Equity barometers hit fresh intraday high; realty shares rise for 2nd day

The key equity indices extended gains and hit fresh intraday high in early afternoon trade. The Nifty traded above the 19,100 mark. Realty shares advanced for second consecutive session.

At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 230.57 points or 0.36% to 64,013.37. The Nifty 50 index added 58.35 points or 0.31% to 19,105.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.03% while the S&P BSE Small-Cap index shed 0.04%.

The market breadth was almost even. On the BSE, 1,854 shares rose and 1,739 shares fell. A total of 189 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, zoomed 7.01% to 11.67. The Nifty 30 November 2023 futures were trading at 19,189, at a premium of 83.4 points as compared with the spot at 19,105.60.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 27.1 lakh contracts at the 19,000 strike price. Maximum Put OI of 54.1 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Realty index rose 0.92% to 588.35. The index has added 2.89% in two sessions.

Swan Energy (up 4.21%), Macrotech Developers (up 2.62%), Godrej Properties (up 1.91%), DLF (up 1.17%), Oberoi Realty (up 0.89%) and Prestige Estates Projects (up 0.59%) advanced.

On the other hand, Mahindra Lifespace Developers (down 1.23%), Phoenix Mills (down 1.13%) and Brigade Enterprises (down 0.84%) moved lower.

Stocks in Spotlight:

Pfizer fell 1.08% to Rs 3,897.70 after the pharma company`s net profit tumbled 52.11% to Rs 148.96 crore in Q2 FY24 as against Rs 311.07 crore recorded in Q2 FY23. Revenue from operations declined 9.77% year on year to Rs 575.21 crore during the quarter.

IRB Infrastructure Developers rallied 5.35% to Rs 34.83 after the company reported 12.24% jump in net profit to Rs 95.74 crore on 30.28% increase in total income to Rs 1,874.50 crore in Q2 FY24 over Q2 FY23.

Mahindra & Mahindra Financial Services dropped 10% to Rs 248.30. The company`s net profit has declined 47.5% to Rs 235.18 crore in Q2 FY24 from Rs 488.35 crore Q2 FY23. Total income increased 24.2% year-over-year (YoY) to Rs 3,240.49 crore in the quarter ended 30 September 2023.

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