Indices sharply come off the day`s high; realty stocks in demand
Published on Jul 07, 2022 14:28
The key equity benchmarks sharply came off the day`s high in mid-afternoon trade. The Nifty traded below the 16,100 mark after hitting the day`s high at 16,143.25 in afternoon trade. Realty shares extended gains for second day in a row. Trading was volatile due to expiry of weekly index options on the NSE today.
At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 332.42 points or 0.62% to 54,083.39. The Nifty 50 index added 96.40 points or 0.60% to 16,086.20.
The broader market outperformed the domestic equity benchmarks. The S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index gained 0.92%.
Buyers outnumbered sellers. On the BSE, 2,137 shares rose and 1098 shares fell. A total of 149 shares were unchanged.
Investors continued to assess the minutes from the US Fed`s June meeting which showed the central bank`s determination to tackle inflation. Concerns of a potential global recession raised fears of a sharp decline in global oil demand.
Numbers to Track:
The yield on India`s 10-year benchmark federal paper rose to 7.343% as compared with 7.294% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 79.2450, compared with its close of 78.9400 during the previous trading session.
MCX Gold futures for 5 August 2022 settlement added 0.29% to Rs 50,644.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 107.01.
In the commodities market, Brent crude for September 2022 settlement lost 11 cents or 0.11% at $100.58 a barrel.
The Nifty Realty index rose 1.83% to 408.10. The index has added 4.15% in two sessions.
Sobha (up 8.18%), Indiabulls Real Estate (up 5.09%), Phoenix Mills (up 4.26%), Prestige Estates Projects (up 2.46%) and Godrej Properties (up 1.73%) were the top index gainers.
Among the other gainers were DLF (up 1.33%), Brigade Enterprises (up 1.05%), Sunteck Realty (up 0.8%), Oberoi Realty (up 0.5%) and Macrotech Developers (up 0.3%).
Stocks in Spotlight:
G M Breweries shed 0.11%. The company said its net profit jumped 38.8% to Rs 16.16 crore on 103.8% increase in revenue to Rs 142.02 crore in Q1 FY23 over Q1 FY22.
Glenmark Pharmaceuticals rose 0.42%. The global pharmaceutical companysaid today announced the launch of sitagliptin and its fixed dose combinations (FDCs) for adults with Type-2 diabetes in India.
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