Benchmarks turn rangebound, realty shares rally

The key equity barometers traded in a narrow range with modest gains in mid-morning trade, as investors found solace in the U.S. Federal Reserve`s decision to maintain its benchmark interest rate unaltered. The Nifty traded above the 19,100 level. Realty stocks rallied for the fifth day in a row.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 398.28 points or 0.63% to 63,989.61. The Nifty 50 index added 126.25 points or 0.66% to 19,115.40.

In the broader market, the S&P BSE Mid-Cap index gained 1.06% while the S&P BSE Small-Cap index rose 0.86%.

The market breadth is strong, On the BSE, 2,360 shares rose and 1,062 shares fell. A total of 165 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 5.54% to 11.38.

The US Federal Reserve held interest rates at a 22-year high, with the benchmark rate remaining between 5.25% and 5.50%, for the second meeting in a row.

IPO Update:

The initial public offer (IPO) of Honasa Consumer received bids for 2,26,38,348 shares as against 2,88,99,514 shares on offer, according to stock exchange data at 11:24 IST on Thursday (2 November 2023). The issue was subscribed 0.78 times.

The issue opened for bidding on Tuesday (31 October 2023) and it will close on Thursday (2 November 2023). The price band of the IPO is fixed at Rs 308-324 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index gained 1.16% to 619.45. The index surged 8.32% in five trading sessions.

Macrotech Developers (up 4.04%), Godrej Properties (up 2.02%), Oberoi Realty (up 1.64%), Sobha (up 1.38%), Phoenix Mills (up 1.35%), Mahindra Lifespace Developers (up 1.16%) and Brigade Enterprises (up 0.68%) advanced.

On the other hand, Swan Energy (down 0.81%), DLF (down 0.63%) and Prestige Estates Projects (down 0.19%) edged lower.

Global Markets:

Most of the Asian stocks were trading higher on Thursday, as investors took comfort from the U.S. Federal Reserve�s decision to leave its benchmark interest rates unchanged, while parsing inflation and trade data from across the region.

US stocks advanced on Wednesday after the Federal Reserve kept interest rates unchanged for a second consecutive time � leading investors to think the central bank would stay put for the rest of the year.

The Federal Reserve on Wednesday held rates steady at a range of 5.25%-5.5%. amid signs of economic growth, while labor market conditions and inflation remain above the central bank�s target. The decision also included an upgrade to the Fed�s general assessment of the economy.

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