Indices trades with minor losses; realty shares decline

The key equity benchmarks traded with modest losses in the morning trade as investors navigated a week heavy with IPO activity. With the Reserve Bank of Indias policy outcome fully absorbed by the markets, participants turned cautious ahead of the U.S. Federal Reserves upcoming rate decision. A rate cut is widely anticipated, prompting traders to keep risk exposures contained until greater policy clarity emerges.

The Nifty traded below the 26,100 level. Realty shares declined after advancing for previous two consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex tanked 239.40 points or 0.28% to 85,472.97. The Nifty 50 index lost 91.30 points or 0.37% to 26,090.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.56% and the S&P BSE Small-Cap index fell 0.86%.

The market breadth was weak. On the BSE, 1,302 shares rose and 2,461 shares fell. A total of 250 shares were unchanged.

Buzzing Index:

The Nifty Realty index fell 2.03% to 875. The index rose 0.88% in the previous two consecutive trading session.

Godrej Properties (down 2.81%), Prestige Estates Projects (down 2.59%), DLF (down 1.91%), Sobha (down 1.52%), Lodha Developers (down 1.51%), Brigade Enterprises (down 1.26%), Anant Raj (down 1.2%), SignatureGlobal India (down 1.05%), Oberoi Realty (down 0.66%) and Phoenix Mills (down 0.38%) declined.

Stocks in Spotlight:

Ashoka Buildcon surged 4.63% after the company announced that it has secured an order worth Rs 447.21 crore from the Brihanmumbai Municipal Corporation (BMC) for its ongoing flyover construction project on the SionPanvel Highway.

HFCL rose 0.70%. The company announced that it has secured export orders worth $72.96 million (Rs 656.10 crore) for the supply of optical fiber cables (OFC).

RailTel Corporation of India fell 1.14%. The company announced that it has received a letter of acceptance (LoA) worth Rs 14.40 crore from the Ministry of External Affairs (MEA).

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