Broader mkt underperforms; realty shares decline

The domestic equity benchmarks continued to trade with moderate losses in early afternoon trade. The Nifty traded below the 22,300 level after hitting the days high of 22,369.45 in morning trade. Realty shares slipped after gaining for the past five consecutive trading sessions.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 224.11 points or 0.30% to 73,453.02. The Nifty 50 index lost 87.80 points or 0.39% to 22,268.50.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.90% and the S&P BSE Small-Cap index fell 2.93%.

Sellers outnumbered buyers. On the BSE, 562 shares rose and 3,208 shares fell. A total of 93 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.95% to 14.52. The Nifty 28 March 2024 futures were trading at 22,348.70, at a premium of 80.2 points as compared with the spot at 22,268.50.

The Nifty option chain for the 28 March 2024 expiry showed maximum Call OI of 34.7 lakh contracts at the 23,000 strike price. Maximum Put OI of 45.4 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Realty index declined 2.76% to 904.70. The index rallied 2.29% in past five trading sessions.

Sobha (down 6.6%), Macrotech Developers (down 5.53%), Swan Energy (down 4.99%), Brigade Enterprises (down 4.48%) and Godrej Properties (down 2.95%) declined.

Among the other losers were Oberoi Realty (down 2.18%), DLF (down 1.89%), Mahindra Lifespace Developers (down 1.26%), Phoenix Mills (down 0.74%) and Prestige Estates Projects (down 0.01%).

Stocks in Spotlight:

Sakar Healthcare surged 7.72% after the company's oncology unit has attained EU GMP approval valid for three years from the audit date of 5th March 2024.

Torrent Pharma shed 0.46%. The drug maker informed that the US drug regulator has issued an establishment inspection report (EIR) for the Bileshwarpura facility in Gujarat stating the inspection to be closed.

Ajmera Realty & Infra India slipped 3.91%. The company announced that it has successfully secured credit facilities totaling to Rs 500 crore from Standard Chartered Bank and ICICI Bank for Ajmera Manathan residential project, to partly repay the GCP loan.

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