Indices trade with modest gains, Nifty above 19,500 level

The domestic equity barometers traded with decent gains on the Muharat Trading Day. At 18:23 IST, the barometer index, the S&P BSE Sensex, was up 388.50 points or 0.60% to 65,293.18. The Nifty 50 index added 111.20 points or 0.57% to 19,536.55.

In broader market, The S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 1.24%.

The market breadth was strong. On the BSE, 2,531 shares rose and 370 shares fell. A total of 97 shares were unchanged.

The domestic market is open today for a special one-hour Muhurat trading session on the occasion of Diwali. The session also marks the beginning of Samvat 2080-- the Hindu calendar year that starts on Diwali.

The exchanges will remain closed on Tuesday, 14 November 2023, on the occasion of Diwali Balipratipada.

Buzzing Index:

The Nifty Realty index advanced 0.91% to 668.15. Mahindra Lifespace Developers (up 2.52%), Sobha (up 1.57%), The Phoenix Mills (up 1.46%), Brigade Enterprises (up 1.07%) and Macrotech Developers (up 0.83%) were the top gainers.

Among the other gainers were Prestige Estates Projects (up 0.74%), Godrej Properties (up 0.73%), Oberoi Realty (up 0.49%) and DLF (up 0.42%).

Stocks in Spotlight:

Coal India rallied 3.37%. The country�s largest coal miner�s consolidated net profit increased 12.73% to Rs 6,813.50 crore in Q2 FY24 as against Rs 6,043.99 crore posted in Q2 FY23. Revenue from operations grew 9.84% year on year (YoY) to Rs 32,776.41 crore in the quarter ended 30 September 2023.

Life Insurance Corporation of India shed 0.18%. The state-run life insurer�s standalone net profit tumbled 50.32% to Rs 7,925.02 crore in Q2 FY24 as against Rs 15,952.49 crore recorded in Q2 FY23. Total premium income stood at Rs 1,07,396.77 crore in Q2 FY24, down 18.7% from Rs 1,32,104.14 crore posted in Q2 FY23.

Oil and Natural Gas Corporation`s (ONGC) rose1.02%. The corporation�s standalone net profit dropped 20.3% to Rs 10,216.32 crore in Q2 FY24 as compared with Rs 12,826 crore posted in Q2 FY23. Revenue from operations declined 8.2% year on year (YoY) to Rs 35,163.04 crore in the quarter ended 30 September 2023.

Eicher Motors gained 1.22%. The company has registered its highest ever profit after tax for the at Rs. 1,016 crore, registering a strong growth of 55% in comparison to Rs 657 crore during the same period last year. Revenue from operations rose by 17% to Rs 4,115 crores from Rs. 3,519 crore in the corresponding quarter of FY 2022-23.

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