Realty stocks edge higher

Key benchmark indices were trading near the flat line with divergent trend in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex fell 1.91 points or 0.01% at 33,040.59. The Nifty 50 index rose 13.05 points or 0.13% at 10,308.40. The Sensex regained psychological 33,000-level after hovering above and below that mark so far during the session. Indices took a breather after a sharp jump witnessed yesterday, 25 October 2017, propelled indices to their record closing highs.

Trading was lackluster so far during the session. Indices see-sawed between gains and losses near the flat line in early trade. Market extended losses in morning trade. Stocks recovered from lower levels later during the session.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.42%. The S&P BSE Small-Cap index gained 0.66%. Both the indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,290 shares rose and 1,086 shares declined. A total of 145 shares were unchanged.

Most realty stocks rose. DLF (up 0.77%), Unitech (up 0.48%), NBCC (up 4.32%), Godrej Properties (up 0.1%), Housing Development & Infrastructure (HDIL) (up 2.32%), and Oberoi Realty (up 0.6%) edged higher. D B Realty (down 0.14%), Indiabulls Real Estate (down 0.53%), and Sobha (down 2.99%) declined.

IT stocks were mixed. Tech Mahindra (up 0.34%), Infosys (up 0.86%), and Wipro (up 0.1%) edged higher. HCL Technologies (down 3.69%) and TCS (down 0.62%) declined.

PI Industries lost 3.65% after net profit dropped 20.75% to Rs 80.34 crore on 3.13% rise in net sales to Rs 561.08 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 25 October 2017.

GVK Power & Infrastructure rose 4.95% after the company said that its subsidiary, Mumbai International Airport (MIAL), received a letter of award from City & Industrial Development Corporation (CIDCO), the nodal agency of the Government of Maharashtra, for the Navi Mumbai International Airport project. The announcement was made after market hours yesterday, 25 October 2017.

In February 2017, MIAL was declared the winning bidder for the Greenfield airport that will be built on 1,160 hectares in a Public Private Partnership (PPP) mode with CIDCO. MIAL will hold a 74% stake while the remaining 26% will be with CIDCO.

Overseas, Asian stocks were mixed after Wall Street shares pulled back from record highs overnight. US stocks fell yesterday, 25 October 2017, on a batch of soft quarterly earnings, with the Dow Jones Industrial Average suffering its worst day in seven weeks after rising to a record peak the previous session.

Among macro economic data, durable-goods orders in US rose 2.2% in September. Excluding transportation, orders increased 0.7%. New-home sales ran at a 667,000 annual pace in September, an 18.9% increase compared with August, and a 17% increase compared with a year ago.

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