Broader mkt outperforms; realty shares in demand

The headline equity benchmarks traded sideways in morning trade. The Nifty slipped below the 22,200 level. Realty shares gained for the fourth consecutive trading sessions.

At 10:28 ST the barometer index, the S&P BSE Sensex, was up 6.61 points or 0.01% to 72,970.81. The Nifty 50 index lost 18.70 points or 0.08% to 22,181.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.75% and the S&P BSE Small-Cap index added 0.73%.

The market breadth was strong. On the BSE, 2,122 shares rose and 1,309 shares fell. A total of 159 shares were unchanged.

Results Today:

Mahindra and Mahindra (down 0.18%), GAIL (India) (up 0.20%), Vodafone Idea (up 1.29%), Biocon (down 1.32%), Container Corporation of India (up 0.80%), Crompton Greaves Consumer Electricals (down 0.55%), Endurance Technologies (down1.06%), Hindustan Aeronautics (up 1.25%), Infibeam Avenues (down 0.37%), Krishna Institute of Medical Sciences (0.85%), Info Edge (India) (up 0.07%), Texmaco Rail & Engineering (up 2.19%), Triveni Turbine (up 2.97%), and Wonderla Holidays (1.02%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Realty index added 1.01% to 974.75. The index jumped 4.22% in the four trading sessions.

Oberoi Realty (up 7.04%), Phoenix Mills (up 1.84%), Mahindra Lifespace Developers (up 1.61%), DLF (up 1.35%), Sunteck Realty (up 1.26%), Godrej Properties (up 1.05%), Sobha (up 0.95%), Brigade Enterprises (up 0.64%) and Macrotech Developers (up 0.46%) edged lower.

On the other hand, Prestige Estates Projects (down 1.15%) slipped.

Stocks in Spotlight:

Indian Energy Exchange gained 1.58% after the company�s consolidated net profit rose 9.45% to Rs 96.69 crore in the quarter ended March 2024 as against Rs 88.34 crore during the previous quarter ended March 2023. Sales rose 13.31% to Rs 121.28 crore in the quarter ended March 2024 as against Rs 107.03 crore during the previous quarter ended March 2023.

CMS Info Systems rallied 2.52% after the company�s consolidated net profit rose 14.38% to Rs 91.42 crore in the quarter ended March 2024 as against Rs 79.93 crore during the previous quarter ended March 2023. Sales rose 25.06% to Rs 627.08 crore in the quarter ended March 2024 as against Rs 501.44 crore during the previous quarter ended March 2023.

JK Cement added 0.64%. The company re-appointed Raghavpat Singhania as Managing Director for a five-year term starting June 17, 2025.

PSP Projects jumped 5.13% after the company settled a dispute with Surat Diamond Bourse, agreeing to a phased payment of Rs 170 crore to complete the Rs 1,960 crore project.

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