Benchmarks trade with strong gains; realty stocks in demand

The key equity barometers traded with strong gains in mid-morning trade after the RBI kept the policy repo rate unchanged. The Nifty was trading above the 17,550 mark. Realty stocks advanced for the second day in a row.

At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 386.09 points or 0.66% to 58,852.06. The Nifty 50 index added 118.75 points or 0.68% to 17,582.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.35% while the S&P BSE Small-Cap index was trading flat.

The market breadth was positive. On the BSE, 1556 shares rose and 1626 shares fell. A total of 115 shares were unchanged.

Reserve Bank Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) today announced the policy resolution. RBI kept repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25%. The MPC said the policy stance will remain "accommodative" as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%.

Buzzing Segment:

The Nifty Realty index rose 1.03% to 471.80. The index has added 1.63% in two sessions.

Indiabulls Real Estate (up 2.09%), Macrotech Developers (up 2.08%), Sobha Developers (up 1.43%), Sunteck Realty (up 1.67%), DLF (up 1.29%), Godrej Properties (up 1.21%), Oberoi Realty (up 1.09%) and Brigade Enterprises (up 0.75%) advanced.

Stocks in Spotlight:

ACC added 0.10% to Rs 2312.30. The company's consolidated net profit slumped 40.6% to Rs 280.85 crore on a 1.8% increase in net sales to Rs 4,137.42 crore in Q4 December 2021 over Q4 December 2020. Sales volume of cement declined by 2.85% YoY to 7.49 million tonnes in Q4 December 2021. Sales volume of ready mix concrete remained flat at 0.73 million cubic metres during Q4 December 2021.

SKF India fell 1.70% to Rs 3540.35. The company reported a 30.7% decline in consolidated net profit to Rs 88.79 crore in Q3 FY22 from Rs 128.11 crore posted in Q3 FY21. Net sales grew by 18.1% to Rs 966.98 crore in Q3 FY22 from Rs 818.7 crore registered in Q3 FY21.

Larsen & Toubro rose 0.73% to Rs 1,902.65 after the company's hydrocarbon business secured two offshore projects from prestigious overseas client. The company classified it as a 'significant' contract, meaning that the order value is between Rs 1,000 crore and Rs 2,500 crore. The scope of work comprises engineering, procurement, construction, installation and commissioning for the expansion of a marine terminal.

Global Markets:

Asian stocks were trading higher on Thursday as investors await the release of U.S. consumer inflation data.

U.S. stocks rose on Wednesday as tech shares led a broad rally, clawing back some of their losses after a rough start to the year.

Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.

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