Benchmarks trade with moderate gains; Realty shares rally

The key equity indices traded with limited gains in mid-morning trade. The Nifty hovered above the 22,700 level. Realty shares advanced after declining in the past consecutive trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 289.36 points or 0.39% to 74,960.14. The Nifty 50 index added 95.75 points or 0.42% to 22,739.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% and the S&P BSE Small-Cap index added 0.37%.

The market breadth was positive. On the BSE, 1,937 shares rose and 1,587 shares fell. A total of 169 shares were unchanged.

Stock exchanges will remain closed on Wednesday, 1 May 2024 on account of Maharashtra Day.

Buzzing Index:

The Nifty Realty index jumped 1.33% to 972.10. The index declined 1.08% in the past trading session.

Phoenix Mills (up 4.51%), Macrotech Developers (up 1.77%), Prestige Estates Projects (up 1.69%), Brigade Enterprises (up 1.58%) and Godrej Properties (up 0.54%) were the top gainers.

Among the other gainers were Oberoi Realty (up 0.36%), DLF (up 0.26%), Sunteck Realty (up 0.24%), Sobha (up 0.07%).

Stock in Spotlight:

Vesuvius India rallied 9.08% after the company reported 58.7% jump in net profit to Rs 68.78 crore in Q1 CY24 from Rs 43.35 crore in Q1 CY23. Net sales increased by 23.9% YoY to Rs 453.09 crore during the period under review.

Global Market:

Most of the Asian stocks traded higher on Tuesday, investors awaiting China manufacturing purchasing managers� index for April.

China�s factory activity climbed faster than expected in April, with the official purchasing managers� index coming at 50.4. Factory activity expansion was lower than the 50.8 seen in March.

US stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.

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