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Broader mkt rallies; realty shares rise for 7th day

Published on Apr 01, 2024 11:31

The domestic equity benchmarks traded with moderate gains in mid-morning trade. The Sensex and the Nifty, both, attained record high levels in morning trade. The Nifty traded above the 22,450 mark. Realty shares rallied for the seventh day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 415.32 points or 0.57% to 74,075.17. The Nifty 50 index gained 151.40 points or 0.68% to 22,478.30.

The Sensex clocked an all-time high of 74,254.62 while the Nifty hit record high of 22,529.95 in morning trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.42% and the S&P BSE Small-Cap index gained 2.33%.

The market breadth was strong. On the BSE, 3,080 shares rose and 610 shares fell. A total of 163 shares were unchanged.


India�s forex reserves rose $140 million during the week ended March 22 to touch its all-time high of $642.631 billion, according to the latest RBI data. This is the fifth consecutive week of a jump in the overall reserves.

For the week ended March 22, the foreign currency assets decreased by $123 million to $568.264 billion. Gold reserves rose $347 million to $51.487 billion during the week. The special drawing rights (SDRs) were down by $57 million to $18.219 billion, the RBI said.

India�s reserve position with the IMF was also down by $27 million to $4.662 billion in the reporting week, the RBI data showed.

Meanwhile, the combined Index of Eight Core Industries (ICI) increased by 6.7% (provisional) in February 2024 as compared to the Index of February 2023. The final growth rate of Index of Eight Core Industries for November 2023 is revised to 7.9%. The cumulative growth rate of ICI during April to February, 2023-24 is 7.7% (provisional) as compared to the corresponding period of last year.

Buzzing Index:

The Nifty Realty index advanced 3.68% 933.80. The index surged 12.61% in the seven trading sessions.

DLF (up 6.28%), Prestige Estates Projects (up 5.53%), Sunteck Realty (up 5.29%), Mahindra Lifespace Developers (up 4.08%) and Godrej Properties (up 3.88%), Oberoi Realty (up 3.23%), Brigade Enterprises (up 2.58%), Macrotech Developers (up 2.43%), Sobha (up 1.95%) and Phoenix Mills (up 0.98%) edged higher.

Stocks in Spotlight:

Indian Oil Corporation rose 1.07% after the company announced that it has signed a binding term sheet with Panasonic Energy Co. to draw a framework for formation of a JV for manufacturing cylindrical lithium-ion cells in India.

Veranda Learning Solutions rallied 5.10% after the company acquired 50% of equity shares in Tapasya Educational Institutions (TEIPL) through its subsidiary, Veranda XL Learning Solutions.

Rail Vikas Nigam (RVNL) gained 3.08% after the civil construction firm said that it has emerged as the lowest bidder (L1) for a project awarded by South Eastern Railway to upgrade electric traction system for Rs 148.26 crore.

Biocon rose 1.70% after the company has received an approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide (gSaxenda).

Global Markets:

Most of the Asian stocks traded higher on Monday as US inflation figures reaffirmed bets for the Federal Reserve to ease policy this year and China�s economic recovery gained momentum. Australian and Hong Kong markets are closed for Easter Monday.

China�s National Bureau of Statistics data showed that manufacturing activity expanded in March, with the purchasing managers index registering a reading of 50.8, compared to February�s reading of 49.1.

U.S. markets remained closed on Friday in observance of Good Friday. The core personal consumption expenditures price index rose 0.3% in February after climbing in the previous month, marking its biggest back-to-back gain in a year. The measure is up 2.8% from a year earlier.

Fed Chair Jerome Powell said Friday the central bank�s preferred gauge of inflation was �pretty much in line with our expectations.� Powell added that it wouldn�t be appropriate to lower rates until officials are sure inflation is in check. Investors are betting the US central bank will make that first cut in June, as per reports.

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