SENSEX DOWN 300 PTS; REALTY SHARES DECLINE

Domestic equity indices traded with substantial losses in mid-afternoon trade. The Nifty slipped below the 19,450 level after hitting day`s high of 19,556.85 in early trade. Realty shares extended losses for four trading sessions.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 336.13 points or 0.51% to 65,061.49. The Nifty 50 index lost 117.05 points or 0.60% to 19,425.60.

The broader market underperformed the key indices. The S&P BSE Mid-Cap index fell 1.55% while the S&P BSE Small-Cap index slipped 3.10%.

Sellers outnumbered buyers. On the BSE, 431 shares rose, and 3049 shares fell. A total of 165 shares were unchanged.

As the earnings season intensifies, it will have a significant influence on the direction of the market. Investors will closely follow the financial performance of companies, which will provide insights into the overall health and outlook of various sectors. Additionally, global cues and developments in international markets will also impact the market trend.

Economy:

India`s forex reserves increased by $1.15 billion to $585.89 billion for the week ended October 13, said RBI on Friday. The jump in forex reserves came after multiple weeks of decline in India`s forex reserve.

During the week, country`s gold reserves increased by $1.268 billion to $43.575 billion, the RBI said. The Special Drawing Rights (SDRs) increased by $72 million to $17.995 billion, the apex bank said.

Buzzing Index:

The Nifty Realty index fell 1.72% to 589.05. The index has dropped 3.58% in four trading sessions.

Mahindra Lifespace Developers (down 2.54%), Brigade Enterprises (down 2.45%), Swan Energy (down 2.34%), DLF (down 2.25%) and Macrotech Developers (down 1.99%) were the top losers.

Among the other losers were Sobha (down 1.32%), Phoenix Mills (down 1.27%), Godrej Properties (down 1%), Oberoi Realty (down 0.7%).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.04% to 7.368 from its previous close of 7.365.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1750, compared with its close of 83.1200 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.06% to Rs 60,770.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 106.15.

The United States 10-year bond yield advanced 1.50% to 4.997.

In the commodities market, Brent crude for December 2023 settlement declined 35 cents or 0.38% to $91.81 a barrel.

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