Key barometers trade with minor gains; realty shares advance

Key equity benchmarks traded with some minor gains in early afternoon trade. The Nifty traded above 18,550 mark after hitting day`s low of 18,514.40 in early trade. Realty shares witnessed some bit of value buying for second consecutive session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 52.94 points or 0.08% to 62,675.18. The Nifty 50 index added 20.60 points or 0.11% to 18,555.

In the broader market, the S&P BSE Mid-Cap index rose 0.35% while the S&P BSE Small-Cap index advanced 0.75%.

The market breadth was strong. On the BSE, 2210 shares rose and 1173 shares fell. A total of 155 shares were unchanged.

Economy:

The Central government`s NSO office on Wednesday released India`s Gross Domestic Product (GDP) data for the January-March quarter (Q4FY2023). In Q4FY23, GDP growth was at 6.1% compared to 4.4% growth rate witnessed in Q3. Overall, the growth in FY23 fiscal is better-than-expected to 7.2%. However, the FY23 growth has slowed down from 9.5% growth in FY22.

The government`s fiscal deficit narrowed to Rs 17.33 trillion or 6.4% of GDP for the financial year ended March 2023 compared with the previous financial year, on the back of higher tax receipts. Official data released on Wednesday showed that the deficit was lower than the revised estimate of Rs 17.55 trillion given in the Union Budget 2023.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slumped 3.46% to 11.56. The Nifty 29 June 2023 futures were trading at 18,610, at a premium of 55 points as compared with the spot at 18,555.

The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 38.7 lakh contracts at the 19,000 strike price. Maximum Put OI of 49.8 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Realty index advanced 1.39% to 485.45. The index has jumped 2.16% in two trading sessions.

Sobha (up 6.96%), Phoenix Mills (up 3.54%), Macrotech Developers (up 3.22%), Indiabulls Real Estate (up 2.08%), Godrej Properties (up 1.42%), Oberoi Realty (up 1.15%), Prestige Estates Projects (up 0.58%) and Brigade Enterprises (up 0.51%) advanced.

On the other hand, Mahindra Lifespace Developers (down 1.97%), DLF (down 0.05%) declined

Stocks in Spotlight:

Venus Remedies advance 0.78% after the company announced the receipt of a marketing authorisation from the largest market in the Gulf Cooperation Council (GCE) region for Docetaxel, a widely used chemotherapy drug.

Century Textiles & Industries rose 0.16% after the company said that the finance committee of the board has approved the allotment of 40,000 debentures with a face value of Rs 1 lakh each, aggregating to Rs 400 crore, on private placement basis.

Caplin Point Laboratories jumped 1.46%. The US Food and Drug Administration (USFDA) concluded the GMP and PAI inspection of wholly owned subsidiary, Caplin Steriles in its injectible site at Gummidipoondi, Tamil Nadu.

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