Market erases early losses, realty shares snap 8-day rally

The domestic equity barometers pared all the early losses and traded with small gains in morning trade. The Nifty traded above the 22,450 mark after hitting the days low of 22,346.50 in early trade. Realty shares witnessed profit booking after advancing in the past eight trading sessions.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 23.33 points or 0.03% to 73,927.24. The Nifty 50 index added 4.20 points or 0.02% to 22,457.50.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.23% and the S&P BSE Small-Cap index gained 0.80%.

The market breadth was strong. On the BSE, 2,527 shares rose and 953 shares fell. A total of 145 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. RBI Governor Shaktikanta Das will unveil the decision of the first monetary policy meeting of the financial year 2024-25 on Friday, 5 April 2024.

Economy:

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6% in FY25. The global agency's projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5% in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends.

New Listing:

Shares of SRM Contractors were currently trading at Rs 236.20 at 10:29 IST on the BSE, representing a premium of 12.48% as compared with the issue price of Rs 210.

The scrip was listed at Rs 225, exhibiting a premium of 7.14% to the issue price.

So far, the stock has hit a high of 236.20 and a low of 213.75. On the BSE, over 3.01 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Realty index declined 1.21% to 937.85. The index jumped 12.66% in the past eight trading sessions.

Macrotech Developers (down 3.6%), Godrej Properties (down 2.66%), Oberoi Realty (down 1.51%), DLF (down 1.33%) and Sobha (down 0.45%) were the top losers.

On the other hand, Prestige Estates Projects (up 0.71%), Sunteck Realty (up 0.66%) and Brigade Enterprises (up 0.65%) edged higher.

Stocks in Spotlight:

Yes Bank rose 1.83% after the bank reported 14.1% rise in loans & advances to Rs 228,465 crore as against Rs 200,201 crore as on 31 March 2023. The bank has recorded 5% growth in loans as compared with the figure of Rs 217,523 crore recorded as on 31 March 2023.

Indiabulls Real Estate added 1.11%. The company said that its board will meet on Friday, 5 April 2024 to consider the proposal for raising of funds by various securities through permissible modes.

Anupam Rasayan rose 2.74% after the company has signed letter of intent worth revenue of about $90 million (Rs 743 crore) over next 7 years with one of the leading Japanese company to supply two advance intermediates using fluorination chemistry.

Powered by Capital Market - Live News