Broader markets outperform; realty shares rise for 4th day

The domestic equity barometers traded in a narrow range, with significant losses, in warly afternoon trade. The Nifty traded below the 17,400 level. Realty shares extended gains for fourth consecutive session.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 294.64 points or 0.50% to 59,116.44. The Nifty 50 index lost 70.45 points or 0.40% to 17,380.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index advanced 0.16%.

The market breadth was positive. On the BSE, 1,701 shares rose and 1,591 shares fell. A total of 153 shares were unchanged.

The National Stock Exchange on Wednesday said it has received approval from markets regulator Sebi to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. The launch date for these contracts will be announced soon, NSE said in a release.

The addition of these contracts will expand NSE's product offering in the energy basket as well as its overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their price risk, the release said.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was down 0.09% to 12.98. The Nifty 29 March 2023 futures were trading at 17,459.15, at a premium of 78.7 points as compared with the spot at 17,380.45.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 32.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 43.9 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.31% to 402.95. The index has added 5.91% in four sessions.

Macrotech Developers (up 10.92%), Sunteck Realty (up 3.42%), Sobha (up 0.98%), Godrej Properties (up 0.6%) and DLF (up 0.27%) were the top gainers.

On the other hand, Phoenix Mills (down 0.71%), Indiabulls Real Estate (down 0.42%) and Brigade Enterprises (down 0.29%) turned lower.

Stocks in Spotlight:

Maruti Suzuki India fell 1.79%. The car major said its total production skid 5.79% to 1,59,873 units in February 2023 compared with 1,69,692 units in February 2022. However, the company's total production declined 14.07% as against 1,86,044 units produced in January 2022.

EKI Energy Services rose 1.80%. The company announced that it has signed an MOU with UK-based Inclusive Energy to further digital carbon MRV for energy projects in the voluntary carbon market.

Best Agrolife rose 1.41%. The company announced that its board has appointed Sanjeev Kharbanda as chief financial officer (CFO) and key managerial personnel with effect from 1 March 2023.

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