Shares trade with significant gains; realty shares fall for 3rd day
Published on Jan 23, 2023 11:23
The domestic equity indices continued to trade with significant gains in mid-morning trade. The Nifty traded below the 18,150 level. Realty shares extended losses for third consecutive session.
At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 410.69 points or 0.68% to 61,032.46. The Nifty 50 index added 112.80 points or 0.63% to 18,140.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.21% while the S&P BSE Small-Cap index shed 0.13%.
The market breadth turned positive. On the BSE, 1,779 shares rose, and 1,617 shares fell. A total of 207 shares were unchanged.
The Nifty Realty index fell 0.62% to 424.80. The index has declined 1.43% in three sessions.
Macrotech Developers (down 2.46%), Brigade Enterprises (down 2.36%), Sobha (down 2.04%), Indiabulls Real Estate (down 1.85%) and Prestige Estates Projects (down 0.45%) were the top losers.
Meanwhile, Godrej Properties (up 0.6%), Sunteck Realty (up 0.26%) and Oberoi Realty (up 0.04%) turned up.
Stocks in Spotlight:
SBI Life Insurance Company lost 0.61%. The life insurer has reported 16.5% decline in net profit to Rs 304.13 crore in Q3 FY23 from Rs 364.06 crore posted in Q3 FY22.
Meghmani Organics slumped 7.15%. The company`s consolidated net profit declined 87.79% to Rs 8.35 crore on 14.19% fall in net sales to Rs 549.43 crore in Q3 December 2022 over Q3 December 2021.
Petronet LNG rose 1.14%. The company`s consolidated net profit increased by 3.2% to Rs 1,196.46 crore in Q3 FY23 from Rs 1,159.46 crore reported in Q3 FY22.
IDFC First Bank advanced 0.67%. The private lender reported a net profit of Rs 604.61 crore in Q3 FY23, steeply higher than Rs 281.06 crore recorded in Q3 FY22. Total Income jumped 35.9% year on year (YoY) to Rs 7,064.30 crore in the quarter ended 31 December 2022.
Shares were higher in Asia on Monday, but most markets were closed for the Lunar New Year holiday, with markets in Shanghai shut for the whole week.
US stocks rallied to close higher on Friday as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.
On Friday, Fed Gov. Christopher Waller said he favors just a quarter-point hike on Feb. 1, when the central bank gives its next interest rate policy update. Waller also said that rates are already high enough to be slowing the economy. The remarks could have helped calm rising-rate worries in the market.
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