Sensex reclaims 62,000 mark; realty stocks tumble

The key equity barometers extended gains and marched towards the day`s high in mid morning trade. The Nifty hovered near the 18,550 mark. Realty stocks corrected.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 315.48 points or 0.51% to 62,081.07. The Nifty 50 index added 70.50 points or 0.38% to 18,547.55.

The domestic equity benchmarks extended their upward rally for eight day today, even as rise in oil and other commodity prices fueled global inflation concerns. In eight sessions, the Sensex has gained 4.82% while the Nifty has added 5.20%.

In the broader market, the S&P BSE Mid-Cap index shed 0.17% while the S&P BSE Small-Cap index lost 0.08%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1227 shares rose and 1948 shares fell. A total of 135 shares were unchanged.

Buzzing Index:

The Nifty Realty index slipped 2.32% to 529.25. The index had advanced 1.76% in the past two sessions.

Macrotech Developers (down 3.23%), The Phoenix Mills (down 3.19%), DLF (down 3.08%), Prestige Estates (down 2.71%), Oberoi Realty (down 2.58%), Indiabulls Real Estate (down 2.21%), Godrej Properties (down 1.89%), Sobha Developers (down 1.81%) and Sunteck Realty (down 1.10%) declined.

Stocks in Spotlight:

Route Mobile fell 1.79% to Rs 2222.85. The company posted a 22.58% jump in consolidated net profit to Rs 42.07 crore on a 15.4% increase in net sales to Rs 435.67 crore in Q2 FY22 as compared to Q1 FY22. The company`s consolidated net profit has risen by 28.3% and net sales have risen by 24.7% in Q2 FY22 over Q2 FY21.

State Bank of India (SBI) shed 0.67% to Rs 494.50. SBI has allotted 6,000 Basel III compliant non-convertible, taxable, perpetual, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures qualifying as AT-1 capital of the bank of face value of Rs 1 crore each, at par, bearing a coupon of 7.72% p.a. payable annually, aggregating to Rs 6,000 crore to bond subscribers on 18 October 2021.

Meanwhile, the Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1 crore on SBI for non-compliance with the directions contained in `Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016`.

Craftsman Automation gained 0.62% to Rs 2546. The company posted a 118% jump in consolidated net profit to Rs 49.96 crore in Q2 FY22 as compared to Rs 22.83 crore posted in Q2 FY21. Revenue from operations grew by 54% to Rs 571.01 crore in Q2 FY22 from Rs 370.72 crore posted in Q2 FY21.

Alok Industries tumbled 9.89% to Rs 24.15. The company`s reported net loss of Rs 84.11 crore in Q2 FY22 as compared to a net profit of Rs 4,798.64 crore in Q2 FY21. Revenue from operations surged 134.24% to Rs 1,904.57 crore in Q2 FY22 over Q2 FY21.

Global markets:

Asian stocks were trading higher on Tuesday. Investors mulled corporate earnings as well as the prospect of tightening monetary policy to restrain inflation.

Minutes from the Reserve Bank of Australia`s October monetary policy meeting showed the RBA expecting the Australian economy to �return to growth in the December quarter and to its pre-Delta path in the second half of 2022.�

In US, the S&P and Nasdaq closed higher on Monday with the biggest boosts from the highest-profile technology and communications companies while investors eyed product news from Apple Inc and appeared optimistic about the third-quarter earnings season.

U.S. industrial production declined in September as supply constraints continued to hinder manufacturing. Output fell almost 1.28% to its lowest level since February, when it fell 3.02%, according to data released Monday by the Federal Reserve.

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