Barometers pare some gains; realty stocks rise for 3rd day

The domestic equity barometers pared some gains in mid-morning trade. After hitting the day`s high at 17,839.10, the Nifty witnessed a minor sell-off and it traded a tad above the 17,800 mark. Realty stocks advanced for the third day in a row.

At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 360.28 points or 0.61% to 59,823.06. The Nifty 50 index added 111.10 points or 0.63% to 17,809.25 .

In the broader market, the S&P BSE Mid-Cap index rose 0.81% while the S&P BSE Small-Cap index advanced 0.77%.

The market breadth was strong. On the BSE, 1,886 shares rose and 1,451 shares fell. A total of 174 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 1.27% to 448.90. The index has added 3.24% in three sessions.

Indiabulls Real Estate (up 6.13%), Sobha (up 3.79%), DLF (up 2.12%), Phoenix Mills (up 1.68%) and Macrotech Developers (up 1.31%) were the top gainers.

Among the other gainers were Oberoi Realty (up 1.3%), Brigade Enterprises (up 0.71%), Godrej Properties (up 0.68%), Prestige Estates Projects (up 0.42%) and Sunteck Realty (up 0.36%).

Stocks in Spotlight:

Maithan Alloys zoomed 7.49%. The company`s consolidated net profit surged 95.4% to Rs 218.95 crore on 80.4% rise in net sales to Rs 1,020.31 crore in Q1 FY23 over Q1 FY22.

Campus Activewear slipped 1.87%. The company`s consolidated net profit surged to Rs 28.66 crore in Q1 FY23 from Rs 1.98 crore posed in Q1 FY22. Revenue from operations surged 149.6% to Rs 337.71 crore in the quarter ended 30 June 2022 as against Rs 135.30 crore in the quarter ended 30 June 2021.

Marksans Pharma jumped 6.53%. The company`s consolidated net profit slipped 3.9% to Rs 60.2 crore despite of 24.3% rise in revenue form operations to Rs 433.8 crore in Q1 FY23 over Q1 FY22.

Forbes & Company spurted 13%. The company reported consolidated net profit of Rs 145.78 crore in Q1 June 2022 as against net loss of Rs 4.34 crore in Q1 June 2021. Net sales declined 6.36% to Rs 121.85 crore in Q1 June 2022 over Q1 June 2021.

Global Markets:

Asian stocks were trading higher on Tuesday as another round of weak US data provided a little hope that the Federal Reserve will temper its pace of interest rate hikes.

US stocks rose on Monday with mega-cap growth shares, extending the market`s recent rally amid investor optimism the Federal Reserve can achieve a soft landing for the economy.

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