Market Commentary - Mid-Session
Broader mkt underperforms; realty shares down for 2nd day As on : 08-Nov-24  12:32

The key equity indices traded with limited losses in early afternoon trade. The Nifty traded below the 24,150 mark. Realty shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 187.87 points or 0.23% to 79,357.27. The Nifty 50 index lost 78.90 points or 0.33% to 24,120.45.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.98% and the S&P BSE Small-Cap index declined 1.17%.

The market breadth was negative. On the BSE, 1,397 shares rose and 2,426 shares fell. A total of 131 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.50% to 14.72. The Nifty 28 November 2024 futures were trading at 24,195, at a premium of 74.55 points as compared with the spot at 24,223.40.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 32.2 lakh contracts at the 25,000 strike price. Maximum Put OI of 44.7 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Realty index slipped 1.77% to 978.90. The index declined 3.17% in two trading sessions.

Macrotech Developers (down 2.66%), Brigade Enterprises (down 2.52%), Phoenix Mills (down 2.33%), Godrej Properties (down 2.29%), Prestige Estates Projects (down 2.23%), Sobha (down 1.89%), DLF (down 1.68%), Raymond (down 1.18%), Oberoi Realty (down 0.6%) slipped.

Stocks in Spotlight :

Indian Metals & Ferro Alloys jumped 6.51% after the company's standalone net profit rallied 47.54% to Rs 132.73 crore despite 0.1% decline in revenue from operations to Rs 691.92 crore in Q2 FY25 over Q2 FY24.

GMM Pfaudler tumbled 6.98% after the company's consolidated net profit fell 74.72% to Rs 17.26 crore in Q2 FY25 as against Rs 68.30 crore posted in Q2 FY24. Revenue from operations declined 14.08% to Rs 805.42 crore in Q2 FY25 from Rs 937.48 crore recorded in the corresponding quarter previous year.

Sterlite Technologies jumped 5.01% after the company announced that it has emerged as L-1 bidder for a project floated by Bharat Sanchar Nigam (BSNL) worth Rs 1,625.36 crore.

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