Indices trade near flat line; realty stocks gain

The headline equity indices traded near the flat line with some negative bias in mid-afternoon trade. The Nifty managed to hold above the 20,050 mark. Realty shares advanced after declining in the previous trading session. Trading was volatile due to November F&O series expires today.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 53.03 points or 0.08% to 66,848.88. The Nifty 50 index lost 7.50 points or 0.04% to 20,089.10.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.56% while the S&P BSE Small-Cap index advanced 0.75%.

The market breadth was positive. On the BSE, 1,846 shares rose, and 1,830 shares fell. A total of 145 shares were unchanged.

Market valuation of BSE-listed companies crossed a record $4 trillion for the first time on November 29, on the back of positive market sentiment in Indian equities. FIIs turning buyers for five days in a row and DIIs buying aggressively have aided this strong trend. However, this rally has stretched the valuations of domestic equities significantly, pushing India�s market cap GDP ratio to 1.2.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.23% to 7.269 as compared with previous close 7.252.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3875, compared with its close of 83.3250 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.05% to Rs 62,575.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.40% to 103.18.

The United States 10-year bond yield advanced 0.09% to 4.274.

In the commodities market, Brent crude for January 2024 settlement rose 29 cents or 0.35% to $83.39 a barrel.

Buzzing Index:

The Nifty Realty index rose 1.45% to 713.65. The index declined 0.50% in the past trading session.

Prestige Estates Projects (up 8.56%), Macrotech Developers (up 5.33%), Brigade Enterprises (up 4.75%), Sobha (up 2.55%), Godrej Properties (up 0.97%), Phoenix Mills (up 0.71%) and Swan Energy (up 0.12%) gained.

On the other hand, DLF (down 1.98%), Oberoi Realty (down 0.17%) and Mahindra Lifespace Developers (down 0.09%) edged lower.

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