INDICES TURN RANGEBOUND; REALTY STOCKS ADVANCE

The domestic equity benchmarks traded in a narrow range with strong gains in mid-morning trade. The Nifty hovered above the 21,650 mark. Realty shares extended gains for the fifth consecutive trading session.

At 11.26 IST, the barometer index, the S&P BSE Sensex, was up 563.88 points or 0.79 % to 71,919.10. The Nifty 50 index added 170.30 points or 0.79% to 21,683.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.51% and the S&P BSE Small-Cap index advanced 0.79%.

The market breadth was strong. On the BSE, 2,524 shares rose and 1,161 shares fell. A total of 125 shares were unchanged.

Buzzing Index:

The Nifty Realty index gained 1.29% to 856.35. The index surged 10% in five trading sessions.

Brigade Enterprises (up 3.02%), Godrej Properties (up 2.77%), Phoenix Mills (up 1.56%), DLF (up 1.42%), Oberoi Realty (up 1.1%), Mahindra Lifespace Developers (up 0.86%), Prestige Estates Projects (up 0.02%) advanced.

Stocks in Spotlight:

Metropolis Healthcare advanced 1.14% after the firm said that its core business revenue (including hi-tech but excluding covid, covid allied & PPP contracts) grew by approximately 12% year-over-year in Q3 of FY24. The growth in the company�s core business revenue during the period under review was largely driven by volume growth, which stood at 9%.

IRB Infrastructure Developers surged 6.98% after the company�s toll collection jumped 25.77% to Rs 488 crore in December 2023 from Rs 388 crore in December 2022.

JSW Steel rose 0.82%. The steel major said its consolidated crude steel production grew by 12% to 6.87 million tonnes in Q3 FY24 as against 6.14 million tonnes recorded in Q3 FY23. Sequentially, the company�s crude steel production rose 8% in Q3 FY24 from 6.34 million tonnes reported in Q2 FY24.

Global Markets:

Asian stocks rose across the board Tuesday, rebounding from a sell-off in the previous session. Asian stocks advanced after a tech rally fueled gains on Wall Street at the start of a week that brings key inflation data and bank earnings.

U.S. stocks ended higher on Monday boosted by tech shares. Global investors will be looking ahead to US inflation data and big bank earnings in the week ahead for further clues on the state of the economy and the path of rate cuts from the Federal Reserve.

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