Equity benchmarks turn red; broader markets tumble

The benchmarks indices pared all gains and turned red, as they traded with limited losses in mid-morning trade. The Nifty traded tad above the 16,950 mark. Realty stocks extended their downfall for seventh consecutive session.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 16.45 points or 0.03% to 57,637.41. The Nifty 50 index lost 32.25 points or 0.19% to 16,953.45.

In the broader market, the S&P BSE Mid-Cap index fell 0.53% while the S&P BSE Small-Cap index was declined 0.72%.

The market breadth was positive. On the BSE, 1,002 shares rose and 2,263 shares fell. A total of 136 shares were unchanged.

Buzzing Index:

The Nifty Realty index declined 0.40% to 375.05. The index has fallen 5.05% in seven sessions.

Sunteck Realty (down 3.38%), Indiabulls Real Estate (down 2.43%), Phoenix Mills (down 2.14%), Sobha (down 1.43%) and Prestige Estates Projects (down 1.37%) were the top losers.

Further, Brigade Enterprises (down 0.57%), DLF (down 0.4%), Oberoi Realty (down 0.33%) and Godrej Properties (down 0.03%) edged lower.

Stocks in Spotlight:

Carysil rose 3.23%. The company renewed contract with US-based Karran Inc. for supplying quartz kitchen sink worth about $68 million over the period of five years.

Paras Defence and Space Technologies added 2.03%. The company said it has secured regulatory license for establishing an industrial undertaking to manufacture certain industrial items.

Gujarat Ambuja Exports (GAEL) advanced 1.32%. The company announced commissioning of 1200 tons per day Maize processing greenfield project at Malda in West Bengal.

Global Markets:

Asian stocks are largely advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.

Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

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