Nifty below 21,600; Realty shares advance

The key equity indices traded with deep cuts in mid-afternoon trade. The Nifty traded below the 21,600 level after hitting day�s high of 21,813.05 in early trade. Realty shares extended gains for the fourth consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 552.74 points or 0.77% to 71,388.83. The Nifty 50 index lost 153.90 points or 0.71% to 21,583.70.

In the broader market, S&P BSE Mid-Cap index shed 0.30% and the S&P BSE Small-Cap index rose 0.43%.

The market breadth was positive. On the BSE, 2,029 shares rose and 1,744 shares fell. A total of 101 shares were unchanged.

Buzzing Index:

The Nifty Realty advanced 1.37% to 845.35. The index jumped 3.57% in the four trading sessions.

DLF (up 3.46%), Sobha (up 3.03%), Phoenix Mills (up 2.62%), Swan Energy (up 2.26%), Brigade Enterprises (up 1.73%), Mahindra Lifespace Developers (up 0.7%), Macrotech Developers (up 0.57%), Prestige Estates Projects (up 0.31%) and Oberoi Realty (up 0.16%).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.18% to 7.158 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1250, compared with its close of 83.1600 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.48% to Rs 62,485.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was fell 0.07% to 103.53.

The United States 10-year bond yield dropped 0.88% to 4.056.

In the commodities market, Brent crude for February 2024 settlement declined 19 cents or 0.23% to $81.64 a barrel.

Stocks in Spotlight:

Servotech Power Systems was locked in 5% upper circuit at Rs 86.30 after the company said that it has bagged a major order of 1,800 DC fast EV chargers from Bharat Petroleum Corporation (BPCL).

Datamatics Global Services advanced 2.10% after the company said its TruBot robotic process automation solution secured a two-year framework contract from NHS Shared Business Services, UK

UTI Asset Management Company rallied 4.64% after the company�s consolidated net profit in Q3 FY24 nearly tripled to Rs 186 crore, compared to Rs 60 crore in the same period last year. This strong growth in profitability was fueled by a 52% year-over-year jump in total revenue to Rs 449 crore during the period under review. Core income for the October-December 2023 quarter stood at Rs 290 crore, up 2% YoY.

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