Benchmarks trade with moderate losses; realty stocks in demand

The domestic equity benchmarks continued to trade with moderate losses in early afternoon trade. The Nifty traded below the 18,200 level mark. Negative global cues put pressure on domestic market sentiment.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 285.21 points or 0.47% to 60,950.09. The Nifty 50 index lost 70.75 points or 0.39% to 18,187.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.04% while the S&P BSE Small-Cap index added 0.37%.

The market breadth was positive. On the BSE, 1,898 shares rose and 1,420 shares fell. A total of 104 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 1.24% to 16.91. The Nifty 27 January 2022 futures were trading at 18,220, at a premium of 32.95 points as compared with the spot at 18,187.05.

The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 19.6 lakh contracts at the 18,500 strike price. Maximum Put OI of 35.5 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.09% to 509.30. The index had declined 0.72% to end at 503.80 yesterday.

Sobha Developers (up 3.20%), Oberoi Realty (up 2.57%), Prestige Estates (up 2.01%), Indiabulls Real Estate (up 1.74%), Sunteck Realty (up 1.69%), DLF (up 1.25%), Brigade Enterprises (up 1.13%) and Godrej Properties (up 1.09%) advanced while The Phoenix Mills (down 1.14%) and Macrotech Developers (down 1.10%) declined.

Economy:

India and the UK have formally launched negotiations for a Free Trade Agreement between two countries. Joint Statement of Commerce and Industry Minister Piyush Goyal and UK Secretary of State for International Trade Anne-Marie Trevelyan said the Free Trade Agreement would be a substantial opportunity for both economies and a significant moment in the bilateral relationship.

India and the UK will seek to agree a mutually beneficial agreement supporting jobs, businesses and communities in both countries. Trade negotiations will be a priority for both countries.

COVID-19 Update:

In last 24 hours, India reported 2,64,202 fresh COVID cases, as per the health ministry`s data. The country reported 315 new deaths taking the death toll to 485,350.

Meanwhile, the World Health Organization approved two new Covid-19 treatments, to stave off severe illness and death from the virus.

Ministry of Health and Family Welfare stated yesterday that more than 157.50 crore (1,57,50,62,435) vaccine doses have been provided to States/UTs so far through Govt. of India (free of cost channel) and through direct state procurement category.

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