Indices at day`s high; Nifty above 19,800; realty shares climb

The key equity benchmarks extended gains near the day�s high in early afternoon trade. The Nifty marched above the 19,800 level. Realty shares advanced after sliding in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 397.98 points or 0.61% to 66,053.13. The Nifty 50 index rose 119.50 points or 0.61% to 19,813.50.

In the broader market, the S&P BSE Mid-Cap index added 0.22% while the S&P BSE Small-Cap index gained 0.38%.

The market breadth was strong. On the BSE, 2,140 shares rose and 1,462 shares fell. A total of 148 shares ere unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 1.39% to 12.32. The Nifty 30 November 2023 futures were trading at 19,888.40, at a premium of 74.9 points as compared with the spot at 19,813.50.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 38 lakh contracts at the 20,000 strike price. Maximum Put OI of 44.8 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.48% to 701.25. The index shed 0.25% in the past trading session.

Oberoi Realty (up 4.47%), Godrej Properties (up 3.01%), Mahindra Lifespace Developers (up 2.64%), Sobha (up 2.15%), Brigade Enterprises (up 1.72%), DLF (up 1.68%), Prestige Estates Projects (up 0.87%) and Macrotech Developers (up 0.69%) advanced.

Stocks in Spotlight:

Vascon Engineers gained 3.24% after the compnay received letter of intent from Municipal Secretary�s Department of Pimpri Chinchwad, Municipal Corporation worth Rs 356.78 crore for construction of general hospital building in Pune.

Satin Creditcare Network declined 2.34%. The company will issue senior, secured, rated, listed, taxable, redeemable and transferable, non-convertible debentures (NCDs) having face value of Rs 1 lakh with an aggregate value of Rs 50 crore including a green shoe option of 2,500 NCDs with aggregate value of Rs 25 crore on private placement basis.

Shreyas Shipping & Logistics shed 0.18%. The firm said that ICRA has downgraded its rating on the debt instruments of the company to "[ICRA] BBB+ (Stable)" from "[ICRA] A- (Stable)". The credit rating agency stated that the rating downgrade of Shreyas Shipping and Logistics (SSLL) factors in its reduced scale of operations, the decline in profitability and deterioration in the debt coverage metrics.

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