Nifty hovers at 16,900; breadth strong

The benchmark indices traded in a range with strong gains during mid afternoon trade. All the sectoral indices on the NSE were in the green. The Nifty hovered tad below 16,900 level.

At 14:26 IST, the barometer index, the S&P BSE Sensex, rose 794.40 points or 1.42% at 56,571.25. The Nifty 50 index gained 235.95 points or 1.42% at 16,898.70.

Broader markets traded with major gains. The S&P BSE Mid-Cap index added 1.53% while the S&P BSE Small-Cap index rose 1.29%.

Buyers outnumbered sellers. On the BSE, 2,244 shares rose and 1,089 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty Realty index surged 3.13% to 434.9, snapping its two day losing run. The realty index saw bargain hunting after declining 2% in two days.

DLF (up 4.05%), Indiabulls Real Estate (up 3.83%), Prestige Estates Projects (up 3.72%), Godrej Properties (up 3.35%) and Sobha (up 3.29%) were the top gainers. Among the other gainers were Oberoi Realty (up 2.66%), Sunteck Realty (up 2.12%), Brigade Enterprises (up 2%) and Phoenix Mills (up 1.15%).

Macrotech Developers (MDL) gained 2.1% after Moody`s Investors Service upgraded the company`s corporate family rating (CFR) to `B2` from `B3`. Moody`s has also upgraded the credit rating of the USD senior notes issued by Lodha Developers International, Macrotech`s subsidiary, to `B2` from `B3`. The outlook on the ratings remains positive.

Stocks in Spotlight:

Unichem Laboratories advanced 3.52% after the drug maker said it received ANDA approval for its Nebivolol tablets from the drug regulator, USFDA to market a generic version of Bystolic (Nebivolol) tablets of Allergan Sales. Nebivolol tablets are indicated for the treatment of hypertension. The product will be commercialized from Unichem`s Ghaziabad plant in Uttar Pradesh.

Tata Communications surged 4.3% after the company announced a multi-year strategic collaboration with Formula 1. Under the collaboration, Tata Communications will function as the official broadcast connectivity provider of Formula 1. Tata Communications will empower Formula 1 with global end-to-end managed network services for video contribution.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.815% as compared with 6.821% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.245, compared with its close of 76.62 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.39% to Rs 51,362.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.38% to 98.685.

In the commodities market, Brent crude for May 2022 settlement rose $2.81 to $102.72 a barrel.

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