Nifty trades above 22,500; realty shares in demand

The benchmark indices traded with minor gains in morning trade. The Nifty scaled above the 22,500 level. Realty shares gained after declining in the past three consecutive trading sessions.

At 10:29 ST, the barometer index, the S&P BSE Sensex, was up 191.95 points or 0.26% to 74,082.47. The Nifty 50 index rose 49 points or 0.22% to 22,537.65.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.54% and the S&P BSE Small-Cap index shed 0.37%.

The market breadth was negative. On the BSE, 1,440 shares rose and 2,060 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty Realty index gained 1.38% to 1,009.75. The index declined 3.52% in the past three consecutive trading sessions.

Prestige Estates Projects (up 3.16%), Brigade Enterprises (up 2.74%), Mahindra Lifespace Developers (up 1.75%), Macrotech Developers (up 1.47%), Godrej Properties (up 1.23%), DLF (up 1%), Oberoi Realty (up 0.39%), Sobha (up 0.24%) and Phoenix Mills (up 0.14%) edged higher.

On the other hand, Sunteck Realty (down 2.14%) slipped.

Sunteck Realty declined 2.14%. The company has reported a net profit of Rs 101 crore in Q4 FY24 as against a net loss of Rs 28 crore in Q4 FY23. Revenue jumped to Rs 427 crore in Q4 March 2024 from Rs 49 crore in Q4 March 2023.

Meanwhile, the company�s board has approved raising up to Rs 2,250 crore through private placement and the issue of equity shares, post the approval of shareholders. The company is to raise Rs 1,500 crore through private placements in one or more tranches and Rs 750 crore by way of equity shares or other securities convertible into equity.

Stocks in Spotlight:

Bharat Dynamics slipped 2.55%. The company�s net profit rose 89.04% to Rs 288.78 crore in the quarter ended March 2024 as against Rs 152.76 crore during the previous quarter ended March 2023. Sales rose 6.50% to Rs 848.57 crore in the quarter ended March 2024 as against Rs 796.79 crore during the previous quarter ended March 2023.

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