Shares extend gains; Nifty nears 18,000

The benchmark indices extended gains in early afternoon trade. Auto stocks were in demand. The Nifty moved towards 18,000 level.

At 12:30 IST, the barometer index, the S&P BSE Sensex, jumped 457.02 points or 0.76% at 60,201.67. The Nifty 50 index gained 139.95 points or 0.79% at 17,952.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index added 1.09%.

The market breadth was strong. On the BSE, 2,625 shares rose and 936 shares fell. A total of 111 shares were unchanged.

COVID-19 Update:

India saw a single-day rise of 1,79,723 new coronavirus cases, raising the tally to 3.57 crore, which included 4,033 cases of Omicron variant reported across 27 states and union territories. The country reported 146 deaths linked to the virus.

Economy:

India`s Gross Domestic Product (GDP) is estimated to rise 9.2% in the current fiscal as compared to a contraction of 7.3% in the financial year 2020-21. This was stated by the Statistics and Programme Implementation Ministry in its First Advance Estimates of National Income for the financial year 2021-22.

It has also been stated that real GDP or GDP at Constant Prices in the current fiscal year is estimated at Rs 147.54 lakh crore as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 lakh crore. Second Advance Estimates of National Income for the year 2021-22 and quarterly GDP estimate for the quarter October-December, 2021 will be released next month.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 1.13% to 17.8025. The Nifty 27 January 2022 futures were trading at 17,975, at a premium of 22.35 points as compared with the spot at 17,952.65.

The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 19.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 36 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.20% to 491.65. The index added 1.23% in two sessions.

SunTeck Realty (up 7.51%), Oberoi Realty (up 2.49%), Brigade Enterprises (up 2.31%), DLF (up 1.62%) and Sobha (up 1.40%) were the top gainers in the Realty segment.

Sunteck Realty jumped 7.51%. The company`s pre-sales grew 23% to Rs 352 crore in Q3 December 2021 as against Q3 December 2020. For 9M FY22, pre-sales stood at Rs 800 crore. Collections soared 41% to Rs 270 crore in Q3 FY22 as compared to Q3 FY21. For 9M FY22, collections was at Rs 649 crore. Collection efficiency stood at 81% in 9M FY22 as against 71% in 9M FY21.

Oberoi Realty advanced 2.49%. Mumbai-based realty developer reported strong sales numbers in Q3 December 2021. On a consolidated basis, Oberoi Realty`s sales booking value surged 102.37% to Rs 1,965 crore during the October-December quarter from Rs 971 crore in the year-ago period. It sold 371 units during the last quarter against 234 units a year ago, up 58.55% year-on-year.

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