Benchmarks trade with minor gains; realty stocks in demand

The key equity indices further pared gains in early afternoon trade. The Nifty was trading above the 17,050 mark. Realty stocks witnessed some bit of bargain buying after declining in the past two sessions. The sentiment was dented after the Dow Jones index futures slipped 409.6 points, indicating a negative start in US stock market today.

At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 174.16 points or 0.30% to 57,434.74. The Nifty 50 index was up 25.75 points or 0.15% to 17,079.70.

The broader market was trading firm. The S&P BSE Mid-Cap index gained 1.25% while the S&P BSE Small-Cap index 1.18%.

The market breadth was strong. On the BSE, 1997 shares rose and 1127 shares fell. A total of 155 shares were unchanged.

Winter Session of Parliament:

Parliament passed the Farm Laws Repeal Bill, 2021, with the Lok Sabha and the Rajya Sabha approving it on the first day of the Winter Session yesterday. The bill seeking to withdraw the three farm bills was moved in Lok Sabha by Agriculture Minister Narendra Singh Tomar amid ruckus by the Opposition. It was passed in the Lower House without discussion as Speaker Om Birla said debate is not possible in a noisy scene.

The three Laws sought to be repealed include the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020 and the Essential Commodities (Amendment) Act, 2020.

The Winter Session of Parliament began on Monday. It is scheduled to conclude on 23rd December. The Session will be spread over a period of 25 days and will have 19 sittings. Thirty-Six Bills and one financial item have been identified for being taken up during the Session.

Economy:

India's Q2 GDP numbers are slated for release later today, 30 November 2021.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, added 0.69% to 20.98. The Nifty 30 December 2021 futures were trading at 17,098, at a premium of 46.35 point as compared with the spot at 17,144.25.

The Nifty option chain for 30 December 2021 expiry showed maximum Call open interest (OI) of 30.4 lakh contracts at the 18,000 strike price. Maximum Put OI of 43.2 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.80% to 493.30, amid some bit of value buying. The index had declined by 7.82% in the past two sessions.

Sobha Developers (up 7.55%), Macrotech Developers (up 4.17%), Indiabulls Real Estate (up 2.77%), Sunteck Realty (up 2.70%), Prestige Estates (up 2.06%), Godrej Properties (up 1.83%), The Phoenix Mills (up 1.59%) and DLF (up 1.39%) advanced.

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