Indices off early highs; realty shares rise for 4th day

The key equity indices came off initial highs in morning trade. The Nifty was trading above the 17,950 mark. Realty stocks advanced for the fourth consecutive session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 205.83 points or 0.34% to 60,234.89. The Nifty 50 index rose 72.60 points or 0.41% to 17,961.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.32% while the S&P BSE Small-Cap index rose 0.33%.

The market breadth was strong. On the BSE, 1878 shares rose and 1003 shares fell. A total of 141 shares were unchanged.

India Services PMI

The seasonally adjusted IHS Markit India Services PMI index rose to 58.4 in October from 55.2 in September, signalling the strongest rate of growth in ten-and-a-half years. Moreover, the current sequence of expansion was extended to three months. Ongoing improvements in demand boosted growth of sales and subsequently output.

The Composite (weighted averages of comparable manufacturing and services indices) PMI Output Index rose from 55.3 in September to 58.7, signalling the strongest monthly expansion since January 2012.

Results Today:

State Bank of India (up 0.61%), Eicher Motors (up 0.48%), Aditya Birla Fashion and Retail (up 1.49%), Bata India (up 0.11%), Grindwell Norton (down 0.07%), Gujarat State Petronet (up 1.44%), Pfizer (up 0.38%), Rattanindia Enterprises (up 4.97%) and Uflex (up 0.85%) will announce their quarterly earnings today.

Buzzing Index:

The Nifty Realty index added 2.57% to 550.15. The index has added 10.8% in four sessions.

Sobha Developers (up 7.25%), Oberoi Realty (up 6.68%), Godrej Properties (up 3.52%), Indiabulls Real Estate (up 2.55%), Prestige Estates (up 2.19%), Sunteck Realty (up 1.84%) and DLF (up 0.78%) advanced.

Stocks in Spotlight:

MTAR Technologies added 0.01% to Rs 1,766.65. On a consolidated basis, MTAR Technologies' net profit jumped 37.24% to Rs 19.05 crore on a 24.57% surge in revenue from contracts with customers to Rs 91.29 crore in Q2 September 2021 over Q2 September 2020.

Minda Corporation rose 1.95% to Rs 175.20 after its consolidated net profit (from continuing operations) jumped 51.27% to Rs 39.06 crore on a 11.45% surge in revenue from operations to Rs 731.25 crore in Q2 September 2021 over Q2 September 2020.

Trent jumped 7.17% to Rs 1,111.80 after the Tata Group company posted a consolidated net profit of Rs 92.58 crore in Q2 FY22 as compared to a consolidated net loss of Rs 71.6 crore registered in Q2 FY21. Consolidated net sales grew 101% to Rs 1,178 crore in Q2 FY22 from Rs 585 crore posted in Q2 FY21.

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