Benchmarks trade near flat line, realty shares rally for 6th day

The key equity benchmarks traded near the flat line with negative bias in morning trade. The Nifty traded below 22,150 mark. Realty shares witnessed buying demand for the sixth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 43.60 points or 0.06% to 72,746.53. The Nifty 50 index lost 7.70 points or 0.03% to 22,114.35.

The broader market outperformed the headline indices, The S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index added 0.23%.

The market breadth was positive. On the BSE, 1,902 shares rose and 1,623 shares fell. A total of 157 shares were unchanged.

Economy:

All-India House Price Index (HPI) increased by 3.8% YoY in Q3:2023-24 compared to 3.5% growth in the previous quarter and 2.8% a year ago, the Reserve Bank of India reported Annual HPI growth varied widely across the cities - ranging from a high of 8.4% (Chennai) to a low of 0.6% (Kochi). On a sequential basis, all-India HPI increased by 1.6% in Q3:2023-24; among the ten cities, six (viz., Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi) recorded rise in house prices during the latest quarter. The Reserve Bank released its quarterly house price index (HPI)1 (base: 2010-11=100) for Q3:2023-24, based on transaction-level data received from the registration authorities in ten major cities.

Buzzing Index:

The Nifty Realty index rose 0.66% to 925.40. The index rallied 5.54% in the six trading sessions.

Swan Energy (up 4.5%), Sobha (up 2.67%), Oberoi Realty (up 1.65%), Godrej Properties (up 1.54%), Macrotech Developers (up 1.08%), DLF (up 1.07%), Brigade Enterprises (up 0.86%) and Mahindra Lifespace Developers (up 0.73%) advanced.

On the other hand, Prestige Estates Projects (down 2.01%) and Phoenix Mills (down 0.16%) edged lower.

Stocks in Spotlight:

Power Mech Projects advanced 1.61% after the company announced that it has bagged an order worth Rs 396.25 crore for execution of civil construction and electrical works from South East Central Railway.

Multi Commodity Exchange of India (MCX) rose 0.17%. The company and the Jakarta Futures Exchange (JFX) (i.e. PT. Bursa Berjangka Jakarta), the largest exchange in Commodity and Derivatives market in Indonesia, have entered into a Memorandum of Understanding (MoU) to enhance collaboration in key areas, including knowledge sharing, research, education, training, awareness creation, and other market development initiatives.

Lemon Tree Hotels added 0.60%. The company has signed a license agreement for Lemon Tree Resort in Sankhwas Garh, Rajasthan and Keys Lite by Lemon Tree Hotels, Vijayawada. Both the properties are expected to open in FY26.

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