Sensex tanks 849 pts; Realty shares tumbles

The key equity indices continued to traded in narrow range with substantial losses in mid-afternoon trade. The Nifty traded below the 19,000 level. Realty shares witnessed selling pressure for the sixth consecutive session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 849.04 points or 1.33% to 63,200.02. The Nifty 50 index declined 256.80 points or 1.34% to 18,865.35.

In the broader market, the S&P BSE Mid-Cap index fell 1.44% while the S&P BSE Small-Cap index lost 0.89%.

Sellers outnumbered buyers. On the BSE, 991 shares rose and 2,625 shares fell. A total of 148 shares were unchanged.

The market sell-off has been triggered by the US 10-year bond yield nearing the 5 percent mark, which pulled down the risk levels materially in the region. Geopolitical tensions emanating from West Asia dragged the market lower. The expiry of monthly F&O contracts on the NSE today further added to the volatility.

Buzzing Index:

The Nifty Realty index fell 1.89% to 567.85. The index tumbled 7.05% in the six trading session.

Macrotech Developers (down 4.44%), Prestige Estates Projects (down 2.96%), DLF (down 2.2%), Sobha (down 1.91%) and Phoenix Mills (down 1.6%) were the top losers.

Among the other losers were Oberoi Realty (down 1.09%), Mahindra Lifespace Developers (down 0.88%), Brigade Enterprises (down 0.85%), Godrej Properties (down 0.7%).

Number to track:

The yield on India`s 10-year benchmark federal paper rose 0.29% to 7.364 from its previous close of 7.343.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2050, compared with its close of 83.1725 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.34% to Rs 61,035.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.20% to 106.74.

The United States 10-year bond yield fell 0.08% to 4.952.

In the commodities market, Brent crude for December 2023 settlement lost 52 cents or 0.58% to $89.61 a barrel.

Stocks in Spotlight:

Valiant Communications was locked in 5% upper circuit at Rs 259.65 after the company announced the receipt of order for supply of its indigenously developed and manufactured communication, protection and synchronization solutions from Tejas Networks.

Share India Securities added 2.60% after the company reported 57.5% rise in consolidated net profit to Rs 112.70 crore in Q2 FY24 from Rs 71.56 crore in Q2 FY23. Total income rose by 51.2% year-over-year to Rs 367.94 crore during the period under review.

CMS Info Systems dropped 2.64%. The business service company`s consolidated net profit jumped 16.3% to Rs 84.36 crore on 15.3% improvement in revenue from operations to Rs 543.73 crore in Q2 FY24 over Q2 FY23.

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