Broader mkt drops; realty shares in demand; VIX tumbles 6.63%

The domestic equity barometers traded with moderate gains in the morning trade. The Nifty traded above the 23,700 level. Realty shares advanced after declining for the past four consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, jumped 608.87 points or 0.79% to 78,650.71. The Nifty 50 index added 148 points or 0.63% to 23,735.50.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index shed 0.13% and the S&P BSE Small-Cap index declined 1.05%.

The market breadth was negative. On the BSE, 1,641 shares rose and 2,091 shares fell. A total of 213 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 6.63% to 14.07.

Economy:

India's foreign exchange reserves dipped by $1.98 billion to $652.87 billion as of December 13, according to data shared by the Reserve Bank of India (RBI) on Friday.

The Weekly Statistical Supplement released by the RBI showed that the primary contributor to this decline was the drop in Foreign Currency Assets (FCAs), which fell by $3 billion to $562.58 billion.

Meanwhile, gold reserves were up by $1.12 billion, bringing the total to $68 billion.

The Special Drawing Rights (SDRs) dipped by $35 million, now totaling $17.99 billion, while the reserve position in the International Monetary Fund (IMF) contracted by $27 million, standing at $42.40 billion.

Buzzing Index:

The Nifty Realty index rose 2.33% to 1,084.80. The index declined 3.02% in the past four consecutive trading sessions.

Brigade Enterprises (up 7.43%), Phoenix Mills (up 3.97%), Macrotech Developers (up 3.8%), DLF (up 2.4%), and Godrej Properties (up 1.74%), Oberoi Realty (up 1.25%), and Sobha (up 0.44%) added.

On the other hand, Prestige Estates Projects (down 2.36%), Mahindra Lifespace Developers (down 1.2%), and Raymond (down 0.58%) edged lower.

Stocks in Spotlight:

Redtape rose 1.10% to Rs 865.30 after the companys board scheduled a meeting on 26 December 2024 to consider a proposal of an interim dividend and bonus issue.

JBM Auto advanced 0.78%. The company said that its subsidiary JBM Ecolife Mobility has been awarded a contract for 343 electric buses from Ahmedabad Janmarg and other leading corporations.

Sterling and Wilson Renewable Energy jumped 3.24% after the company announced that it has received a LoI for a prestigious new order totaling approximately Rs 1,200 crore in Gujarat.

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