Barometers trade near flat line, realty shares rise for 3rd day

The benchmark indices continued to trade near the flat line with minor gains in mid-morning trade. The Nifty traded above the 17,750 mark after hitting the day`s low of 17,711.20 in morning trade. Realty stocks extended gains for the third consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 37.01 points or 0.06% to 60,167.72. The Nifty 50 index rose 7.35 points or 0.04% to 17,776.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.17% while the S&P BSE Small-Cap index gained 0.43%.

The market breadth was positive. On the BSE, 1,892 shares rose and 1,342 shares fell. A total of 150 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Mankind Pharma received bids for 58.56 lakh shares as against 2.80 crore shares on offer, according to stock exchange data at 11:24 IST on Wednesday (26 April 2023). The issue was subscribed 0.21 times.

The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index rose 0.87% to 433.85, extending gains for the third straight session. The index advanced 2.44% in three trading sessions.

Macrotech Developers (up 1.42%), Indiabulls Real Estate (up 1.18%), DLF (up 1.11%), Oberoi Realty (up 1.08%), Sobha (up 0.97%), Prestige Estates Projects (up 0.96%), Phoenix Mills (up 0.89%), Godrej Properties (up 0.13%) edged higher.

On the other hand, Mahindra Lifespace Developers (down 0.99%), Brigade Enterprises (down 0.49%) declined.

Earnings Impact:

AU Small Finance Bank slipped 3.27%. The bank reported 22.7% rise in net profit to Rs 424.63 crore on a 31.8% increase in total income to Rs 2,607.91 crore in Q4 FY23 over Q4 FY22. Net interest income stood at Rs 1,213 crore in the quarter ended 31 March 2023, up 29.46% YoY. Net interest margin (NIM) for the quarter declined to 6.1% in Q4 FY23 as against 6.3% in Q4 FY22.

Rallis India declined 2.38% after the company`s net loss widened to Rs 69.13 crore in Q4 FY23 as against a net loss of Rs 14.13 crore posted in Q4 FY22. Revenue from operations rose 3% to Rs 522.62 crore in the quarter ended 31 March 2023 from Rs 507.54 crore recorded in Q4 FY22.

Anant Raj rose 1.10% after the company reported 118% jump in consolidated net profit to Rs 49.40 crore in Q4 FY23 from Rs 22.66 crore in Q4 FY22. Revenue from operations rose 29.7% to Rs 280.15 crore in Q4 FY23 as against Rs 215.92 crore in corresponding quarter last year.

Global Markets:

Asian stocks traded mixed on Wednesday after banking fears were reignited on Wall Street.

Australia`s inflation showed signs of easing in first quarter. Australia`s inflation for the first quarter of 2023 slowed to 7% year-on-year, down from a 23-year high of 7.8% in the quarter ended December 2022.

Consumer sentiment in South Korea improved in April. South Korea`s composite consumer index for April has improved to 95.1 points, 3.1 points higher than March`s figure of 92.

US stocks slipped on Tuesday on recession fears after weak earnings and soft economic data.

Shares of First Republic Bank tumbled after the regional bank posted its latest quarterly results, saying late Monday that deposits dropped 40% to $104.5 billion in the first quarter but have since stabilized.

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