Indices erase early gains, realty shares advance

The frontline indices pared early gains and traded with limited losses in morning trade. The Nifty traded near the 19,100 level after hitting the day�s high of 19,233.70 in early trade. Realty extended gains for the third day in a row.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 126.40 points or 0.20% to 63,986.25. The Nifty 50 index shed 37.70 points or 0.20% to 19,103.20.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index gained 0.40%.

The market breadth is positive, On the BSE, 1,876 shares rose and 1,357 shares fell. A total of 158 shares were unchanged.

Results Today:

Adani Total Gas (up 1.07%), Bharti Airtel (down 1.09%), Larsen and Toubro (down 0.09%), Indian Oil Corporation (up 0.02%), Tata Consumer Products (up 0.32%), GAIL (down 1.43), Mankind Pharma (down 0.35%), Jindal Steel and Power (down 1.94%), Star Health and Allied Insurance Company (down 0.30%), Vedant Fashions (up 1.02%), Max Financial Services (up 0.63%), Motherson Sumi Wiring India (up 0.87%), KEI Industries (down 2.63%), Ajanta Pharma (up 1.46%), Five-Star Business Finance (up 1.97%), Gillette India (up 0.25%), Navin Fluorine International (up 0.93%), Mangalore Refinery and Petrochemicals (down 0.76%), Capri Global Capital (up 0.83%), Birlasoft (up 0.10%), Kaynes Technology India (up 0.36%), V-Guard Industries (down 1.01%), Nuvoco Vistas Corporation (up 0.68%), Aether Industries (up 0.73%), C.E. Info Systems (down 0.55%), RITES (up 0.64%), Amara Raja Batteries (down 1.61%), Vardhman Textiles (up 0.83%), Praj Industries (up 0.24%), Gravita India (up 1.66%), Paradeep Phosphates (up 2.25%), Arvind (up 3.12%), Thyrocare Technologies (down 0.32%), CARE Ratings (up 1.22%), Dhampur Sugar Mills (down 0.58%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Realty index rose 1.24% to 602.85. The index jumped 5.42% in three trading sessions.

Macrotech Developers (up 2.95%), Sobha (up 1.98%), Mahindra Lifespace Developers (up 1.19%), Godrej Properties (up 1.08%), DLF (up 0.99%), Swan Energy (up 0.9%), Oberoi Realty (up 0.89%), Phoenix Mills (up 0.16%) edged higher.

DLF rose 0.99%. The company reported consolidated net profit of Rs 621.89 crore in Q2 FY24 from Rs 477.20 crore in Q2 FY23. Total income rose to Rs 1476.42 crore as against Rs 1360.30 crore in Q2 of last year.

Earnings Impact:

Marico added 0.46%.The FMCG major reported 17.26% consolidated net profit of Rs 360 crore in Q2 FY24 from Rs 307 crore in Q2 FY23 recording the growth of 17.26%. Revenue from operations declined 0.8% to Rs 2,476 crore in Q2 FY24 as against Rs 2,496 crore in Q2FY23, with underlying volume growth of 3% in the domestic business and constant currency growth of 13% in the international business.

APL Apollo Tubes declined 1.25%. The company has reported 35% rise in consolidated net profit to Rs 202.9 crore in Q2 FY24 from Rs 150.2 crore in Q2 FY23. Net revenue increased by 17% year-over-year to Rs 4,630.4 crore during the period under review. Sales volume for the second quarter was 675 thousand tons as compared with 602 thousand tons recorded in the corresponding period last year, up 12% YoY.

Castrol India shed 0.36%. The company reported 4% rise in net profit to Rs 194.42 crore in the third quarter ended 30 September 2023 from Rs 187.17 crore recorded in the same period last year. For the quarter from July to September 2023, the company registered a 6% year-on-year increase in revenue from operations, growing to Rs 1,183 crore from Rs 1,121 crore in 3Q 2022.

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