Barometers trade with modest gains; Nifty above 17,350

The key equity indices continued to trade with moderate gains in the early afternoon trade. The Nifty scaled above the 17,350 mark. Realty shares rose for second day in a row.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 334.08 points or 0.58% to 58,399.55. The Nifty 50 index added 95.50 points or 0.55% to 17,369.80.

In the broader market, the S&P BSE Mid-Cap index rose 1.20% while the S&P BSE Small-Cap index gained 1.41%.

Buyers outnumbered sellers. On the BSE, 2368 shares rose and 962 shares fell. A total of 139 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 0.40% to 19.49. The Nifty 27 October 2022 futures were trading at 17,356, at a discount of 13.8 points as compared with the spot at 17,369.80.

The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 163.2 lakh contracts at the 17,400 strike price. Maximum Put OI of 118.8 lakh contracts were seen at 17,300 strike price.

Buzzing Index:

The Nifty Realty index rose 2.29% to 438.05, continuing its gaining streak to the second day. The index advanced 4.61% in the previous two trading sessions.

Among the components of the Nifty Realty index, Phoenix Mills (up 3.78%), DLF (up 2.77%), Sobha (up 2.74%), Oberoi Realty (up 2.44%) and Godrej Properties (up 2.38%) were the top gainers.

Among the other gainers were Brigade Enterprises (up 1.99%), Prestige Estates Projects (up 1.76%), Indiabulls Real Estate (up 1.33%), Sunteck Realty (up 0.61%) and Macrotech Developers (up 0.04%).

Macrotech Developers rose 0.04%. The realtor reported pre-sales for Q2 FY23 stood at Rs 3,148 crore in India, jumping 57% from Rs 2,003 crore posted in Q2 FY22. This real estate major said that it has achieved best ever Q2 pre-sales performance. The H1 sales totaled to Rs 6,004 crore which is approximately 52% of the full year guidance of Rs 11,500 crore.

Stocks in Spotlight:

Larsen & Toubro (L&T) advanced 2% after the company said that the buildings & factories business of L&T Construction has secured an order from a leading automobile major to construct a state-of-the-art manufacturing facility in Haryana. As per L&T`s classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore. The scope involves design & execution of civil, structural & architectural works including external development works.

Adani Enterprises rose 0.67%. The company on Tuesday (4 October 2022) announced that it has incorporated two wholly owned subsidiaries, Alwar Alluvial Resources and Adani Disruptive Ventures on 3 October 2022 and 4 October 2022 respectively. The company incorporated a wholly owned subsidiary, Alwar Alluvial Resources (AARL), on 3 October 2022, with an initial authorized & paid-up share capital of Rs 10 lakh each, to carry on manufacturing and processing of minerals, TiO2 Slag manufacturing, pigment manufacturing etc. and to do all necessary and incidental activities in this regard.

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