Partner With Us NRI

Indices trade near the flat line; realty shares tumble

Published on May 18, 2023 14:38

The domestic equity indices reversed gains and slipped into the negative terrain in mid-afternoon trade. The Nifty traded below the 18,200 level after hitting day`s high of 18,297.20 in early trade. Trading was volatile due to expiry of weekly index options on the NSE.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down points or 0.02% to 61,547.36. The Nifty 50 index lost 27.75 points or 0.12% to 18,160.

In the broader market, the S&P BSE Mid-Cap index shed 0.39% while the S&P BSE Small-Cap index fell 0.14%.

The market breadth was negative. On the BSE, 1,651 shares rose and 1,755 shares fell. A total of 142 shares were unchanged.

U.S. President Joe Biden and the US congressional Republican Kevin McCarthy reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose to 6.982 as compared with previous close of 6.972.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.55, compared with its close of 82.37 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement declined 0.20% to Rs 60,026.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.21% to 103.10.

The United States 10-year bond yield advanced 0.16% to 3.598.

In the commodities market, Brent crude for July 2023 settlement declined 30 cents or 0.39% to $76.66 a barrel.

Buzzing Index:

The Nifty Realty declined 2.64% to 453.50, the index slipped 4.01% in three trading session.

Godrej Properties (down 5.55%), Brigade Enterprises (down 3.81%), Macrotech Developers (down 2.78%), Sobha (down 2.47%) and Prestige Estates Projects (down 2.34%) were the top losers.

Among the other losers were Oberoi Realty (down 2.18%), Indiabulls Real Estate (down 1.79%), DLF (down 1.73%), Phoenix Mills (down 0.7%).

Stocks in Spotlight:

Clean Science & Technology fell 0.60%. The company reported 29.48% jump in net profit to Rs 80.91 crore in Q4 FY23 as compared with Rs 62.49 crore in Q4 FY22. Revenue from operations increased 5.99% to Rs 216.85 crore in Q4 FY23 as compared with Rs 204.60 crore in corresponding quarter last year.

M.M.Forgings declined 3.04%. The company reported a consolidated net profit to Rs 30.79 crore in Q4 FY23, which is significantly higher as compared with Rs 8.41 crore in Q4 FY22.

Sandur Manganese & Iron Ores rallied 7.51%. the company`s consolidated net profit declined 26.2% to Rs 173.89 crore on 15.2% fall in net sales to Rs 607.71 crore in Q4 FY23 over Q4 FY22.

Powered by Capital Market - Live News