Benchmarks near falt line; realty shares under pressure

The domestic equity benchmarks reversed all gains and traded near flat line in the mid-morning trade. The Nifty traded below the 24,550 mark. Realty shares extended losses for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 42.17 points or 0.06% to 80,551.92. The Nifty 50 index shed 3.75 points or 0.02% to 24,527.15

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.06% and the S&P BSE Small-Cap index rose 0.66%.

The market breadth was positive. On the BSE, 2,265 shares rose and 1,549 shares fell. A total of 177 shares were unchanged.

 

IPO Update:

The initial public offer (IPO) of Sanstar received 27,51,20,250 bids for shares as against 3,75,90,000 shares on offer, according to stock exchange data at 11:15 IST on Monday (22 July 2024). The issue was subscribed 0.98 times.

The issue opened for bidding on Friday (19 July 2024) and it will close on Tuesday (23 July 2024). The price band of the IPO is fixed between Rs 90 to Rs 95 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index shed 0.56% to 1,090.10. The index declined 1.56% in the three trading sessions.

Phoenix Mills (down 4.53%), Sobha (down 2%), Prestige Estates Projects (down 1.54%), Brigade Enterprises (down 1.43%) and Macrotech Developers (down 1.1%) were the top losers. Among the other losers were Sunteck Realty (down 0.63%) declined.

On the other hand, Oberoi Realty (up 4.33%) ,DLF (up 1.56%) and Godrej Properties (up 0.9%) edged higher.

Stock in Spotlight:

Yes Bank advanced 1.98% after the banks standalone net profit jumped 46.69% to Rs 502.43 crore on 17.59% rise in total income to Rs 8,918.14 crore in Q1 FY25 over Q1 FY24. Profit before tax was at Rs 673.52 crore in the June 2024 quarter, up 47.02% from Rs 458.11 crore recorded in the corresponding quarter last year.

Global Markets:

Most Asian markets traded lower on Monday following Joe Biden's decision to withdraw from the US presidential race, which added fresh uncertainty to the situation. Despite China's attempt to stimulate its struggling economy by reducing interest rates, traders seemed unaffected.

On Sunday, Biden endorsed Vice President Kamala Harris as his successor.

In the meantime, China implemented a reduction in benchmark lending rates during the monthly fixing on Monday. The one-year loan prime rate (LPR) was decreased by 10 basis points to 3.35% from 3.45%, while the five-year LPR was also lowered by the same margin to 3.85% from 3.95%.

US stocks experienced a decline on Friday due to a chaos caused by a global technical outage resulting from a software glitch, amplifying the existing market unease. The S&P 500 dropped 0.71%, closing at 5,505.00. Nasdaq Composite slid 0.81% to end at 17,726.94. The Dow Jones Industrial Average fell 377.49 points, or 0.93%, to 40,287.53.

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