Broader market outperforms; realty shares in demand

The key equity indices traded with modest gains in mid-morning trade. The Nifty traded above the 24,250 mark. Realty shares advanced after declining in past two consecutive trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex rose 385.98 points or 0.54% to 79,491.86. The Nifty 50 index added 116.75 points or 0.48% to 24,260.50.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index gained 1.01% and the S&P BSE Small-Cap index rallied 1.19%.

The market breadth was strong. On the BSE, 2,339 shares rose and 1,401 shares fell. A total of 131 shares were unchanged.

Buzzing Index:

The Nifty Realty index gained 1.85% to 1,042.05. The index fell 1.32% in past two consecutive trading sessions.

DLF (up 3.77%), Godrej Properties (up 1.75%), Oberoi Realty (up 1.74%), Sunteck Realty (up 1.60%), Sobha (up 1.5%), Macrotech Developers (up 1.16%), Prestige Estates Projects (up 1.1%), Brigade Enterprises (up 0.75%), Mahindra Lifespace Developers (up 0.67%) and Phoenix Mills (up 0.52%) advanced.

Stocks in spotlight:

Capacite Infraprojects rallied 4.35% after its consolidated net profit surged 180.07% to Rs 53.41 crore in Q1 FY25 as compared with Rs 19.07 crore posted in Q1 FY24. Revenue from operations stood at Rs 569.75 crore in June 2024 quarter, up 32.36% from Rs 430.45 crore posted in same quarter previous year.

KNR Constructions rose 0.35%. The company's consolidated net profit jumped 38.93% to Rs 177.66 crore in Q1 FY25 as against Rs 127.88 crore reported in Q1 FY24. Revenue from operations rose marginally to Rs 985 crore in Q1 FY25 as against with Rs 981.02 crore posted in Q1FY24.

Aurobindo Pharma slipped 2.98% after the company informed that the manufacturing facility of its wholly owned subsidiary Eugia Pharma has received a warning letter from the US FDA.

Global Markets:

Asian stocks surged on Friday, buoyed by upbeat US economic data that tempered recession fears.

Robust US retail sales and a decline in jobless claims fueled a rally in global equities and sent bond yields higher. These positive economic indicators, following the benign inflation report earlier in the week, have strengthened expectations for interest rate cuts by the Federal Reserve. However, market sentiment suggests these cuts will be gradual.

US stocks closed sharply higher on Thursday, with the Dow Jones Industrial Average gaining 1.4%, the S&P 500 rising 1.6%, and the Nasdaq Composite jumping 2.3%.

Retail sales increased 1.0% after a downwardly revised 0.2% drop in June, easing fears of a sharp economic slowdown fanned by a jump in the unemployment rate last week.

Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 227,000 for the week ended Aug. 10, the Labor Department said.

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