Sensex rises 104 pts; realty shares in demand

The benchmark indices traded with minor gains in mid-morning trade. The Nifty traded around the 22,250 mark. Realty shares rallied for the fourth day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 104.20 points or 0.14% to 73,262.44. The Nifty 50 index rose 31.40 points or 0.14% to 22,248.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index gained 0.52%.

The market breadth was positive. On the BSE, 2,190 shares rose and 1,498 shares fell. A total of 107 shares were unchanged.

Economy:

The Reserve Bank of India`s (RBI) monetary policy committee (MPC) expressed caution regarding inflation, according to the minutes of the MPC meeting released on 22nd February. The committee members, including RBI Governor Shaktikanta Das, highlighted concerns about uncertainty in food prices, citing it as a significant source of volatility for the overall inflation outlook. Governor Das also emphasised that geopolitical tensions and supply chain disruptions could further contribute to inflation risks.

Deputy Governor Michael Debabrata Patra emphasized the need for a restrictive monetary policy to maintain downward pressure on inflation while minimising the output costs of disinflation. Governor Das warned that recurring food price shocks could disrupt the ongoing disinflation process, posing risks of de-anchoring inflation expectations and generalising price pressures.

IPO Update:

The initial public offer (IPO) of GPT Healthcare received bids for 1,07,66,720 shares as against 1,97,63,327 shares on offer, according to stock exchange data at 11:30 IST on Friday (23 February 2024). The issue was subscribed 0.54 times.

The issue opened for bidding on Thursday (22 February 2024) and it will closed on Monday (26 February 2024). The price band of the IPO is fixed at Rs 176 to Rs 186 per share. An investor can bid for a minimum of 80 equity shares and in multiples thereof.

The IPO of Juniper Hotels received bids for 78,42,400 shares as against 2,89,47,367 shares on offer, according to stock exchange data at 11:30 IST on Friday (23 February 2024). The issue was subscribed 0.27 times.

The issue opened for bidding on Wednesday (21 February 2024) and it will closed on Friday (23 February 2024). The price band of the IPO is fixed at Rs 342 to Rs 360 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index rose 0.55% to 914.65. The index advanced 4.31% in four trading sessions.

Prestige Estates Projects (up 3.51%), Phoenix Mills (up 3.19%), Godrej Properties (up 1.32%), DLF (up 0.78%) and Mahindra Lifespace Developers (up 0.45%) advanced.

On the other hand, Macrotech Developers (down 2.59%), Brigade Enterprises (down 0.83%) and Sobha (down 0.65%) declined.

Global Markets:

The US Dow Jones index futures were up by 42 points, signaling a positive opening for US stocks today.

Asian stocks traded mixed on Friday, contributing to a week of substantial market growth globally. The impressive financial results of AI company Nvidia triggered a surge in record highs across Asia, Europe, and the U.S. However, Japan`s Nikkei was closed for a public holiday on that day.

Wall Street achieved record highs on Thursday, driven by a surge in technology stocks, particularly fueled by positive earnings and guidance from NVIDIA Corporation, a prominent AI company. Despite warnings from the Federal Reserve about prolonged higher interest rates, investors remained optimistic. However, weak purchasing managers index readings for February suggested a decline in business activity in the U.S.

The S&P 500 climbed 2.1% to reach a record 5,087.03 points, the Dow Jones Industrial Average rose 1.2% to a record 39,069.11 points, and the NASDAQ Composite outperformed, surging nearly 3% to a record high of 16,041.62 points.

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