Sensex rallies 696 pts; realty stocks rally

Equity indices traded at the day's high with strong gains in mid afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, rallied 696.88 points or 1.16% to 60,616.14. The Nifty 50 index added 212.90 points or 1.19% to 18,086.40.

Broader indices lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.47% while the S&P BSE Small-Cap index was up 0.19%.

The market breadth was almost even. On the BSE, 1659 shares rose and 1622 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty Realty index added 1.22% to 542.35, snapping its two day losing streak. The realty index saw bargain hunting after falling % in two days.

 

Indiabulls Real Estate (up 4.69%), DLF (up 2.48%), Sunteck Realty (up 2.38%), Oberoi Realty (up 1.67%), Phoenix Mills (up 1.28%) and Macrotech Developers (up 1.1%) were top gainers in real estate space.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement fell 0.13% to 49,154.

The yield on India's 10-year benchmark federal paper rose to 6.366% from its previous close of 6.367%.

In the commodities market, Brent crude for January 2022 settlement fell 34 cents or 0.45% to $82.50 a barrel.

In the foreign exchange market, the partially convertible rupee fell to 74.5025 from its previous closing of 74.52.

Stocks in Spotlight:

Alkem Laboratories rose 1.02% after the drug maker's consolidated net profit rose 15.29% to Rs 544.26 crore on an 18.5% rise in net sales to Rs 2,799.99 crore in Q2 FY22 over Q2 FY21. Profit before tax rose 6.17% year-on-year to Rs 581.54 crore. During the quarter, total expenses rose 22.15% YoY to Rs 2,260.41 crore. Employee expense jumped 21.20% YoY to Rs 494.49 crore. Raw material cost increased 63.22% YoY to Rs 773.16 crore. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs 624.4 crore, resulting in EBITDA margin of 22.3% as against 25.4% in Q2FY21. EBITDA grew by 4% YoY.

Motherson Sumi Systems jumped 4.45%. The auto ancillary company reported a 35.8% fall in consolidated net profit to Rs 216.86 crore on a 5.9% decline in total revenue from operations to Rs 14,076.39 crore in Q2 FY22 over Q2 FY21. Total expenses fell by 3% YoY to Rs 14,001.29 crore in the second quarter. Profit before tax in Q2 FY22 stood at Rs 178.67 crore, down by 67.7% from Rs 553.58 crore in Q2 FY21.

Powered by Capital Market - Live News