Benchmarks near the flat line; realty shares slide

The key equity barometers extended losses and traded near the day`s low in mid-morning trade. The Nifty traded below the 21,550 mark. Realty shares saw profit booking after rising in the past five trading sessions.

At 11.27 IST, the barometer index, the S&P BSE Sensex, was up 41.92 points or 0.06% to 71,428.13. The Nifty 50 index lost 2.25 points or 0.01% to 21,542.60.

In the broader market, the S&P BSE Mid-Cap index decreased 0.19% and the S&P BSE Small-Cap index gained 0.10%.

The market breadth was almost even. On the BSE, 1,978 shares rose and 1,982 shares fell. A total of 152 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Jyoti CNC Automation received bids for 5,30,69,310 shares as against 1,75,39,681 shares on offer, according to stock exchange data at 11:36 IST on Wednesday (10 January 2024). The issue was subscribed 3.09 times.

The issue opened for bidding on Tuesday (9 January 2024) and it will close on Thursday (11 Thursday 2024). The price band of the IPO is fixed at Rs 315-331 per share. An investor can bid for a minimum of 45 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index shed 1.03% to 857.85. The index surged 11.34% in past five trading sessions.

Godrej Properties (down 2.81%), Phoenix Mills (down 2.05%), Oberoi Realty (down 1.66%), DLF (down 1.19%) and Sobha (down 1.08%), Mahindra Lifespace Developers (down 0.55%), Brigade Enterprises (down 0.26%), Swan Energy (down 0.21%), Macrotech Developers (down 0.08%) declined.

Stocks in Spotlight:

LIC rose 0.75% while Navin Fluorine International declined 0.79%. Life Insurance Corporation of India (LIC) informed that it increased its stake in Navin Fluorine International to 24,97,139 equity shares from 23,75,398 shares earlier, taking its shareholding to 5.037% of the paid up capital of the company.

Delta Corp slipped 2.49% after the company�s consolidated net profit tumbled 59.34% to Rs 34.48 crore in Q3 FY24 as against Rs 84.82 crore reported in Q3 FY23.

Global Markets:

Asian stocks traded mostly lower on Wednesday tracking overnight weakness on Wall Street, while Japanese stocks extended gains after hitting a 33-year high in the previous session.

The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank. Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the bank said in its latest �Global Economic Prospects� report. The bank warned that without a �major course correction,� the 2020s will go down as �a decade of wasted opportunity.�

US stock markets were muted on Tuesday as investors await key inflation data later in the week. Investors will now focus on a key inflation report from the US on Thursday for cues on the timing of the Fed�s rate cut.

The US trade deficit narrowed in November as imports of consumer goods fell to a one-year low. The trade deficit contracted 2% to $63.2 billion, the Commerce Department`s Census Bureau said. Imports declined 1.9%, or $6.1 billion, to $316.9 billion. Exports decreased 1.9%, or $4.8 billion, to $253.7 billion.

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