MARKET ERASES GAINS; NIFTY SLIDES BELOW 19,750; REALTY STOCKS UNDER PRESSURE

The key equity indices reversed all the gains and traded near the day�s low in early afternoon trade. The Nifty slipped below the 19,750 mark. Realty shares declined after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 199.05 points or 0.30% to 65,731.72. The Nifty 50 index lost 58.20 points or 0.29% to 19,725.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index fell 0.94%.

The market breadth was positive. On the BSE, 1,450 shares rose and 2,142 shares fell. A total of 146 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 1.24% to 12.08. The Nifty 30 November 2023 futures were trading at 19,782.2, at a premium of 57 points as compared with the spot at 19,725.20.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 42.6 lakh contracts at the 20,000 strike price. Maximum Put OI of 48.6 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Realty index lost 1.92% to 685.40. The index advanced 1.13% in the past trading session.

Phoenix Mills (down 2.8%), Oberoi Realty (down 2.5%), Brigade Enterprises (down 2.13%), Godrej Properties (down 2.04%) Macrotech Developers (down 1.49%), DLF (down 0.89%), Swan Energy (down 0.61%), Prestige Estates Projects (down 0.46%), Sobha (down 0.24%) and Mahindra Lifespace Developers (down 0.06%) slipped.

Stocks in Spotlight:

Tata Consultancy Services (TCS) declined 2.31% after the company has announced a significant provision of $125 million in response to a trade secret lawsuit involving US-based Epic Systems, which could impact its third-quarter numbers. The lawsuit, filed by Epic Systems Corporation in 2014, alleged that TCS had stolen confidential information related to its hospital management system. The IT major said that the provision will reflect as an exceptional item for the third quarter and nine months ending on 31 December 2023.

Titan Company advanced 0.73% after the country�s competition regulatory approved the acquisition of additional shareholding in CaratLane Trading Private Limited (CaratLane) by the company.

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