NIFTY BELOW 22,100 , REALTY SHARES EDGE LOWER

The key equity indices trimmed gains and traded with minor cuts in early-afternoon trade. The Nifty traded below the 22,100 level after hitting the day`s high of 22,124.15 in mid-morning trade. Realty shares declined after advancing in the past two trading sessions.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 33.64 points or 0.05% to 73,294.30. The Nifty 50 index lost 21.55 points or 0.09% to 22,075.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.05% and the S&P BSE Small-Cap index added 0.01%.

The market breadth was negative. On the BSE, 1,652 shares rose and 2,060 shares fell. A total of 123 shares were unchanged.

Economy:

India�s overall exports (Merchandise and Services combined) in December 2023 is estimated to be $66.33 billion, exhibiting a negative growth of 4.25% over December 2022. Meanwhile, overall imports in December 2023 is estimated to be $71.50 billion, exhibiting a negative growth of 7.18% over December 2022.

India�s overall exports (Merchandise and Services combined) in April-December 2023 is estimated to be $565.04 billion, exhibiting a negative growth of 1.87% over April-December 2022. Overall imports in April-December 2023 are estimated to be $634.39 billion, exhibiting a negative growth of 7.24% over April-December 2022.

Services exports are projected to grow positively at 3.52% during April-December 2023 over April-December 2022.

India�s trade deficit has shown considerable improvement in April-December 2023. Overall trade deficit for April-December 2023 is estimated at $69.34 billion as compared to the deficit of $108.13 billion during April-December 2022, registering a decline of 35.87%. The merchandise trade deficit during April-December 2023 is $188.02 billion compared to $212.34 billion during April-December 2022, registering a decline of 11.45%.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 0.25% to 13.75. The Nifty 25 January 2024 futures were trading at 22,080, at a premium of 2.4 points as compared with the spot at 22,077.60.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 85 lakh contracts at the 22,500 strike price. Maximum Put OI of 109.5 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Realty index declined 1.36% to 871.25. The index advanced 2.06% in the past two trading sessions.

DLF (down 1.74%), Oberoi Realty (down 1.67%), Phoenix Mills (down 1.44%), Macrotech Developers (down 1.3%), Prestige Estates Projects (down 0.83%) and Godrej Properties (down 0.31%) slipped.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) rallied 2.85% after the firm emerged as lowest bidder (L-1) for supply, installations, testing and commissioning of 11 KV Line in Maharashtra for Rs 251.05 crore.

HPL Electric & Power rose 0.55%. The company said that it has bagged smart meter orders totaling Rs 240 crore from leading advanced metering infrastructure service providers (AMISPs) clients in the normal course of business.

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