Benchmarks trade near day's high; breadth strong

Equity indices traded at the day's high with gains in early afternoon trade. The Nifty was hovering near the 17,550 level. Barring IT and auto stocks, buying demand was seen across the board.

At 12:31 IST, the barometer index, S&P BSE Sensex rose 271.04 points or 0.46% at 58,839.55. The Nifty 50 index gained 75.65 points or 0.43% at 17,540.20.

In broader market, the S&P BSE Mid-Cap index added 0.91%. The S&P BSE Small-Cap index rose 1.46%.

The market breadth was strong. On the BSE, shares 2,540 rose and 724 shares fell. A total of 113 shares were unchanged.

Economy:

India's current account deficit (CAD) increased to $23 billion (2.7% of GDP) in Q3:2021-22 from $9.9 billion (1.3% of GDP) in Q2:2021-22 and $2.2 billion (0.3% of GDP) a year ago [i.e., Q3:2020-21]. The widening of CAD in Q3:2021-22 was mainly on account of higher trade deficit, as per the data released by the Reserve Bank of India (RBI) on 31 March 2022.

India's fiscal deficit for February-end stood at 82.7% of revised estimates in Budget, according to official data released by the government on Thursday. The fiscal gap stood at Rs 13.17 lakh crore.

In April-February, net tax receipts were Rs 14.81 lakh crore while total expenditure was Rs 31.44 lakh crore, the data showed. The revenue gap came in at Rs 8.7 lakh crore, while spending was at Rs 31.4 lakh crore.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 3.64% to 19.81. The Nifty 28 April 2022 futures were trading at 17,572.55, at a premium of 50 points as compared with the spot at 17,520.55.

Buzzing Index:

The Nifty Realty index rallied 1.41% to 470.1, extending its winning run to seventh consecutive trading session. The realty index has added 6.4% in seven days.

Macrotech Developers (up 4.86%), Indiabulls Real Estate (up 4.69%), Oberoi Realty (up 3.33%), Sunteck Realty (up 3.28%) and Brigade Enterprises (up 1.26%) were the top gainers. Among the other gainers were DLF (up 0.97%), Sobha (up 0.89%), Prestige Estates Projects (up 0.43%), Godrej Properties (up 0.29%).

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