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Barometers trade with minor gains; realty shares in demand

Published on Feb 15, 2023 11:29

The domestic equity indices traded with minor gains in mid-morning trade. The Nifty traded above the 17,950 mark after hitting the day`s low at 17,853.80 in early trade. Realty shares witnessed some bit of value buying.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 71.44 points or 0.12% to 61,103.70. The Nifty 50 index added 27.85 points or 0.16% to 17,957.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.23%

The market breadth remained positive. On the BSE, 1,674 shares rose and 1,546 shares fell. A total of 175 shares were unchanged.

Investor sentiment took a hit after stronger-than-expected U.S. inflation readings ramped up fears of more hawkish moves from the Federal Reserve. The U.S. consumer price index data for January showed that inflation remained resilient despite a slew of interest rate hikes by the Fed. Regional central banks are also expected to raise rates to keep up with the Fed, further tightening the liquidity conditions.

Buzzing Index:

The Nifty Realty index rose 0.45% to 402.15. The index had fallen 3.48% in the past two sessions.

Indiabulls Real Estate (up 4.66%), Phoenix Mills (up 1.01%), Sunteck Realty (up 0.87%), Godrej Properties (up 0.74%), Brigade Enterprises (up 0.11%) and DLF (up 0.08%).

On the other hand, Macrotech Developers (down 0.56%), Oberoi Realty (down 0.07%) and Sobha (down 0.04%) moved lower.

Stocks in Spotlight:

Prestige Estates Projects advanced 2.60%. The company`s consolidated net profit surged 45.2% to Rs 127.80 crore in Q3 FY23 as against Rs 88 crore reported in the same period last year. Revenue from operations surged 74.5% year on year to Rs 2,317 crore in the quarter ended 31 December 2022.

Apollo Hospitals rose 3%. The healthcare major`s consolidated net profit tumbled 32.8% to Rs 153.46 crore in Q3 FY23 as compared to Rs 228.37 crore in Q3 FY22. However, revenue from operations stood at Rs 4,263.58 crore during the quarter, up 17.2% from Rs 3,638.93 crore recorded in the same period last fiscal.

ITD Cementation India advanced 1.48%. The company said it secured order worth about Rs 833 crore to construct Thal Sena Bhawan at Delhi Cantt-10 on EPC basis. The company has secured orders worth over Rs 8,800 crore since april till date.

Global markets:

Asian stocks traded lower on Wednesday after the release of U.S. inflation data that came in hotter-than-expected.

Wall Street stocks ended mixed on Tuesday after US consumer price data for January offered little to change expectations about the Federal Reserve`s path forward on interest rate hikes.

Inflation in the US continued to surge in January, with the latest data showing higher-than-expected increases both year-on-year and month-on-month. The US Bureau of Labor Statistics reported on Friday that the Consumer Price Index (CPI) rose by 6.4% from January 2022.

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