Nifty hovers below 17,700 level, realty stocks edge higher

The frontline indices traded with minor gains in early afternoon trade. The Nifty hovered below the 17,700 level. Metal, realty and oil & gas shares advanced while IT and media stocks declined.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 70.58 points or 0.12% to 59,614.54. The Nifty 50 index gained 32.05 points or 0.18% to 17,688.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index gained 0.25%.

The market breadth was positive. On the BSE, 1,765 shares rose and 1,561 shares fell. A total of 129 shares were unchanged.

Weak future revenue guidance from corporates across the globe fuelled fears of a worldwide economic slowdown. However, the Bank of Canada's lower-than-expected interest rate hike added hopes that the US Fed would go easy on the magnitude of rate hike at its upcoming policy meeting.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.74% to 16.76. The Nifty 27 October 2022 futures were trading at 17,705, at a premium of 16.6 points as compared with the spot at 17,688.40.

The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 188.9 lakh contracts at the 17,800 strike price. Maximum Put OI of 122.6 lakh contracts were seen at 17,700 strike price.

Buzzing Index:

The Nifty Realty index rose 2.30% to 435.15.The index declined 0.62% in the past trading session.

Phoenix Mills (up 6.58%), DLF (up 2.81%), Prestige Estates Projects (up 2.36%), Indiabulls Real Estate (up 1.55%), Godrej Properties (up 1.13%), Oberoi Realty (up 0.84%), Macrotech Developers (up 0.61%), Sobha (up 0.38%) and Brigade Enterprises (up 0.34%) jumped.

Stocks in Spotlight:

Gland Pharma slumped 14.58% after the pharma company's consolidated net profit tumbled 20.1% to Rs 241.24 crore on 3.3% decline in net sales to Rs 1,044.40 crore in Q2 FY23 over Q2 FY22.

Punjab Alkalies & Chemicals jumped 6.21% after Quant Mutual Fund acquired 1.88% stake in the company via bulk deal on the BSE Tuesday, 25 October 2022. As per the bulk deal data on the BSE, Quant Mutual Fund purchased 45,56,962 shares, or 1.88% equity, of Punjab Alkalies & Chemicals at Rs 79 each on Tuesday, 25 October 2022. Meanwhile, Paramone Concepts sold 21,00,000 shares, or 0.87% equity, of the company at Rs 79.18 each.

Century Textiles & Industries rallied 3.74% after the company's consolidated net profit (from continuing operations) zoomed 117.84% to Rs 69.97 crore as against Rs 32.12 crore recorded in Q2 FY22.

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