Indices trade with minor gains; realty shares in demand

The headline equity benchmarks traded with small gains in early-afternoon trade. The Nifty traded above the 21,850 mark. Realty shares extended gains for the third consecutive trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 41.47 points or 0.06% to 71,864.30. The Nifty 50 index added 23.75 points or 0.11% to 21,863.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.71% and the S&P BSE Small-Cap index advanced 1.19%.

The market breadth was strong. On the BSE, 2,377 shares rose and 1,361 shares fell. A total of 109 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.42% to 15.50. The Nifty 29 February 2024 futures were trading at 21,902, at a premium of 59.4 points as compared with the spot at 21,842.60.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 53.8 lakh contracts at the 23,000 strike price. Maximum Put OI of 33.9 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Realty index rose 0.93% to 869. The index gained 2.24% in three trading sessions.

Phoenix Mills (up 4.3%), Sobha (up 3.38%), Prestige Estates Projects (up 2.07%), Brigade Enterprises (up 1.68%) and Mahindra Lifespace Developers (up 1.38%), Swan Energy (up 1.1%), DLF (up 0.72%) advanced.

Stocks in Spotlight:

Aditya Birla Fashion and Retail (ABFRL) fell 1.87% after the company reported a consolidated net loss of Rs 107.60 crore in Q3 FY24 as compared with net profit of Rs 11.21 crore posted in Q3 FY23. The net profit was impacted due to increased interest costs from higher borrowings, said the firm. Revenue from operations grew by 16.1% year on year to Rs 4,166.71 crore during the quarter.

Sun TV Network declined 1.63%. The company reported 5.05% rise in net profit to Rs 437.34 crore on a 3.26% increase in revenues to Rs 885.48 crore in Q3 FY24 as compared with Q3 FY23.

Glenmark Pharmaceuticals shed 0.18% after the company reported net loss of Rs 330.81 crore in Q3 FY24 as compared with net profit of Rs 290.76 crore in Q3 FY23. Revenue from operations declined 19.67% to Rs 2,460.29 crore in Q3 FY24 as compared with Rs 3,062.75 crore in Q3 FY23. The lower sales in the current quarter are mainly on account of a one‐time impact on the companys India business.

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