NIFTY ABOVE 25,700 LEVEL; REALTY SHARES RALLY

The key benchmark indices continued to trade with substantial gains in early afternoon trade. The Nifty traded above the 25,700 level and Sensex crossed 84,000 mark. Realty shares advanced for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, climbed 937.75 points or 1.11% to 84,108. The Nifty 50 index advanced 285.35 points or 1.12% to 25,701.15.

The Sensex and Nifty clocked an all-time high of 84,248.69 and 25,726.65, respectively in early afternoon trade. Further, the Nifty Bank also hit a life high of 53,639.65.

In the broader market, the S&P BSE Mid-Cap index added 0.71% and the S&P BSE Small-Cap index advanced 1.07%.

The market breadth was strong. On the BSE, 2,465 shares rose and 1,333 shares fell. A total of 145 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, gained 2.60% to 12.80. The Nifty 26 September 2024 futures were trading at 25,685, at a discount of 16.15 points as compared with the spot at 25,701.15

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 84.9 lakh contracts at the 27,000 strike price. Maximum Put OI of 127.3 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.24% to 1,082.30. The index jumped 1.74% in two consecutive trading sessions.

Macrotech Developers (up 3.99%), DLF (up 2.04%), Brigade Enterprises (up 1.51%), Sunteck Realty (up 1.1%), Sobha (up 1.1%) and Godrej Properties (up 0.07%) advanced.

On the other hand, Phoenix Mills (down 1.04%), Oberoi Realty (down 0.14%) and Prestige Estates Projects (down 0.1%) edged lower.

The Phoenix Mills (PML) declined 1.04%. The company has announced that its wholly owned subsidiary, Casper Realty, has been declared the highest bidder for two prime city-centric plots in Mohali, Punjab.

Stocks in Spotlight:

IDFC First Bank added 0.08%. The bank has announced that the Reserve Bank of India (RBI) has granted approval for the re-appointment of V. Vaidyanathan as the managing director and chief executive officer (MD & CEO) of the bank for three years.

Balkrishna Industries rose 0.11%. The company said that it has completed the capex for 30,000 MTPA of high value of advanced carbon material and commissioned the plant.

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