Nifty climbs above 19,450; realty shares in demand

The key equity indices traded with small gains in mid-morning trade. The Nifty marched above 19,450 mark. Realty shares gained for second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 38.57 points or 0.06% to 65,014.18. The Nifty 50 index added 8.20 points or 0.04% to 19,451.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.15%.

The market breadth was positive. On the BSE, 1,792 shares rose and 1,672 shares fell. A total of 150 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 5,25,62,114 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 11:27 IST on Wednesday (8 November 2023). The issue was subscribed 2.54 times.

The issue opened for bidding on Tuesday (7 October 2023) and it will close on Thursday (9 November 2023). The price band of the IPO is fixed at Rs 268-282 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index gained 1.81% to 664.35. The index advanced 3.35% in two trading sessions.

Sobha (up 5.25%), Brigade Enterprises (up 4.09%), Prestige Estates Projects (up 3.75%), Swan Energy (up 2.82%), Oberoi Realty (up 2.05%), Macrotech Developers (up 1.17%), DLF (up 0.88%) and Godrej Properties (up 0.69%) advanced.

On the other hand, Mahindra Lifespace Developers (down 0.27%), Phoenix Mills (down 0.02%), edged lower.

Stocks in Spotlight:

Bata India advanced 0.91% The footwear major�s consolidated net profit dropped 38% to Rs 33.99 crore in Q2 FY24 as against Rs 54.82 crore recorded in Q2 FY23. Revenue from operation declined marginally to Rs 819.12 crore during the quarter as compared with Rs 829.76 crore reported in the same period a year ago.

PI Industries advanced 3.15% after the company recorded 44% rise in net profit to Rs 480.5 crore on a 20% increase in revenue to Rs 2116.9 crore in Q2 FY24 as compared with Q2 FY23.

Tata Power Company declined 2.14%. The company reported 9% rise in consolidated net profit to Rs 1,017 crore in Q2 FY24 as compared with Rs 935 crore in Q2 FY23. Revenue from operations increased 9% YoY to Rs 15,442 crore in Q2 FY24, largely driven by higher revenue from core businesses of Generation, Transmission & Distribution.

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