NIFTY NEAR 24,350; REALTY SHARES RALLY FOR 3RD DAY

The key equity indices traded in a narrow range with minor gains in early afternoon trade. The Nifty traded near the 24,350 mark. Realty shares extended gains for the third day in a row. Trading was volatile due to weekly F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex was up 222.64 points or 0.28% to 80,212.46. The Nifty 50 index rose 61.55 points or 0.25% to 24,348.05.

The Sensex and Nifty clocked an all-time high of 80,392.64 and 24,401, respectively in morning trade. Further, the Nifty Bank also hits record high at 53,357.70 in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.61% and the S&P BSE Small-Cap index rose 0.68%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 47,094.88 and 53,811.79, respectively.

The market breadth was positive. On the BSE, 2,219 shares rose and 1,581 shares fell. A total of 112 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 1.45% to 13.01. The Nifty 25 July 2024 futures were trading at 24,407.05, at a premium of 59 points as compared with the spot at 24,348.05.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 32.5 lakh contracts at the 25,000 strike price. Maximum Put OI of 46.3 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Realty index rose 0.61% to 1,120.60. The index added 1.77% in the three consecutive trading session.

Brigade Enterprises (up 2.54%), Sobha (up 1.85%), Mahindra Lifespace Developers (up 1.25%), Phoenix Mills (up 0.96%), Macrotech Developers (up 0.3%), Godrej Properties (up 0.19%), Oberoi Realty (up 0.08%) edged higher.

On the other hand, Prestige Estates Projects (down 0.19%), DLF (down 0.15%) and Sunteck Realty (down 0.06%) declined.

Brigade Enterprises advanced 2.54% after the company announced the signing of a joint development agreement (JDA) for a residential project at West Bangalore�s Tumkur Road.

Stocks in Spotlight :

Vedanta rose 0.23%. The diversified minerals company informed that its total aluminum production rose 3% to 5,96,000 tonnes in Q1 FY25, on account of better operational performance.

GE T&D India was locked in 5% upper circuit after the company announced the receipt of an international order from Grid Solutions SAS, France, worth 64 million Euros (approximately Rs 576.43 crore).

Bajaj Finance declined 1.15%. The NBFC announced that its new loans booked increased by 10% to 10.97 million in Q1 FY25 as compared to 9.94 million recorded in Q1 FY24.

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