Benchmarks come off the day`s high; realty stocks in demand

The key equity benchmarks came off the day`s high in early afternoon trade. The Nifty hovered near the 17,550 mark. Realty shares rose for second consecutive session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 232.92 points or 0.34% to 59,193.52. The Nifty 50 index gained 58.75 points or 0.34% to 17,545.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.25%.

The market breadth was strong. On the BSE, 1802 shares rose and 1478 shares fell. A total of 156 shares were unchanged.

The domestic equity barometers extended their upward movement for fourth day on Wednesday, supported by firm cues from global markets and a drop in oil prices as India is the third largest importer of oil. In three sessions, the Sensex has gained 3.42% while the Nifty has added 3.12%.

Further, strong buying from DIIs has completely overwhelmed the selling pressure caused by FII selling. In the past three session, DIIs have bought a total of Rs 5,290 crore worth stocks in the cash market, sharply outperforming the equities sold by FIIs worth Rs 1,537 crore.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, was down 0.91% to 17.29. The Nifty 27 October 2022 futures were trading at 17,547.05, at a premium of 1.35 points as compared with the spot at 17,545.70.

The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 46.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 40.4 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Realty index rose 0.66% to 428.25. The index has added 2.39% in two sessions.

Prestige Estates Projects (up 3.58%), Indiabulls Real Estate (up 3.07%), DLF (up 2.27%), Oberoi Realty (up 1.3%), Godrej Properties (up 0.86%) and Sobha (up 0.85%) advanced.

Concurrently, Phoenix Mills (down 2.43%), Macrotech Developers (down 1.83%) and Sunteck Realty (down 1.53%) edged lower.

Stocks in Spotlight:

Nestle India rose 1.44%. The FMCG major reported 8.3% rise in net profit to Rs 668.34 crore on 18.3% rise in revenue from operations to Rs 4,591 crore in Q3 CY22 over Q3 CY21.

Total sales jumped 18.2% year on year to Rs 4,567 crore in Q3 CY22 against Q3 CY21. Domestic sales and export sales for the quarter ended September 2022 increased by 18.3% and 15.7% respectively. Domestic sales growth was broad based with a healthy balance of pricing and volume.

In its commodity outlook, the company said that it is witnessing early signs of stability in prices of a few commodities such as edible oils and packaging materials. However, fresh milk, fuels, grains and green coffee costs are expected to remain firm with continued increase in demand and volatility.

Tinplate Company of India rose 0.56%. The company reported a net loss of Rs 35.10 crore in Q2 FY23 as against a net profit of Rs 74.93 crore in Q2 FY22. Net sales declined by 1.8% to Rs 869.45 crore during the quarter.

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