Nifty scales above 23,550; realty shares rally for 5th day

The key equity benchmarks traded with major gains in morning trade. The Nifty traded above the 23,550 mark. Realty shares witnessed buying demand for the fifth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex gained 693.38 points or 0.90% to 77,842.37. The Nifty 50 index rose 204.15 points or 0.87% to 23,554.05.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rallied 0.38% and the S&P BSE Small-Cap index rose 0.37%.

The market breadth was strong. On the BSE, 2,214 shares rose and 1,324 shares fell. A total of 164 shares were unchanged.

New Listing:

Shares of Zinka Logistics Solutions were currently trading at Rs 276.45 at 10:15 IST on the BSE, representing a premium of 1.26% as compared with the issue price of Rs 273.

The scrip was listed at Rs 279.05, exhibiting a premium of 2.21% to the issue price.

So far, the stock has hit a high of 285.80 and a low of 271.50. On the BSE, over 2.92 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Realty index jumped 2.27% to 997.40. The index rallied 6.41% in five consecutive trading sessions.

Raymond (up 5.96%), Godrej Properties (up 4.18%), Macrotech Developers (up 3.27%), DLF (up 3.26%), Sobha (up 2.97%), Brigade Enterprises (up 1.64%), Mahindra Lifespace Developers (up 1.03%), Phoenix Mills (up 0.46%) and Oberoi Realty (up 0.43%) advanced.

Stocks in Spotlight:

Nippon Life Indian Asset management rose 1.15% after the company has executed a definitive agreement with One Place Commercials for the purchase of commercial office space in Lower Parel, Mumbai for Rs 486 crore.

Raymond rallied 5.78% after the company has received a No observation letter from the NSE & BSE for the scheme of arrangement between the company and Raymond Realty.

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