Indices off day's high; realty shares slide

The frontline indices came off the day's high and traded with small gains in mid-morning trade. The Nifty traded above the 22,950 mark. Realty shares declined after advancing in the previous trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 57.38 points or 0.08% to 75,451.20. The Nifty 50 index rose 27.65 points or 0.12% to 22,960.10.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.36% and the S&P BSE Small-Cap index fell 0.63%.

The market breadth was weak. On the BSE, 1,399 shares rose and 2,234 shares fell. A total of 122 shares were unchanged.

Buzzing Index:

The Nifty Realty declined 1.32% to 1,018.70. The index rose 0.85% in the past trading session.

Brigade Enterprises (down 3.09%), Phoenix Mills (down 2.58%), Godrej Properties (down 1.78%), DLF (down 1.66%), Mahindra Lifespace Developers (down 1.53%), Prestige Estates Projects (down 1.02%) and Sobha (down 0.62%) slipped.

On the other hand, Sunteck Realty (up 0.87%) ,Oberoi Realty (up 0.53%) and Macrotech Developers (up 0.41%) edged higher.

Stocks in Spotlight:

Natco Pharma rallied 3.07% after the companys consolidated net profit increased 40.07% to Rs 386.3 crore on 19.79% rise in total income to Rs 1,110.3 crore in Q4 FY24 over Q4 FY23.

Sumitomo Chemical India rallied 7.28% after the company's consolidated net profit jumped 52.09% to Rs 109.70 crore on a 3.47% increase in revenue from operations to Rs 674.20 crore in Q4 FY24 as compared with Q4 FY23.

Global Markets:

Asian stocks tumbled on Tuesday, as investors awaited global inflation data expected to impact monetary policy.

The US market was closed on Monday, 27th May, for Memorial Day.

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