BAROMETERS TURN RANGEBOUND; REALTY SHARES IN DEMAND

The frontline indices traded in a narrow range with significant gains in early afternoon trade. The Nifty hovered near the 24,350 mark. Realty shares advanced after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex jumped 774.2 points or 0.98% to 79,652.77. The Nifty 50 index rallied 231.05 points or 0.96% to 24,348.05.

In the broader market, the S&P BSE Mid-Cap index added 0.88% and the S&P BSE Small-Cap index rose 0.84%.

The market breadth was strong. On the BSE, 2,395 shares rose and 1,396 shares fell. A total of 129 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, dropped 6.91% to 15.46. The Nifty 29 August 2024 futures were trading at 24,376.10, at a premium of 28.05 points as compared with the spot at 24,348.05.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 36.3 lakh contracts at the 25,000 strike price. Maximum Put OI of 41.1 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Realty index gained 1.70% to 1,023.80. The index fell 1.34% in the previous consecutive trading session.

Sobha (up 4.56%), Macrotech Developers (up 4.29%), Oberoi Realty (up 2.83%), Godrej Properties (up 2.58%), Sunteck Realty (up 2.01%), Prestige Estates Projects (up 1.99%) and Phoenix Mills (up 1.80%) advanced.

On the other hand, Brigade Enterprises (down 1.85%), Mahindra Lifespace Developers (down 0.34%) and DLF (down 0.07%) edged lower.

Stocks in Spotlight :

NBCC (India) zoomed 8.20% after the company announced that it has bagged a contract worth Rs 15,000 crore from Srinagar Development Authority.

Oil India rallied 5.84%. The petroleum business company reported 9.09% decline in standalone net profit to Rs 1,466.84 in Q1 FY25 as compared to Rs 1,613.43 crore posted in Q1 FY24. However, revenue from operations (excluding excise duty) jumped 17.67% to Rs 5,331.92 crore in Q1 FY25 from Rs 4531.18 crore reported in the same period a year ago.

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