Nifty hovers above 21,800; Sensex jumps 678 pts; realty shares rise

The key equity barometers continued to trade in a narrow range with strong gains in early afternoon trade. The Nifty hovered above 21,800 levels. Realty shares advanced after declining in the past trading session.

At 12.30 IST, the barometer index, the S&P BSE Sensex, was up 678.38 points or 0.95% to 72,399.56. The Nifty 50 index added 179.90 points or 0.83% to 21,827.10.

The benchmark Nifty 50 index hit a fresh all-time high at 21,848.20 in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index added 0.35% and the S&P BSE Small-Cap index gained 0.66%.

The market breadth was positive. On the BSE, 2,216 shares rose and 1,545 shares fell. A total of 105 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.88% to 12.88. The Nifty 25 January 2024 futures were trading at 21,870.60, at a premium of 43.5 points as compared with the spot at 21,827.10.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 29.8 lakh contracts at the 22,000 strike price. Maximum Put OI of 43.5 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Realty advanced 2.25% to 884.90. The index shed 0.14% in the past trading session.

Macrotech Developers (up 5.69%), Phoenix Mills (up 2.6%), Brigade Enterprises (up 1.61%), Prestige Estates Projects (up 1.58%), Mahindra Lifespace Developers (up 1.49%), Sobha (up 1.43%), Godrej Properties (up 1.38%), DLF (up 1.17%), Oberoi Realty (up 1.05%) edge higher.

Stocks in Spotlight:

Knowledge Marine & Engineering Works shed 0.84%. The company has acquired a trailing suction hopper dredger River Pearl 18, which is empowered for sand mining contracts in Bahrain.

RPSG Ventures rallied 3.91% after the company said that its board will meet on 17 January 2024 to consider the proposal for raising of funds by way of issue of one or more instruments/ securities and determination of issue price thereof as may be permitted under applicable laws

Container Corporation of India (Concor) declined 1.85%. The company reported 6.05% increase in total throughput to 11,50,808 twenty-foot equivalent units (TEUs) in Q3 FY24 as compared with 10,85,154 TEUs recorded in Q3 FY23.

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