Market Commentary - Mid-Session
Barometers turn rangebound; realty shares advance As on : 26-Aug-24  14:35

The headline equity benchmarks traded in a narrow range with substantial gains in mid-afternoon trade. The Nifty traded above the 25,000 level. Realty shares advanced after declining in the past trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex jumped 662.28 points or 0.81% to 81,748.49. The Nifty 50 index advanced 199.95 points or 0.81% to 25,023.10.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index added 0.52% and the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 2,192 shares rose and 1,809 shares fell. A total of 156 shares were unchanged.

Economy:

India's forex reserves jumped by $4.546 billion to $674.664 billion during the week ended August 16, according to the latest RBI data.

In the previous week, the forex kitty had dropped by $4.8 billion to $670.119 billion. On August 2, the overall reserves hit an all-time high of $674.919 billion.

The foreign currency assets, a major component of the reserves, increased by $3.609 billion to $591.569 billion, the RBI data showed.

Gold reserves increased by $865 million to $60.104 billion during the week ended August 16. The special drawing rights (SDRs) were up by $60 million to $18.341 billion.

India's reserve position with the IMF was up by $12 million to $4.65 billion during the week, said the RBI.

Buzzing Index:

The Nifty Realty index gained 1.49% to 1,033.25. The index fell 2.43% in the past trading session.

Macrotech Developers (up 4.89%), Mahindra Lifespace Developers (up 4.37%), Prestige Estates Projects (up 3.08%), Sobha (up 2.48%), Oberoi Realty (up 1.99%), Brigade Enterprises (up 1.16%), Phoenix Mills (up 0.96%) and Godrej Properties (up 0.46%) advanced.

Numbers to track:

The yield on India's 10-year benchmark federal paper jumped 1.60% to 6.969 as compared with previous close of 6.859.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.8950, compared with its close of 83.9000 during the previous trading session.

MCX Gold futures for 5 September 2024 settlement rose 0.55% to Rs 71,690.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 100.69.

The United States 10-year bond yield fell 0.21% to 3.792.

In the commodities market, Brent crude for October 2024 settlement gained 81 cents or 1.03% to $79.83 a barrel.

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