Indices turn rangebound, realty shares rally

The key equity barometers traded in a narrow range with strong gains in early afternoon trade. The Nifty traded above the 19,600 level. Realty shares witnessed buying demand after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 599.57 points or 0.92% to 65,533.44. The Nifty 50 index added 187 points or 0.96% to 19,630.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index advanced 1.09%.

The market breadth was strong. On the BSE, 2,321 shares rose and 1,309 shares fell. A total of 158 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 0.68% to 11.27. The Nifty 30 November 2023 futures were trading at 19,708, at a premium of 77.45 points as compared with the spot at 19,630.55.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 33.6 lakh contracts at the 20,000 strike price. Maximum Put OI of 44.3 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Realty index advanced 2.82% to 682.15. The index shed 0.41% in the past trading session.

Oberoi Realty (up 6.08%), Phoenix Mills (up 4.14%), Prestige Estates Projects (up 3.77%), Brigade Enterprises (up 3.72%), Godrej Properties (up 2.82%), Sobha (up 2.81%), DLF (up 2.1%), Swan Energy (up 1.81%), Mahindra Lifespace Developers (up 0.21%) edged higher.

Stocks in Spotlight:

Narayana Hrudayalaya jumped 4.39% after the company reported 34.2% rise in consolidated net profit to Rs 226.58 crore on 14.3% increase in revenue from operations to Rs 1,305.25 crore in Q2 FY24 over Q2 FY23.

Kalyan Jewellers India shed 0.88%. The jewellery retailer�s consolidated net profit jumped 27.14% to Rs 135.25 crore on 27.11% rise in revenue from operations to Rs 4,414.54 crore in Q2 FY24 over Q2 FY23.

Trident rallied 4.26% after the company reported consolidated net profit of Rs 90.71 crore in Q2 FY24, steeply higher than Rs 37.39 crore posted in Q2 FY23. Revenue from operations increased 25.03% year on year (YoY) to Rs 1,797.52 crore in the quarter ended 30 September 2023.

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