Sensex climbs 365 pts; realty shares under pressure

The benchmark indices traded with modest gains in early afternoon trade. The Nifty traded above the 23,600 level. Realty shares declined after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 364.71 points or 0.47% to 77,705.79. The Nifty 50 index added 84.70 points or 0.36% to 23,622.55. The Nifty Bank clocked an all-time high of 52,279.75 in mid-morning trade.

In the broader market, The S&P BSE Mid-Cap index shed 0.33% and the S&P BSE Small-Cap index gained 0.25%.

The S&P BSE Small-Cap index hit an all-time high at 52,542.41.

The market breadth was positive. On the BSE, 2,016 shares rose and 1,770 shares fell. A total of 130 shares were unchanged.

Economy:

India's telecom spectrum auction starts today (June 25th) offering airwaves worth Rs 96,318 crore. The government reportedly aims for Rs 10,000 crore. This auction includes frequencies from 800 MHz to 26 GHz bands and offers 20-year validity with options for sharing or surrendering spectrum after 10 years.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.14% to 14.04. The Nifty 27 June 2024 futures were trading at 23,605.30, at a discount of 17.25 points as compared with the spot at 23,622.55.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 126.1 lakh contracts at the 24,000 strike price. Maximum Put OI of 134.1 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Realty index fell 1.92% to 1,113.55. The index rose 0.30% in the past trading session.

Oberoi Realty (down 4.02%), Macrotech Developers (down 3.16%), Brigade Enterprises (down 2.29%), DLF (down 2.27%), Prestige Estates Projects (down 2.11%), Sunteck Realty (down 2.03%) and Godrej Properties (down 1.59%) declined.

On the other hand, Sobha (up 2.93%), Phoenix Mills (up 0.63%) and Mahindra Lifespace Developers (up 0.14%) edged higher.

Stocks in Spotlight :

Balaxi Pharmaceuticals jumped 4.76% after the company announced strategic hospital partnerships in Angola and securing of tender business in Latin America.

Alkem Laboratories rallied 3.32% after the pharma company said that it has received the establishment inspection report (EIR) from the US drug regulator for its manufacturing facility in Baddi, Himachal Pradesh.

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