Indices trade at day`s high; realty stocks rally

Benchmark indices further extended gains and hit fresh intraday high in mid morning trade. The Nifty traded above the 18,150 level. Realty, banks and financial stocks were in demand while pharma and IT shares declined.

At 11:26 IST, the barometer index, the S&P BSE Sensex, added 477.58 points or 0.79% at 61,094.59. The Nifty 50 index rallied 130.95 points or 0.73% at 18,186.75.

RIL (up 2.72%), Bajaj Finance (up 2%), Kotak Mahindra Bank (up 1.56%) and Bajaj Finserv (up 1.42%) boosted indices higher.

In the broader market, the S&P BSE Mid-Cap index added 0.56% while the S&P BSE Small-Cap index rallied 0.6%.

The market breadth was strong. On the BSE, 2,104 shares rose and 1226 shares fell. A total of 84 shares were unchanged.

Results Today:

IT majors Infosys (up 1.13%), Tata Consultancy Services (down 0.71%) and Wipro (down 0.39%) will release their December quarter earnings today, 12 January 2022.

Buzzing Index:

The Nifty Realty index added 2% to 508, extending its winning run to fourth consecutive trading session. The realty index added 4.6% in four days.

Prestige Estate (up 4.7%), Oberoi Realty (up 3.45%), Sobha (up 2.25%), DLF (up 2.23%), Godrej Properties (up 2%) and Sunteck Realty (up 1.83%) and Indiabulls Real Estate (up 1.57%) were top gainers in realty space.

Stocks in Spotlight:

Delta Corp rose 3.25% to Rs 291.90 after the company reported consolidated net profit of Rs 70.38 crore in Q3 FY22 steeply higher than net profit of Rs 1.28 crore in Q3 FY21. Net sales surged 104.62% to Rs 247.22 crore in (Q3 FY22 over Q3 FY21. The income from casino gaming division surged 523.35% to Rs 249.65 crore in Q3 FY22 as against Rs 40.05 crore in Q2 FY22. The revenue from hospitality division fell 77.89% to Rs 22.29 crore from Rs 12.53 crore in the previous quarter. The income from online skill gaming division stood at Rs 35.71 crore in Q3 FY22, lower than Rs 40.45 crore in Q2 FY22 and Rs 42.33 crore in Q3 FY21.

Federal Bank rose 1.92% to Rs 98.35 after the bank said it has decided to divest stake in wholly-owned subsidiary Fedbank Financial Services (Fedfina). The board of Fedbank Financial Services, a subsidiary of Federal Bank, at its meeting on 11 January 2022, approved initiating the process of an initial public offering by the way of fresh issue and offer for sale.

Global Markets:

Asian stocks advanced on Wednesday as U.S. markets rallied overnight as comments from the Fed chief appeared to reassure investors.

US stock indices rose on Tuesday as investors were relieved that Federal Reserve Chair Jerome Powell`s testimony to Congress did not include any major surprises.

Fed Chair Jerome Powell testified before a Senate committee on Tuesday as part of his re-confirmation process. Powell said that he expected a normalized supply chain to help ease inflation pressures in 2022 but said the Fed would not be afraid to hike rates further than projected if inflation remains high.

The World Bank Tuesday cut growth forecasts for the U.S., the Euro zone as well as China. It warned that high debt levels, rising income inequality and new coronavirus variants threatened the recovery in developing economies.

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