Broader mkt outperforms; realty shares in demand

The domestic equity benchmarks traded near the flatline with some positive bias, erasing all losses in morning trade. The Nifty traded above the 23,500 level. Realty shares advanced after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex was up 13.77 points or 0.02% to 77,323.82. The Nifty 50 index added 4.60 points or 0.02% to 23,520.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.46% and the S&P BSE Small-Cap index rose 0.82%.

The market breadth was strong. On the BSE, 2,335 shares rose and 1187 shares fell. A total of 163 shares were unchanged.

Economy:

The government announced an increase in Minimum Support Prices (MSP) for all 14 kharif crops for the 2024-25 season (July-June). This hike is expected to put an additional Rs 35,000 crore in the hands of farmers, bringing the total MSP payout to around Rs 2 lakh crore.

Meanwhile, the Reserve Bank of India (RBI) projects continued economic momentum in the April-June quarter, driven by rising private consumption and strengthening manufacturing and services sectors.

Buzzing Index:

The Nifty Realty index gained 1.26% to 1,131.75. The index fell 2.83% in the past trading session.

Brigade Enterprises (up 3.64%), Prestige Estates Projects (up 2.09%), Sobha (up 1.8%), Macrotech Developers (up 1.4%), Oberoi Realty (up 1.17%), DLF (up 0.92%), Godrej Properties (up 0.6%), Sunteck Realty (up 0.54%), Mahindra Lifespace Developers (up 0.24%) and Phoenix Mills (up 0.2%) advanced.

Stocks in Spotlight:

Awfis Space Solutions rallied 3.60% after the company reported consolidated net profit of Rs 1.37 crore in Q4 FY24 as compared with net loss of Rs 13.85 crore posted in corresponding quarter last year.

Gokaldas Exports jumped 3.99% after the company announced its decision to invest in BRFL Textiles, one of the largest single-location fabric processing companies in India, by subscribing through optionally convertible debentures.

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