NIFTY SLIDES BELOW 24,650; REALTY SHARES UNDER PRESSURE

The key equity indices traded with modest losses in early afternoon trade. The Nifty traded below the 24,650 mark after hitting the day�s high of 24,854.80 in early trade. Realty shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 408.34 points or 0.50% to 80,939.78. The Nifty 50 index declined 160.15 points or 0.65% to 24,640.70

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 1.97% and the S&P BSE Small-Cap index declined 1.87%.

The market breadth was weak. On the BSE, 834 shares rose and 2,888 shares fell. A total of 103 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.25% to 14.69. The Nifty 25 July 2024 futures were trading at 24,651.25, at a premium of 10.55 points as compared with the spot at 24,640.70.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 80.4 lakh contracts at the 25,500 strike price. Maximum Put OI of 74.4 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Realty index declined 2.66% to 1,092.85. The index fell 2.89% in the two consecutive trading sessions.

Macrotech Developers (down 4.96%), Phoenix Mills (down 3.92%), Sobha (down 3.4%), DLF (down 3.24%) and Sunteck Realty (down 3.04%), Oberoi Realty (down 2.96%), Godrej Properties (down 2.5%), Mahindra Lifespace Developers (down 1.67%), Prestige Estates Projects (down 0.48%) and Brigade Enterprises (down 0.09%) edged lower.

Stocks in Spotlight :

South Indian Bank jumped 3.13% after the bank�s standalone net profit increased 45.35% to Rs 294.13 crore in Q1 FY25 as against Rs 202.35 crore recorded in Q1 FY24. Total income jumped 14.65% year on year to Rs 2,736.13 crore during the quarter.

Dee Development Engineers fell 1.82%. The company informed that it has bagged a purchase order worth Rs 6.33 crore from the Bharat Heavy Electricals (BHEL).

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