NIFTY ABOVE 22,400 LEVEL; VIX SLUMPS 18.60%

The key equity indices traded with decent gains in morning trade. The Nifty traded above 22,400 level. Realty shares extended gains for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 230.31 points or 0.31% to 73,878.93. The Nifty 50 index added 66.50 points or 0.30% to 22,402.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.42% and the S&P BSE Small-Cap index added 0.88%.

The market breadth was strong. On the BSE, 2,344 shares rose and 1,097 shares fell. A total of 158 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 18.60% to 10.34.

Results Today :

Tata Consumer Products (down 0.54%), Tata Elxsi (up 0.48%), ICICI Prudential Life Insurance Company (down 0.35%), Mahindra EPC Irrigation (up 1.08%), Multi Commodity Exchange of India (up 2.11%), 360 ONE WAM (up 1.69%), Cyient DLM (up 3.98%), Huhtamaki India (up 1.97%), LKP Securities (up 2.27%) and NELCO (up 5.44%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Realty index gained 2.65% to 957.85. The index rallied 3.41% in two trading sessions.

Sobha (up 6.07%), Phoenix Mills (up 4.61%), DLF (up 3.43%), Macrotech Developers (up 2.87%), Oberoi Realty (up 2.48%), Godrej Properties (up 2.22%), Brigade Enterprises (up 1.73%), Prestige Estates Projects (up 1.69%), Mahindra Lifespace Developers (up 1.28%) and Sunteck Realty (up 1.12%) advanced.

Stocks in Spotlight:

Mahindra & Mahindra Financial Services slipped 3.93% after the NBFC announced deferment of board meeting for considering quarterly results due to detection of fraud at one of company�s branches in the North East.

Nibe declined 1.22% after the company announced that on Monday its chief financial officer (CFO), Hemant Dilip Wani has tendered his resignation with effect from 22 April 2024.

Redtape rose 1.40% after the company has commenced online operational activity from it`s new warehouse situated at Bhiwandi, Maharashtra with effect from 22 April 2024. This new warehouse facility will help the company to fulfil delivery of its products more efficiently to the online shopping customers.

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