Barometers pares early losses; realty shares in demand

The headline equity indices pared all early losses and traded with limited gains in morning trade. The Nifty hovered above the 22,000 level. Realty shares extended gains for the third consecutive trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 102.76 points or 0.14% to 72,807.50. The Nifty 50 index added 33.90 points or 0.15% to 22,045.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index added 0.74%.

The market breadth was positive. On the BSE, 2,305 shares rose and 1,068 shares fell. A total of 145 shares were unchanged.

Buzzing Index:

The Nifty Realty index gained 1.18% to 869.55. The index jumped 4.90% in the three trading session.

Brigade Enterprises (up 5.61%), Prestige Estates Projects (up 4.71%), Swan Energy (up 2.19%), Mahindra Lifespace Developers (up 1.92%) and Sobha (up 1.75%) were the top gainers.

Among the other gainers were Macrotech Developers (up 1.32%), DLF (up 0.53%), Godrej Properties (up 0.24%) advanced.

Stocks in Spotlight:

Tata Communications rose 0.30%. The companys board has approved the proposal to enter into a business transfer agreement for the hive-off of the company's identified new edged digital services business to its wholly owned subsidiary, Novamesh Limited as a going concern on slump sale basis. The consideration is Rs 458 crore.

Lemon Tree Hotels rose 0.45%. The company said that it has signed franchise agreement for upcoming hotel in Ranchi, Jharkhand. The property, which will be franchised by Lemon Tree Hotels is expected to open in FY25.

Mahindra Lifespace Developers gained 1.70% after the company is undertaking launch of a residential project, Mahindra Zen at Bengaluru South.

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