INDICES TRADE WITH MODEST GAINS; REALTY SHARES ADVANCE

The frontline indices traded with decent gains in mid-afternoon trade. The Nifty traded above the 24,600 level. Realty shares advanced after declining in the past three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 250.80 points or 0.31% to 80,770.15. The Nifty 50 index added 107.2 points or 0.44% to 24,609.35.

The Nifty 50 index index hit a fresh all-time high of Rs 24,635.05 in afternoon trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.84% and the S&P BSE Small-Cap index added 0.28%.

The market breadth was positive. On the BSE, 2,058 shares rose and 1,941 shares fell. A total of 126 shares were unchanged.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number came in at 3.36% (Provisional) for the month of June, as compared with 2.61% in the previous month of May 2024, according to the latest official data.

Positive rate of inflation in June, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc. The month over month change in WPI for the month of June, 2024 stood at 0.39% as compared to May, 2024.

Buzzing Index:

The Nifty Realty index rose 1.72% to 1,111.95. The index slipped 3% in the past three trading sessions.

Macrotech Developers (up 7.59%), Phoenix Mills (up 2.56%), Sunteck Realty (up 2.02%), Oberoi Realty (up 1.73%), Godrej Properties (up 1.4%) and DLF (up 1.27%) gained.

On the other hand, Brigade Enterprises (down 3.4%), Sobha (down 1.89%) and Mahindra Lifespace Developers (down 0.22%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.04% to 6.983 as compared with previous close 6.982.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.57, compared with its close of 83.51 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.05% to Rs 73,230.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 104.11.

The United States 10-year bond yield advanced 0.55% to 4.208.

In the commodities market, Brent crude for September 2024 settlement added 16 cents or 0.19% to $85.19a barrel.

Stocks in Spotlight:

Varun Beverages gained 2.30% after the company said that it has enetered into an exclusive snacks franchising appointment with PepsiCo Inc. to manufacture, distribute, and sell �Simba Munchiez� in the territory of Zimbabwe & Zambia.

Ganesh Housing Corporation slipped 6.53% after the company�s consolidated net profit declined 29.5% to Rs 113.83 crore on 20.82% fall in net sales to Rs 214.13 crore in Q1 FY25 over Q1FY24.

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