Sensex spurts 709 pts, Nifty above 18,250 mark

The headline equity indices marched higher and hit a fresh intraday high in early afternoon trade. The Nifty traded above the 18,250 mark. Realty, private bank and auto shares were in demand while PSU bank and media stocks corrected.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 709.42 points or 1.16% to 61,763.71. The Nifty 50 index added 198.45 points or 1.10% to 18,267.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index gained 0.65%.

The market breadth was strong. On the BSE, 2,076 shares rose, and 1,415 shares fell. A total of 168 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 2.31% to 12.58. The Nifty 25 May 2023 futures were trading at 18,310.55, at a premium of 43.1 points as compared with the spot at 18,267.45.

The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 27.1 lakh contracts at the 18,500 strike price. Maximum Put OI of 39.2 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Realty index rose 2.73% to 457.20.The index shed 0.30% in the past trading session.

Macrotech Developers (up 10.29%), Sobha (up 3.09%), Oberoi Realty (up 2.65%), DLF (up 2.65%), Godrej Properties (up 2.53%), Prestige Estates Projects (up 2.03%), Indiabulls Real Estate (up 1.9%), Mahindra Lifespace Developers (up 1.87%), Brigade Enterprises (up 0.82%) and Phoenix Mills (up 0.78%) rallied.

Stocks in Spotlight:

JSW Energy advanced 2.56% after its wholly-owned stepdown subsidiary, JSW Renew Energy Three, signed power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for 300 megawatt (MW) ISTS connected wind power project.

The project has been awarded to JSW Renew Energy Three under SECI Tranche-XII. The agreement is signed for supply of power for a period of 25 years with a tariff of Rs 2.94/Kilowatt hour (KWh). The project is located in Maharashtra and is expected to be commissioned in next 24 months.

Computer Age Management Services (CAMS) shed 0.95%. On consolidated basis, CAMS reported a marginal increase in net profit to Rs 74.61 crore in Q4 FY23 from Rs 73.84 crore recorded in Q4 FY22. Revenue from operations rose 2.5% to Rs 249.24 crore in Q4 FY23 as against Rs 243.18 crore reported in the same period last year. Average assets under management (AAUM) of CAMS funds stood at Rs 28 lakh crore in Q4 FY23, up 5.1% YoY.

Tatva Chintan Pharma Chem tumbled 6.56% after the company`s consolidated net profit declined 3.2% to Rs 16.95 crore despite of 26.4% rise in revenue from operations to Rs 124.51 crore in Q4 FY23 over Q4 FY22.

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