Nifty above 21,600 level, broader mkt rallies

The frontline indices traded with modest gains in morning trade. The Nifty traded above the 21,600 level. Realty shares jumped for the second consecutive trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 405.94 points or 0.57% to 71,762.54. The Nifty 50 index added 116.45 points or 0.54% to 21,633.80.

The broader market outperformed the local indices. the S&P BSE Mid-Cap index gained 1.08% and the S&P BSE Small-Cap index rose 1%.

The market breadth was strong. On the BSE, 2,641 shares rose and 898 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty Realty index jumped 4.94% to 826.90. The index rallied 6.22% in two trading sessions.

Sobha (up 12.01%), Brigade Enterprises (up 8.13%), Macrotech Developers (up 5.42%), Godrej Properties (up 4.22%), Prestige Estates Projects (up 4.18%), DLF (up 3.95%), Mahindra Lifespace Developers (up 3.63%), Oberoi Realty (up 3.5%), Phoenix Mills (up 1.38%) and Swan Energy (up 0.92%) edged higher.

Stocks in Spotlight:

Satin Creditcare Network rallied 3.27% after the microfinance lender announced that its board will meet on Monday, 8 January 2024 to consider raising of funds by issuing non-convertible debentures (NCDs) on private placement basis.

Chambal Fertilisers and Chemicals rose 0.72% after the meeting of the Board of Directors of the company is scheduled on 08 January 2024 to consider and approve a proposal to buyback equity shares of the company.

IndusInd Bank`s advanced 2.09% after the bank reported a robust 20% year-over-year (YoY) growth in net advances to Rs 3.26 lakh crore for the quarter ended 31 December 2023.

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