 9 sectors in April-June 2021 was 3.08 crore. Of the total employment estimated in the selected nine sectors, Manufacturing accounted for nearly 39%, followed by Education with 22% and Health as well as IT/BPOs sectors both around 10%

Buzzing Index:

The Nifty Realty index added 1.5% to 502.55, extending its winning run to third consecutive trading session. The realty index rallied 3.48% in three days.

Indiabulls Real Estate (up 2.98%), Macrotech Developers (up 2.13%), Sobha (up 2.1%), DLF (up 1.88%), Prestige Estate (up 1.75%) and Brigade Enterprises (up 1.7%) were top gainers in realty space.

Stocks in Spotlight:

JSW Steel fell 2.31%. The steel maker reported a group combined crude steel production of 5.35 million tonnes (MT) for Q3 FY22, rising 28% over 5.07 MT in Q3 FY21, including the production at jointly controlled entity viz. JSW Ispat Special Products (JISPL). On a standalone basis, crude steel production of JSW Steel grew 8% to 4.41 million tonnes (MT) in Q3 FY22 from 4.08 MT in Q3 FY21. Indian operations including joint control jumped 24% to 5.19 MT in Q3 FY22 as against 4.18 MT in Q3 FY21.

Spandana Sphoorty Financial rose 0.42%. The microfinance company on Monday approved the proposal of raising of funds by way of issuance of securities through private offerings and/or qualified institutions placement or other permissible mode, in one or more tranches, upto Rs 300 crore. Meanwhile, Nitin Agrawal, the interim CEO of Spandana Sphoorty Financial, announced that one of their promoters viz., Kanchenjunga, indicated its in-principle interest to infuse up to Rs 300 crore

Gravita India fell 2.39%. The company approved raising funds worth Rs 300 crore through issuance of equity shares or any other equity linked securities, by way of one or more of the permissible modes including but not limited to preferential issue, private placement & QIP.

Global Markets:

Asian markets were mixed on Tuesday as investors expressed concern about inflation as well as likely policy tightening from central banks such as the U.S. Federal Reserve.

Wall Street's three major indexes staged a late-session comeback on Monday as the Nasdaq managed to eke out a tiny gain and investors swooped in to hunt for bargains, while the S&P 500 and the Dow Jones Industrial Average finished well above their session lows.

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