Market extends gains; realty stocks under pressure

The benchmark indices contined to trade with moderate gains in early afternoon trade. The Nifty traded near the 22,150 mark. Realty shares slipped after gaining in the past four consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 309.81 points or 0.43% to 72,739.99. The Nifty 50 index added 106.30 points or 0.48% to 22,147.

The benchmark, Nifty50 index hit an all-time high at 22,157.90 in early afternoon trade.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.69% and the S&P BSE Small-Cap index gained 0.92%.

The market breadth was strong. On the BSE, 2,505 shares rose and 1,366 shares fell. A total of 142 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 5.38% to 16.04. The Nifty 29 February 2024 futures were trading at 22,210.45, at a premium of 62.45 points as compared with the spot at 22,147.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 57.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 40.4 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Realty index declined 0.76% to 875.95. The index increased 3.85% in past four trading sessions.

Phoenix Mills (down 1.96%), Prestige Estates Projects (down 1.56%), DLF (down 1.4%), Brigade Enterprises (down 1.11%) and Godrej Properties (down 0.89%), Sobha (down 0.78%), Swan Energy (down 0.19%), Oberoi Realty (down 0.16%) slipped.

On the other hand, Macrotech Developers (up 1.93%), Mahindra Lifespace Developers (up 1.16%) edged higher.

Stocks in Spotlight:

Power Grid Corporation of India rose 0.67%. The firm announced that its board of directors has accorded two investment approvals for the projects worth Rs 655.75 crore. The companys board of directors has approved a project which includes implementation of unified load dispatch and communication (ULDC) phase III (SCADA/EMS upgradation project northern region SLDCs) at an estimated cost of Rs 514.66 crore.

Balrampur Chini Mills jumped 3.72% after the companys board approved to enter a new line of business to manufacture Polylactic Acid (PLA), to be used for production of bioplastic.

Kaynes Technology India advanced 1.84% after the company incorporated a wholly owned subsidiary company (WOS) named Kaynes Mechatronics (KMPL) on 16 February 2024.

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