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Indices trade in range; realty stocks tumble

Capital Market 

The domestic equity barometers traded in a narrow range near the day's low in afternoon trade. Global cues were weak amid renewed Covid fears over a new variant found in South Africa. The Nifty continued to trade below 17,200 level. Realty stocks declined across the board.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 1215.91 points or 2.07% to 57,579.18. The Nifty 50 index tumbled 360.25 points or 2.05% to 17,176.

Cipla (up 7.33%), Dr Reddy (up 4.36%), Divi's Lab (up 3.86%), Nestle Industries (up 0.91%) and TCS (up 0.78%) were the top index gainers.

JSW Steel (down 6.35%), Hindalco (down 5.50%), Tata Motors (down 5.02%), BPCL (down 4.87%) and Mahindra & Mahindra (down 4.40%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index declined 2.04% while the S&P BSE Small-Cap index lost 1.26%.

The market breadth was weak. On the BSE, 1146 shares rose and 2082 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 16.93% to 19.49.

Buzzing Index:

The Nifty Realty index fell 4.67% to 501.15. The index gained 1.95% yesterday.

The Phoenix Mills (down 7.82%), DLF (down 5.87%), Sunteck Realty (down 4.71%), Godrej Properties (down 4.50%), Brigade Enterprises (down 3.60%), Prestige Estates (down 3.48%), Indiabulls Real Estate (down 3.19%) and Oberoi Realty (down 3.03%) declined.

Stocks in Spotlight:

Kirloskar Ferrous Industries (KFIL) fell 2.34% to Rs 229.05. The company said that it will acquire a majority stake in Indian Seamless Metal Tubes (ISMT) by subscribing to its equity shares through a preferential allotment and gain sole control over ISMT. ISMT is the largest integrated specialized seamless tube manufacturer in India.

Unichem Laboratories jumped 13.09% to Rs 232.85, amid surge in volumes. On the BSE, over 0.45 lakh shares of the company were traded in the counter so far as against an average trading volume of 0.16 lakh shares in the past two weeks.

Unichem Laboratories said that ICRA has reaffirmed the long term rating on Rs 176 crore bank facilities of the company at 'ICRA A'. The outlook on the long term rating has been revised to 'Negative' from 'Stable'.

Global Markets:

The US Dow Jones futures slumped 766.5 points, indicating a weak opening in the US market today.

Asian stocks declined across the board on Friday, 26 November 2021, as a new virus variant added to swirling concerns about future growth and higher US interest rates.

The World Health Organization officials said Thursday they are monitoring a new variant with "a large number of mutations." A special meeting is scheduled for Friday to discuss its implications for vaccines and treatments. The variant, called B.1.1.529, has been detected in South Africa in small numbers, according to the WHO.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 26 2021. 13:27 IST