Shares pare gains; Asian shares advance

The key equity indices further pared gains in mid morning trade. The Nifty managed to hold above the 17,000 mark. Realty stocks advanced for the third day in a row. Asian markets advanced.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 289.22 points or 0.51% to 57,219.78. The Nifty 50 index added 76.05 points or 0.45% to 17,031.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.88% while the S&P BSE Small-Cap index added 0.75%.

Buyers outnumbered sellers. On the BSE, 2218 shares rose and 938 shares fell. A total of 131 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 2.40% to 484.85, advancing for third consecutive session. The index has gained 5.41% in three sessions.

Macrotech Developers (up 5.01%), The Phoenix Mills (up 3%), Oberoi Realty (up 2.93%), Prestige Estates (up 2.62%), DLF (up 2%), Brigade Enterprises (up 1.46%) and Godrej Properties (up 1.15%) advanced.

Indiabulls Real Estate added 1.61% to Rs 163.65. The company said that its board has approved raising of funds up to Rs 1,500 crore to augment the long-term resources and to maintain sufficient liquidity for meeting funding requirements for business activities, existing & new projects & future business growth.

Global Markets:

Asian stocks were trading higher on Thursday, seeing a continued rebound from fears over the omicron Covid variant.

The media reported that the Chinese city of Xi'an ordered its 13 million residents to stay at home as it deals with rising Covid cases.

U.S. stocks rose on Wednesday, rallying for a second day as the market continued to rebound from a three-day losing streak spurred by fears about the omicron variant.

US economic growth slowed in the third quarter amid a flare-up in COVID-19 infections, the government confirmed on Wednesday. Gross domestic product increased at a 2.3% annualised rate, the Commerce Department said in its third reading of GDP growth for the July-September quarter.

The Food and Drug Administration on Wednesday granted emergency use authorization for Pfizer's Covid pill, the first antiviral drug against the virus for at-home use.

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