Indices trade with modest cuts; realty shares down for 5th day

The key equity benchmarks continued to trade with limited losses in morning trade. The Nifty traded below the 21,900 level. Realty stocks declined for fifth straight day.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 374.90 points or 0.52% to 72,114.09. The Nifty 50 index dropped 133.80 points or 0.61% to 21,862.05.

In the broader market, the S&P BSE Mid-Cap index dropped 1.12% while the S&P BSE Small-Cap index fell 0.79%.

The market breadth was weak. On the BSE, 1,080 shares rose and 2,287 shares fell. A total of 158 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Earnings Today:

Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, KP Green Engineering, Sejal Glass, Rajnish Wellness, Roselabs Finance, Rajnish Retail, Amal, Benares Hotels, Sybly Industries, and VL E-Governance & IT Solutions will announce their quarterly results later today.

Buzzing Index:

The Nifty Realty index slipped 1.44% to 919.30. The index tumbled 4.33% in five trading sessions.

Phoenix Mills (down 4.36%), Sobha (down 2.57%), Sunteck Realty (down 1.89%), DLF (down 1.83%), Godrej Properties (down 1.45%), Brigade Enterprises (down 1%), Oberoi Realty (down 0.98%), Macrotech Developers (down 0.85%), Mahindra Lifespace Developers (down 0.53%) edged lower.

Stocks in Spotlight:

SJVN declined 2.39%. The company said that its wholly owned subsidiary, SJVN Green Energy has incorporated a joint venture company with Assam Power Distribution Company named, SGEL Assam Renewable Energy.

Dhanlaxmi Bank shed 1.85%. The bank said that the Reserve Bank of India (RBI) has granted its approval for the appointment of Ajith Kumar K.K as the managing director & CEO of the bank for a period of 3 three years.

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