NIFTY HOLDS 22,550 MARK; REALTY SHARES RALLY

The frontline indices traded with minor gains in mid-morning trade. The Nifty traded above the 22,550 mark. Realty shares advanced after declining in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 105.07 points or 0.14% to 74,052.60. The Nifty 50 index added 24.20 points or 0.11% to 22,553.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.10% and the S&P BSE Small-Cap index added 0.14%.

The market breadth was negative. On the BSE, 1,797 shares rose and 1,835 shares fell. A total of 143 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Awfis Space Solutions received 44,59,767 bids for shares as against 86,29,670 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (22 May 2024). The issue was subscribed 0.52 times.

The issue opened for bidding on Wednesday (22 May 2024) and it will close on Monday (27 May 2024). The price band of the IPO is fixed between Rs 364 to Rs 383 per share. An investor can bid for a minimum of 39 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index gained 1.21% to 1,016.85. The index shed 0.01% in the past trading session.

Macrotech Developers (up 4.49%), Phoenix Mills (up 4.45%), Sobha (up 1.05%), Godrej Properties (up 1.01%), Oberoi Realty (up 0.63%) and Mahindra Lifespace Developers (up 0.16%) advanced.

On the other hand, Brigade Enterprises (down 1.67%), Prestige Estates Projects (down 0.86%) and Sunteck Realty (down 0.63%) edged lower.

Stocks in Spotlight:

Bharat Heavy Electricals (BHEL) dropped 4.50% to Rs 304.85 after the heavy electrical equipment manufacturer`s net profit declined by 24.92% to Rs 484.36 in Q4 FY24 as compared with Rs 645.13 crore posted in Q4 FY23. The company�s net sales rose 0.83% to Rs 7,883.88 crore in the quarter ended 31 March 2024 as compared to Rs 7,819.37 crore recorded in Q4 FY24.

Sheela Foam shed 0.09%. The company`s consolidated net profit of jumped 49.48% to Rs 64.62 crore in the quarter ended March 2024 as against Rs 43.23 crore during the previous quarter ended March 2023. Sales rose 15.93% to Rs 845.15 crore in the quarter ended March 2024 as against Rs 729.04 crore during the previous quarter ended March 2023.

Global Markets:

Asian stocks were traded mixed on Wednesday. Investors, on edge, held onto hope that tech giant Nvidia could deliver on lofty expectations. However, concerns lingered regarding potential interest rate increases by both the US Federal Reserve and the Bank of England.

The release of the Federal Reserve meeting minutes later today is expected to reaffirm the possibility of a rate cut. Nevertheless, policymakers require further assurance that inflation is definitively on a downward path before implementing such a move.

UK inflation figures, also due out today, could sway the Bank of England`s decision on rate adjustments. This data may determine whether they choose to ease rates in June or postpone it until August.

US stocks ended Tuesday with modest gains in the absence of significant market movers. All three major indexes rose, with the S&P 500 and Nasdaq reaching all-time closing highs in anticipation of both Nvidia`s earnings report and the release of the Fed meeting minutes.

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