Sensex, Nifty pare all losses; realty shares in demand

The headline equity indices pared all losses and traded with modest gains in the morning trade. The Nifty climbed above the 23,000 level. Realty shares extended gains for the third day in a row.

At 10:30 IST, the barometer index, the S&P BSE Sensex, slipped 320.22 points or 0.42% to 76,287.61. The Nifty 50 index declined 86.90 points or 0.38% to 23,032.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 1.25% and the S&P BSE Small-Cap index gained 2.26%.

The market breadth was strong. On the BSE, 2,790 shares rose and 765 shares fell. A total of 153 shares were unchanged.

Buzzing Index:

The Nifty Realty index advanced 2.87% to 855.95. The index gained 2.95% in the past three consecutive trading sessions.

Brigade Enterprises (up 5.09%), Raymond (up 4.89%), Godrej Properties (up 4.06%), DLF (up 2.93%) and Sobha (up 2.75%), Macrotech Developers (up 2.73%), Mahindra Lifespace Developers (up 2.18%), Oberoi Realty (up 2.13%), Prestige Estates Projects (up 1.39%) and Phoenix Mills (up 0.22%) advanced.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) jumped 10.12% after the company and its joint venture, Rithwik Projects (RPPL), received a Letter of Acceptance (LoA) from Rail Infrastructure Development Company (Karnataka) (K-RIDE) for a project worth Rs 554.46 crore.

Lemon Tree Hotels added 5.80% after the company said that it has signed a license agreement viz Red Fox Lemon Tree Hotels, Bhopal, Madhya Pradesh.

TTK Prestige added 2.30% after the company's board approved to allocate financial resources aggregating to Rs 500 crore over the next three financial years, commencing from Q4 of FY2024-25

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