Barometers turn rangebound; realty shares witness profit booking

The key equity barometers traded in a narrow range with moderate losses in mid-morning trade. The Nifty traded below 22,150 mark. Realty shares witnessed profit booking after advancing for the four consecutive trading sessions.

At 11:29 IST, the barometer index, the S&P BSE Sensex was down 303.66 points or 0.42% to 72,839.14. The Nifty 50 index lost 81.30 points or 0.37% to 22,131.40.

In the broader market, The S&P BSE Mid-Cap index shed 0.43% and the S&P BSE Small-Cap index added 0.03%.

The market breadth was negative. On the BSE, 1,789 shares rose and 2,043 shares fell. A total of 159 shares were unchanged.

Economy:

India�s forex reserves declined $5.24 billion to $617.23 billion for the week ended 9 February 2024, according to the latest RBI data. The forex kitty stood at $622.5 billion for the week ended 2 February 2024.

The reserves had peaked in October 2021, when kitty had reached $ 645 billion. In the current financial year 2023-24, the forex reserves have increased $50.28 billion, the RBI data showed.

Foreign currency assets, which constitute the largest component of the reserves, dropped $4.07 billion to $546.52 billion during the week under review, as per the latest data. The country�s reserve position with the IMF also declined $28 million to $48.32 billion in the reporting week.

Buzzing Index:

The Nifty Realty index declined 0.99% to 909.65. The index rallied 4.78% in the past four trading sessions.

Phoenix Mills (down 4%), Godrej Properties (down 1.52%), DLF (down 0.98%), Swan Energy (down 0.61%), Mahindra Lifespace Developers (down 0.56%), Prestige Estates Projects (down 0.04%) and Brigade Enterprises (down 0.02%) declined.

On the other hand, Sobha (up 1.2%), Macrotech Developers (up 0.7%) and Oberoi Realty (up 0.54%) edged higher.

Stocks in Spotlight:

SJVN rallied 4.08% to Rs 123.85 after the company said that its wholly owned subsidiary, SJVN Green Energy has signed a power usage agreement (PUA) with Jammu & Kashmir Power Corporation (JKPCL) for 300 megawatt (MW) solar power capacity.

Gensol Engineering rose 0.23%. The company announced the award of two significant EPC contracts, underscoring our commitment to India`s renewable energy sector.

Supreme Industries rose 0.27%. The company announced that it has signed power delivery agreement (PDA) and security subscription and shareholder agreement (SSSHA) with the special purpose vehicle (SPV) formed by O2 Energy SG.

Shakti Pumps (India) declined 1.01%. The company announced that it has received work order from Haryana Renewable Energy Department (HAREDA) for supply of 2,443 pumps under KUSUM‐3 scheme.

Global Markets:

Asian stocks declined on Monday. Japan�s Nikkei 225 index hit a fresh record high Monday as traders returned from a long weekend. Investors will focus on a slew of economic data expected this week including China�s manufacturing purchasing managers� index and the U.S. personal consumption expenditures price index data, which is the Federal Reserve�s preferred inflation gauge.

In US, the S&P 500 and Dow Jones Industrial Average eked out record closing high on Friday, as artificial intelligence stocks had enough steam to keep the rally chugging along.

Meanwhile, Federal Reserve Bank of New York President John Williams reportedly said in an interview published Friday that the economy is headed in the right direction, and it will likely be appropriate to cut rates later this year.

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