Broader mkt outperforms; realty shares advance

The headline equity benchmarks traded sideways in early afternoon trade. The Nifty traded above the 23,300 level after hitting the days low of 23,233.05 in morning trade. Realty shares extended gains for the fourth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 21.22 points or 0.03% to 76,672.14. The Nifty 50 index rose 23.85 points or 0.10% to 23,314.

The Sensex and Nifty clocked an all-time high of 77,079.04 and 23,411.90 in early trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.61% and the S&P BSE Small-Cap index gained 1.12%.

 

The market breadth was strong. On the BSE, 2,681 shares rose and 1,188 shares fell. A total of 148 shares were unchanged.

Economy:

Indias forex reserves jumped $4.837 billion to a new all-time high of $651.51 billion for the week ended May 31, according to the latest RBI data.

For the week ended May 31, foreign currency assets, a major component of the reserves, increased by $5.065.51 billion to $572.564 billion.

Gold reserves fell by $212 million to $56.501 billion during the week ended May 31. The special drawing rights (SDRs) were down $17 million to $18.118 billion.

Indias reserve position with the IMF was up $1 million to $4.326 billion in the reporting week, the apex bank data showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.85% to 16.57. The Nifty 27 June 2024 futures were trading at 23,317.75, at a premium of 3.75 points as compared with the spot at 23,314.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 48.6 lakh contracts at the 24,000 strike price. Maximum Put OI of 49.8 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Realty index added 1.28% to 1,083.20. The index rallied 10.97% in four consecutive trading sessions.

Phoenix Mills (up 3.7%), Prestige Estates Projects (up 3.69%), Sunteck Realty (up 3.19%), Macrotech Developers (up 3.06%), Brigade Enterprises (up 0.72%), Sobha (up 0.51%), Oberoi Realty (up 0.48%) and DLF (up 0.09%) advanced.

On the other hand, Mahindra Lifespace Developers (down 0.91%) and Godrej Properties (down 0.58%), edged lower.

Stocks in Spotlight :

Dr Reddys Laboratories rose 1.17%. The company said that US Food and Drug Administration (USFDA) issued form 483 with four observations post inspection at its Srikakulam, Andhra Pradesh manufacturing facility.

Jubilant Pharmova slipped 3.07% after the United States Food and Drug Administration (US FDA) issued 3 observations post the completion of audit of Washington-based manufacturing facility of its step-down subsidiary.

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