Benchmarks trade with major gains; realty shares rally for 4th day

The key equity barometers traded with significant gains in the mid-morning trade. The Nifty traded above the 23,400 level. Investors are awaiting the Union Budget 2025 announcement, scheduled for Saturday, February 1, 2025. Realty shares extended gains for the fourth consecutive trading session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, advanced 380.18 points or 0.64% to 77,251.99. The Nifty 50 index added 190 points or 0.82% to 23,439.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 1.22% and the S&P BSE Small-Cap index added 1.19%.

The market breadth was strong. On the BSE, 2,541 shares rose and 1,101 shares fell. A total of 149 shares were unchanged.

Economy:

Finance Minister Nirmala Sitharaman will table Economic Survey 2024-25 on 31 January 2025, Friday, providing an official assessment of the performance of the economy in the ongoing financial year, and list out the challenges being faced by the nation. The Economic Survey, tabled in Parliament ahead of the Union Budget, also provides the roadmap for reforms and growth. The Economic Survey is prepared by the economic division of the department of economic affairs under the guidance of the chief economic advisor (CEA). India's current CEA is V Anantha Nageswaran.

IPO Update:

The initial public offer (IPO) of Dr. Agarwals Health Care received bids for 2,41,53,255 shares as against 5,35,26,172 shares on offer, according to stock exchange data at 11:06 IST on 31 January 2025. The issue was subscribed to 0.45 times.

The issue opened for bidding on 29 January 2025 and it will close on 31 January 2025. The price band of the IPO is fixed between Rs 382 and Rs 402 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index added 1.47% to 917.05. The index rallied 8.58% in past four consecutive trading sessions.

Macrotech Developers (up 4.06%), Oberoi Realty (up 4%), Godrej Properties (up 1.87%), Brigade Enterprises (up 1.8%), Mahindra Lifespace Developers (up 0.92%), Sobha (up 0.65%) advanced.

On the other hand, Raymond (down 1.16%), Prestige Estates Projects (down 0.75%) and Phoenix Mills (down 0.48%) edged lower.

Stocks in Spotlight:

Protean eGov declined 3.15% after the companys consolidated net profit rose 4% while revenue from operations shed 1% in Q3 FY25. Revenue from tax services grew by 3% YoY, primarily driven by an increase in market share, which rose from 52.1% in Q3 FY24 to 59.2% in Q3 FY25

Tata Consumer Products rallied 4.52%. The companys consolidated net profit was flat at Rs 278.88 crore in Q3 FY25 as against Rs 278.87 crore posted in Q3 FY24. Revenue from operations jumped 16.82% year on year (YoY) to Rs 4,443.56 crore in the quarter ended 31 December 2024.

Global Markets:

The US Dow Jones index futures were currently up 70 pts, signaling a positive opening for US stocks today.

Most Asian stocks advanced on Friday, mirroring the Wall Street rally as investors assessed big tech earnings.

The Tokyo consumer price index, excluding fresh food, rose 2.5% year on year in January, compared with 2.4% in the previous month. Japans unemployment rate for December fell to 2.4% from 2.5% in the previous month.

Additionally, Japans retail sales for December climbed 3.7% from the previous year, while its industrial output figures for December grew at 0.3%, month on month, from the 2.2% drop in the month before.

Hong Kong and Chinese markets remain closed for the Lunar New Year holiday.

Overnight, U.S. benchmark indexes ended with decent gains as investors assessed Apple's earnings report and other well-known companies earnings.

The US economy grew at an annualised rate of 2.3 per cent in Q4 2024, down from 3.1 per cent in Q3. Notably, US initial jobless claims fell by 16,000 to 207,000 for the week ending January 25th as compared with 223,000 in 18th Jan 2025.

The Dow Jones Industrial Average climbed 0.38% to close at 44,882.13, the S&P 500 rose 0.53% to end at 6,071.17, and the Nasdaq Composite gained 0.25% to end at 19,681.75.

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