The benchmark indices were trading near the day's high in early afternoon trade. The Nifty was hovering above 15,800 level. Realty stocks were in demand.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 52.95 points or 0.10% at 52,914.13. The Nifty 50 index gained 10 points or 0.06% at 15,828.25.
In the broader market, the S&P BSE Mid-Cap index added 0.16% while the S&P BSE Small-Cap index rose 0.16%.
The market breadth was positive. On the BSE, 1,690 shares rose and 1,356 shares fell. A total of 160 shares were unchanged.
Politics:
The Union Cabinet reshuffle/expansion will be reportedly taking place on July 7 at 18:00 IST. This will be the first cabinet reshuffle in the second term of the Narendra Modi government.
Coronavirus Update:
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Total COVID-19 confirmed cases worldwide stood at 18,46,11,115 with 39,93,159 deaths. India reported 4,59,920 active cases of COVID-19 infection and 4,04,211 deaths while 2,97,99,534 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India has reported 43,733 fresh cases of COVID-19 and 930 deaths in the last 24 hours. Recovery rate has increased to 97.18%.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.71% to 12.3625. The Nifty 29 July 2021 futures were trading at 15,852.45, at a premium of 24.20 points as compared with the spot at 15,828.25.
The Nifty option chain for 29 July 2021 expiry showed maximum Call OI of 27.2 lakh contracts at the 16,000 strike price. Maximum Put OI of 34.5 lakh contracts was seen at 15,500 strike price.
Buzzing Index:
The Nifty Realty index rose 1.88% to 359.45. The index has added 4.85% in the past four sessions.
Sobha (up 4.27%), Godrej Properties (up 3.26%), Oberoi Realty (up 2.44%), Brigade Enterprises (up 2.08%) and Hemisphere Properties (up 1.83%) were the top gainers in Realty segment.
Sobha spurted 4.27% after the company's total new sales increased by 37.69% to 8,95,539 square feet in Q1 FY22 from 6,50,400 square feet in Q1 FY21. Total sales value rose 40.02% to Rs 682.90 crore in Q1 FY22 from Rs 487.70 crore in Q1 FY21. Sobha's share in the sales values at Rs 570.90 crore in Q1 FY22, was higher by 45.23% as compared with Rs 393.10 crore in Q1 FY21. Total average price realization improved by 1.71% to Rs 7,626 per square feet in Q1 FY22 from Rs 7,498 per square feet in Q1 FY21.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) slipped 1.15%. The company said that it will acquire 1.60 crore shares (up to 31.2% stake) in ReNew Sunlight Energy (RSEPL), in one or more tranches, for a cash consideration of Rs 16.07 crore. RSEPL is subsidiary of ReNew Green Energy Solutions, which in turn is a subsidiary of Renew Power.
The subscription of equity shares in RSEPL will enable M&M to become captive user and consume solar power generated by RSEPL. Accordingly, the company has also signed a power delivery agreement with RSEPL. Under the open access arrangement of the company with the electricity distribution companies, the manufacturing plants of the company in Maharashtra will consume the said solar power generated. The company expects to complete the transaction by 31 December 2021.
Tanla Platforms added 0.37%. Karix Mobile, a wholly-owned subsidiary of the company, announced the deployment of a conversational solution for Panasonic India using the WhatsApp Business Solution Platform. The solution will facilitate one-to-one conversations between Panasonic's customers and the brand. Building strong, personalized connections with its end-users helping them connect with the brandis one of the primary objectives of this solution. While the other service channels, specifically SMS and email, will remain available and active, this new channel has been built to be a more convenient option for customers.
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