Market Commentary - Mid-Session
Barometers came off the record high levels; realty shares rally for 3rd day As on : 23-Sep-24  12:33

The domestic equity benchmarks pared most the gains and traded with minor gains in early afternoon trade. The Nifty traded below the 25,900 level. Realty shares advanced for the third consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, rose 128.98 points or 0.15% to 84,673.29. The Nifty 50 index rose 77.35 points or 0.30% to 25,868.30.

The Sensex and Nifty clocked an all-time high of 84,881.73 and 25,925.80, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index added 0.46% and the S&P BSE Small-Cap index rose 0.67%.

The market breadth was strong. On the BSE, 2,376 shares rose and 1,586 shares fell. A total of 160 shares were unchanged.

Economy:

The headline HSBC Flash India Composite Output Index dipped to 59.3 in September from 60.7 in August. The index pointed to another rapid monthly increase in business activity, albeit one that was the least pronounced in 2024 so far. Softer expansions were seen across both the manufacturing and services sectors.

The HSBC Flash India Manufacturing PMI posted 56.7 in September, down from 57.5 in August. The reading signaled a further marked strengthening in business conditions for goods producers, but the rate of improvement was the softest since January.

Further, India's forex reserves rose by $223 million to a new all-time high of $689.458 billion for the week ended on September 13, according to the Reserve Bank data released on Friday.

The overall forex kitty had jumped by $5.248 billion to a high of $689.235 billion for the previous reporting week ended on September 6.

The foreign currency assets decreased by $515 million to $603.629 billion, the data showed.

Gold reserves increased by $899 million to $62.887 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) dropped by $53 million to $18.419 billion, the apex bank said.

India's reserve position with the IMF declined by $108 million to $4.523 billion in the reporting week, the apex bank data showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.33% to 13.60. The Nifty 26 September 2024 futures were trading at 25,874.65, at a premium of 6.35 points as compared with the spot at 25,868.30.

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 111.6 lakh contracts at the 27,000 strike price. Maximum Put OI of 118.2 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.66% to 1,119.85. The index jumped 5.27% in the three consecutive trading sessions.

Godrej Properties (up 5.05%), DLF (up 2.78%), Sobha (up 2.62%), Macrotech Developers (up 2.01%) and Oberoi Realty (up 1.9%), Prestige Estates Projects (up 1.63%), Mahindra Lifespace Developers (up 0.98%) and Brigade Enterprises (up 0.61%) added.

On the other hand, Phoenix Mills (down 2.55%), Sunteck Realty (down 0.4%) slipped.

Stocks in Spotlight :

Inox Wind (IWL) rose 0.79%. The company said that it has signed a consortium agreement with a group of 10 banks, led by ICICI Bank along with a host of marquee private and foreign banks, for obtaining credit limits of nearly Rs 2,200 crore.

Doms Industries rose 0.22%. The company said that it has acquired 51.77% equity stake in Uniclan Healthcare to expand its distribution network. The company has acquired 7,116,080 equity shares of Uniclan for a total consideration of Rs 54.88 crore.

Aster DM Healthcare added 0.78%. The company said that its wholly owned subsidiary, Sri Sainatha Multispecialty Hospitals has entered into lease agreement with Aparna Constructions and Estates for setting up new Aster Woman and Children Hospital in Hyderabad.

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