Barometers trade with minor cuts, Realty shares slides

The key equity benchmarks traded with moderate losses in morning trade. The Nifty traded below 21,900 after hitting days high of 22,022.40 in early trade. Realty shares extended losses for second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 131.43 points or 0.18% to 72,173.45. The Nifty 50 index lost 64.05 points or 0.29% to 21,887.10.

In the broader market, The S&P BSE Mid-Cap index shed 0.47% and the S&P BSE Small-Cap index fell 0.76%.

The market breadth was weak. On the BSE, 1,242 shares rose and 2,285 shares fell. A total of 150 shares were unchanged.

 

Economy:

The National Statistical Office (NSO) is scheduled to release the official third quarter GDP data today. Indias economic growth is likely to moderate in the range of 6 to 6.8% in the third quarter of the current financial year, sharply lower than 7.6% expansion recorded in the previous quarter, as per reports.

New Lisitng:

Shares of GPT Healthcare were currently trading at Rs 202.10 at 10:39 IST on the BSE, representing a premium of 6.50% as compared with the issue price of Rs 186.

The scrip was listed at Rs 216.15, exhibiting a premium of 16.21% to the issue price.

So far, the stock has hit a high of 219.70 and a low of 200.20. On the BSE, over 6.91 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Realty index declined 1.18% to 898.75. The index fell 3.27% in two trading sessions.

Macrotech Developers (down 2.74%), Prestige Estates Projects (down 1.62%), Mahindra Lifespace Developers (down 0.94%), DLF (down 0.51%) and Phoenix Mills (down 0.38%) declined.

On the other hand, Brigade Enterprises (up 4.05%), Swan Energy (up 0.55%) and Oberoi Realty (up 0.51%) edged higher.

Stocks in Spotlight:

PB Fintech: Insurance Regulatory and Development Authority of India (IRDAI), has granted Certificate of Registration to Policybazaar Insurance Brokers Private Limited (Policybazaar), a wholly owned subsidiary of the company to act as Composite Insurance Broker under IRDAI (Insurance Brokers) Regulations, 2018 (Regulations) with effect from 28 February 2024. With grant of new Certificate of Registration, the category has been changed from Direct Insurance Broker (Life & General) to Composite Insurance Broker.

Oil India fell 2.18%. The meeting of the board of directors of the company is scheduled on 08 March 2024 to consider and approve second interim dividend for Financial Year 2023-24.

JSW Steel rose 0.04%. The company has incorporated a new Wholly-owned Subsidiary JSW Green Steel for manufacture of hot-rolled and coldrolled products of steel which is in line with the main line of business of the company.

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