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Nifty hits record high; realty stocks in demand

Capital Market 

Benchmark indices were trading with strong gains in morning trade. The Nifty hit a record high of 14,289.30. All sectoral indices on the NSE were trading in the green.

At 10:25 IST, the barometer index, the S&P BSE Sensex, surged 400.56 points or 0.83% at 48,493.13. The Nifty 50 index rallied 131.6 points or 0.93% at 14,268.70.

Index major TCS was up 1.56%. It will announce its Q3 December 2020 result today.

The broader market was trading firm. The S&P BSE Mid-Cap index was up 0.96% while the S&P BSE Small-Cap index gained 1.08%.

The market breadth was strong. On the BSE, 1859 shares rose and 771 shares fell.

A total of 138 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 88,005,213 with 1,897,568 deaths. India reported 2,25,449 active cases of COVID-19 infection and 1,50,570 deaths while 1,00,37,398 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The central government on Thursday projected that the country's economy will contract by 7.7% in the current fiscal year 2020-21, as per the first advance estimates of gross domestic product released by the National Statistical Office. The agriculture sector estimate for FY 2021 stood at 3.4%. Also, mining estimate stood at -12.4% for FY21 against 3.1%(YoY) and nominal GDP estimate stood at -4.2%.

Buzzing Index:

The Nifty Realty index surged 2.71% to 331.65. The index has added nearly 5% in three days.

Sobha (up 8.2%), Phoenix Mills (up 7.85%), Sunteck Realty (up 2.5%), DLF (up 2.42%), Brigade Enterprises (up 1.75%), Prestige Estates Projects (up 1.66%), Godrej Properties (up 1%), Mahindra Lifespace Developers (up 0.88%) and Oberoi Realty (up 0.88%) advanced.

According to the media reports, the Maharashtra government on 6 January 2021 approved the proposal to cut the premium on real estate projects by half till 31 December 2021. Developers availing of the scheme would have to pay full stamp duty and registration charges on behalf of homebuyers, the reports added. The move will help in expediting project completion and the realty industry would witness new launches.

Stocks in Spotlight:

Bharat Rasayan spurted 7.49% to Rs 10,142.05 after the company said that its board will consider share buyback on Tuesday, 12 January 2021.

Tata Power rose 2.63% to Rs 84 after the company announced completion of acquisition of 51% equity shares of TP Southern Odisha Distribution and TP Western Odisha Distribution.

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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, January 08 2021. 10:30 IST
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