Market erase early gains; realty shares slide

The domestic equity benchmarks reversed early gains and traded with minor losses in morning trade. The Nifty traded near the 25,000 level after hitting the day's low of 24,964.65 in morning trade. Realty shares fell after advancing in past two consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex was down 35.37 points or 0.04% to 81,676.39. The Nifty 50 index lost 14.20 points or 0.06% to 25,003.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.24% and the S&P BSE Small-Cap index gained 0.55%.

The market breadth was positive. On the BSE, 2,157 shares rose and 1,477 shares fell. A total of 150 shares were unchanged.

New Listing:

Shares of Orient Technologies were currently trading at Rs 304.45 at 10:15 IST on the BSE, representing a premium of 47.79% as compared with the issue price of Rs 206.

The scrip was listed at Rs 290, exhibiting a premium of 40.77% to the issue price.

So far, the stock has hit a high of 304.45 and a low of 285.10. On the BSE, over 5 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Realty index declined 0.74% to 1,030.45. The index rallied 1.96% in past two consecutive trading sessions.

Sunteck Realty (down 1.84%), Phoenix Mills (down 1.05%), Macrotech Developers (down 0.72%), DLF (down 0.69%), Brigade Enterprises (down 0.67%), Sobha (down 0.44%), Oberoi Realty (down 0.30%) and Godrej Properties (down 0.12%) declined.

On the other hand, Mahindra Lifespace Developers (up 0.66%) and Prestige Estates Projects (up 0.64%) edged higher.

Stocks in Spotlight:

Zydus Lifesciences added 1.68% after the Pharmaceuticals company has received final approval from the United States Food and Drug Administration (USFDA) to market Amantadine extended-release capsules, 68.5 mg, and tentative approval for 137 mg.

The Amantadine extended-release capsules are indicated for the treatment of dyskinesia in patients with Parkinsons disease receiving levodopa-based therapy, with or without concomitant dopaminergic medications.

Skipper shed 0.02%. The company informed that its board has approved to raise upto Rs 600 crore via equity or debt.

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