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Nifty tad below 17,700; Sensex adds 108 pts

Published on Aug 12, 2022 11:33

The benchmark indices traded with decent gains in the mid-morning trade. The Nifty traded a tad below the 17,700 mark after hitting day`s low at 17,597.85 in the early trade. Realty stocks rise for the second day.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 108.82 points or 0.18% to 59, 441.42. The Nifty 50 index rose 35.40 points or 0.20% to 17,694.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.63%.

The market breadth was positive. On the BSE, 1,895 shares rose and 1,265 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 1.46% to 446.85. The index rose 2.7% in two trading sessions.

Among the components of the Nifty Realty index, Prestige Estates Projects (up 3.2%), Phoenix Mills (up 3.02%), Brigade Enterprises (up 2.75%), Macrotech Developers (up 2.48%) and Sobha (up 0.7%) were the top gainers.

Among the other gainers were DLF (up 0.4%), Oberoi Realty (up 0.38%), Indiabulls Real Estate (up 0.14%), Sunteck Realty (up 0.1%) and Godrej Properties (up 0%).

Stocks in Spotlight:

Ashoka Buildcon rose 1.18% after the company said it received letter of intent for a Rs 254.50 crore residential project in Kalyan. The company had submitted its bid to Provident Housing for a project entailing civil and structural finishes work for Provident Palmvista Residential Project at Kalyan.

The Phoenix Mills jumped 3.36% after the company reported consolidated net profit of Rs 718.70 crore in Q1 June 2022 as against net loss of Rs 26.20 crore in Q1 June 2021. Net sales rose 181.21% to Rs 574.39 crore in Q1 June 2022 over Q1 June 2021. The company`s revenue from property & related services surged 159.79% YoY to Rs 478.45 crore. Revenue from hospitality services soared 533.62% to Rs 95.93 crore.

Bata India rose 0.12%. On a consolidated basis, Bata India reported a net profit of Rs 119.37 crore in Q1 FY23 as against a net loss of Rs 69.48 crore in Q1 FY22. The shoemaker reported revenue from operations of Rs 943.02 crore in the quarter ended 30 June 2022, steeply higher than Rs 267.05 crore recorded in the same period last year, it`s the highest ever quarterly sales, showcasing significant momentum across all sales channels.

Global markets:

Asian stocks were trading mixed on Friday following strong gains in the previous session as investors digested the U.S. inflation report.

US stocks struggled for direction on Thursday before closing mixed. The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67, while the S&P 500 slid 2.97 points, or 0.07%, to 4,207.27 and the Nasdaq Composite dropped 74.89 points, or 0.58%, to 12,779.91.

US producer prices unexpectedly fell in July amid a drop in the cost for energy products. The producer price index for final demand declined 0.5% last month, the first negative monthly reading since April 2020, the Labor Department said on Thursday. The PPI climbed 1.0% in June. In the 12 months through July, it increased 9.8% after advancing 11.3% in June.

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