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Indices trade near day's low; realty stocks tumble

Capital Market 

Key indices continued to trade near day's low in mid-afternoon trade. The Nifty found support at 11,870 level. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 80.35 points or 0.2% at 40,264.73. The Nifty 50 index was down 27.30 points or 0.23% at 11,886.15.

The broader market witnessed selling pressure. The S&P BSE Mid-Cap index was down 0.6%. The S&P BSE Small-Cap index was down 0.9%.

The market breadth was titled in favour of sellers. On the BSE, 952 shares rose and 1511 shares fell. A total of 166 shares were unchanged. In Nifty 50 index, 15 stocks advanced and 35 stocks declined.

Buzzing Index:

The Nifty Realty index fell 1.45% at 279.30, snapping its four-day winning streak.

Sobha (down 5.52%), Sunteck Realty (down 4.15%), Prestige Estates Projects (down 2.57%), The Phoenix Mills (down 2.3%), Godrej Properties (down 1.73%), DLF (down 1.16%) and Omaxe (down 0.38%) were top losers in realty segment.

Stocks in Spotlight:

Adani Enterprises tumbled 5.71% to Rs 198.85 after consolidated adjusted net profit fell 0.9% to Rs 179.23 crore on 7.5% decline in net sales to Rs 8,464.19 crore in Q2 September 2019 over Q2 September 2018. Consolidated EBITDA fell 2.17% to Rs 540 crore in Q2 September 2019 over Q2 September 2018. The company incurred exceptional loss of Rs 130 crore due to write-off of exploration block in one of the subsidiaries of the group.

Godrej Industries rose 2.51% to Rs 441.90 after consolidated net profit rocketed 128.4% to Rs 310.34 crore on a 3.6% rise in net sales to Rs 2,628.71 crore in Q2 September 2019 over Q2 September 2018. The chemical manufacturer announced its Q2 earnings yesterday, 12 November 2019.

Shares of Sheela Foam rose 2.65% to Rs 1274 after reporting stellar Q2 results after market hours on Monday, 11 November 2019. On a consolidated basis, net profit jumped 142% to Rs 59 crore on a 7.1% decline in net sales to Rs 497 crore on a YoY basis. EBITDA for Q2 September 2019 increased 66.67% to Rs 70.5 crore from Rs 42 crore in corresponding quarter of the previous year.

Numbers to watch:

The yield on 10-year benchmark federal paper fell to 6.537% at 14:16 IST compared with 6.561% in the previous trading session.

In the foreign exchange market, the Indian rupee edged lower against the dollar in mid-afternoon trade. In the spot currency market, the Indian unit was last seen trading at 71.785. On Monday, it closed at 71.47 against the US dollar.

In the commodities market, Brent crude for January 2020 settlement was down 42 cents at $61.64 a barrel. The contract fell 0.19% to settle at $ 62.06 a barrel during the previous trading session.

MCX Gold futures for 5 December 2019 settlement edged 0.34% higher to Rs 37,848.

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

First Published: Wed, November 13 2019. 14:27 IST