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NIFTY RECLAIMS 19,400 LEVEL; REALTY SHARES RISE FOR 3RD DAY

Published on Aug 23, 2023 11:30

The key equity barometers managed to pare all losses and marched towards the day`s high in mid-morning trade. The Nifty traded above the 19,400 level. Realty stocks witnessed decent buying demand.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 86.08 points or 0.13% to 65,306.11. The Nifty 50 index lost 27.80 points or 0.14% to 19,424.25.

In the broader market, the S&P BSE Mid-Cap index gained 0.58% while the S&P BSE Small-Cap index rose 0.79%.

The market breadth was strong. On the BSE, 2119 shares rose and 1262 shares fell. A total of 174 shares were unchanged.

Buzzing Index:

The Nifty Realty index added 0.61% to 539.90. The index has risen 1.83% in three sessions.

Sobha (up 1.3%), Godrej Properties (up 1.26%), Phoenix Mills (up 0.9%), Macrotech Developers (up 0.64%), Prestige Estates Projects (up 0.59%), Brigade Enterprises (up 0.15%) and DLF Ltd (up 0.07%).

On the other hand, Mahindra Lifespace Developers (down 0.38%), Indiabulls Real Estate (down 0.24%) and Oberoi Realty (down 0.03%) moved lower.

Stocks in Spotlight:

Brightcom Group hit a lower circuit of 5%. The Sebi barred the company`s chairman & CEO, Suresh Kumar Reddy and CFO, Narayan Raju from company boards for fraud and allegedly misrepresenting the financial statements of the firm.

Linde India rallied 5.58%. The company received letter of acceptance (LoA) by Indian Oil Corporation (IOCL) for setting-up of Air Separation Unit (ASU) on a site licensed by IOCL within its Panipat Refinery Complex.

Global Markets:

Asian stocks are mixed on Wednesday as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore.

Australia`s business activity contracted at the fastest pace in 19 months, according to Juno Bank, with its flash composite purchasing managers index coming in at 47.1 for August. Japan saw a faster expansion in its business activity, with its flash PMI for August at 54.3 compared to July`s 53.8.

US stocks ended mixed on Tuesday ahead of a key speech later this week from Federal Reserve Chairman Jerome Powell.

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