Broader mkt outperforms; realty shares slide

The benchmark indices traded in a narrow range with minor losses in morning trade. The Nifty hovered near the 22,200 level. Realty shares declined for the third straight day.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 310.05 points or 0.42% to 73,089.73. The Nifty 50 index declined 65.40 points or 0.29% to 22,207.10.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2,212 shares rose and 1,203 shares fell. A total of 150 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Buzzing Index:

The Nifty Realty index fell 1.09% to 931.80. The index slipped 3.03% in three consecutive trading sessions.

Macrotech Developers (down 2.88%), DLF (down 1.41%), Godrej Properties (down 1.32%), Oberoi Realty (down 0.87%) and Prestige Estates Projects (down 0.62%), Sobha (down 0.4%) edged lower.

On the other hand, Brigade Enterprises (up 1.32%) ,Phoenix Mills (up 0.63%) and Mahindra Lifespace Developers (up 0.08%) advanced.

Stocks in Spotlight:

Brigade Enterprises rose 1.19% after its board approved the appointment of Jayant Bhalchandra Manmadkar as the chief financial officer (CFO) with effect from 18th April, 2024.

Jio Financial Services added 2.82% after the company announced the signing of an agreement with BlackRock Advisors Singapore, to form a 50:50 joint venture (JV) for setting up the wealth management and broking business.

Cipla shed 0.05%. The drug maker said that Cipla Health has signed a business transfer agreement (BTA) for purchase of distribution and marketing business undertaking of cosmetics and personal care business from Ivia Beaute, India, through a slump sale arrangement.

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