Indices extended gains and scaled fresh intraday high in mid-afternoon trade. The Nifty crossed 11,400 and was trading above its 100-day simple moving average placed at 11,408.72. Sentiment was positive amid strength in other Asian shares.
At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 337.31 points or 0.88% at 38,464.39. The Nifty 50 index was up 105 points or 0.93% at 11,410.05.
The S&P BSE Mid-Cap index was up 0.88%. The S&P BSE Small-Cap index was up 0.45%.
The market breadth was positive. On the BSE, 1268 shares rose and 1127 shares fell. A total of 213 shares were unchanged. In Nifty 50 index, 45 stocks advanced and 5 stocks declined.
Realty stocks were in demand. The Nifty Realty index was up 2.81% at 254.25 while the BSE Realty index was up 2.96% at 1,956.53.
Indiabulls Real Estate (up 4.95%), Anant Raj (up 4.5%), Oberoi Realty (up 1.41%), Sunteck Realty (up 2.18%), Sobha (up 2%), Godrej Properties (up 1.34%), Prestige Estates Projects (up 1.06%) and The Phoenix Mills (up 0.95%) advanced.
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DLF surged 7.42% to Rs 156.35 after media reports suggested that the real estate developer clocked bookings of 376 residential apartments for Rs 700 crore in its project in New Gurugram. As per reports, the bookings were registered on the first day earlier this week, in the second phase of its premium Ultima project, which has a total of 504 apartments. Nearly three years back, the real estate firm had said that it will construct and complete its residential projects before selling, given the tepid sentiment among homebuyers to risk buying into under-construction projects, the reports added.
Den Networks rose 3.42%. On a consolidated basis, Den Networks reported a net profit of Rs 14.72 crore in Q2 September 2019 over a net loss of Rs 28 crore in Q2 September 2018. Net sales rose 7.1% to Rs 332.42 crore in Q2 September 2019 over Q2 September 2018.
Aurobindo Pharma gained 5.92% to Rs 464.05 after HDFC mutual fund hiked its stake in the pharmaceutical company by 2.01% to 7.12% on 9 October 2019. The company made the disclosure after trading hours on Friday, 11 October 2019.
Indiabulls Housing Finance fell 4.07% to Rs 201.40 after the Moody's Investors Service downgraded the corporate family rating (CFR) and the foreign-currency senior secured rating of the company to B2 from Ba2. In addition, Moody's has downgraded Indiabulls' foreign and local currency senior secured MTN program ratings to (P) B2 from (P) Ba2. The outlook on all ratings, where applicable, remains negative. The downgrade is driven by Indiabulls' ongoing challenging access to funding. Governance considerations were also a key driver of this rating action.
Meanwhile, the yield on 10-year benchmark federal paper fell to 6.698% at 14:16 IST compared with 6.727% at close in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower and was hovering at 71.06, compared with its close of 71.0275, during the previous trading session.
In the commodities market, Brent crude for December 2019 settlement was down 55 cents at $59.96 a barrel. The contract rose 2.39% to settle at $60.51 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement edged 0.38% higher at Rs 37,990.
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