Nifty scales above 24,950; realty shares advance

The headline equity indices extended gains and hit fresh highs in mid-morning trade. The Nifty traded above the 24,950 mark. Realty shares extended gains for the second consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 424.22 points or 0.52% to 81,756.94. The Nifty 50 index advanced 117.50 points or 0.47% to 24,952.35.

The Sensex and Nifty clocked an all-time high of 81,800.17 and 24,980.45, respectively in mid- morning trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.84% and the S&P BSE Small-Cap index gained 1.29%. The S&P BSE Small-Cap index hit an all-time high at 55,066.48.

 

The market breadth was strong. On the BSE, 2,600 shares rose and 1,257 shares fell. A total of 156 shares were unchanged.

Economy:

Indias forex reserves jumped by $4.00 billion to hit an all-time high of $670.86 billion as of July 19, data shared by the Reserve Bank of India (RBI) showed on Friday.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $2.57 billion to $588.05 billion.

Gold reserves expanded by $1.32 billion to $59.99 billion, whereas SDRs were up by $95 million to $18.20 billion.

Reserve position in the IMF was remained unchanged at $4.60 billion.

Buzzing Index:

The Nifty Realty index added 1.78% to 1,096.80. The index gained 2.95% in two consecutive trading sessions.

DLF (up 4.64%), Sunteck Realty (up 2.06%), Prestige Estates Projects (up 1.79%), Phoenix Mills (up 1.72%), Mahindra Lifespace Developers (up 1.39%), Godrej Properties (up 1.38%), Oberoi Realty (up 1.23%), Brigade Enterprises (up 1.03%) and Sobha (up 0.67%) advanced.

Stocks in Spotlight:

Nuvama Wealth Management rallied 4.98% after the company reported 79.52% increase in net profit to Rs 220.77 crore in Q1 FY25 as compared with Rs 122.98 crore in Q1 FY24. Revenue from operations jumped 46.58% YoY to Rs 949.43 core in Q1 FY25.

InterGlobe Aviations (IndiGo) declined 1.86% after the companys consolidated net profit declined 11.71% to Rs 2,728.8 crore in Q1 FY25 from Rs 3,090.6 crore posted in Q1 FY24. However, revenue from operations jumped 17.31% year on year (YoY) to Rs 19,570.7 crore in the quarter ended 30 June 2024.

Global Markets:

Most Asian stocks advanced on Monday, buoyed by hopes of potential interest rate cuts from the Federal Reserve. The battered technology sector led the gains as investors eagerly awaited the upcoming Fed meeting for clues on monetary policy.

However, Chinese markets underperformed regional peers. Sentiment towards China remained subdued ahead of crucial economic data releases this week. Additionally, lingering uncertainty about the next U.S. administration's stance on Beijing weighed on investor confidence.

The positive momentum in Asia was fueled by a strong finish on Wall Street on Friday. Easing inflation concerns boosted expectations for eventual interest rate reductions. The Dow Jones Industrial Average surged 1.64%, the S&P 500 climbed 1.11%, and the Nasdaq Composite gained 1.03%. This upward movement was attributed to a combination of oversold conditions, a better-than-expected GDP report, and growing optimism about the Fed's potential rate cuts.

Investors also digested the latest inflation data. The June Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 0.1% month-over-month and 2.5% year-over-year.

While the Fed is expected to maintain interest rates unchanged at its meeting on Wednesday, investors will closely monitor any hints about the timing of potential rate cuts, especially given recent encouraging comments from Fed officials.

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