Market Commentary - Mid-Session
Nifty tanks below 23,750; realty shares down for 5th day As on : 13-Nov-24  10:33

The domestic equity barometers extended losses in morning trade. The Nifty tanked below the 23,750 mark. Realty shares extended losses for the fifth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 396.90 points or 0.50% to 78,278.28. The Nifty 50 index slipped 146.60 points or 0.61% to 23,736.90.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 1% and the S&P BSE Small-Cap index declined 2.58%.

The market breadth was weak. On the BSE, 656 shares rose and 2,932 shares fell. A total of 111 shares were unchanged

Economy:

India's retail inflation, based on the Consumer Price Index (CPI), in October 2024 surged to a 14-month high of 6.21%, according to the latest official data released on Tuesday. India's retail inflation had stood at a nine-month high of 5.49% in September 2024. It was at 4.87% in October 2023.

India's industrial production grew by 3.1% in September, according to official data released on Tuesday. In the previous month of August, the factory output, based on the Index of Industrial Production (IIP), was in the negative territory at (-) 0.1%. However, the IIP growth had stood at 6.4% in September 2023.

New Listing:

Shares of Swiggy were currently trading at Rs 398.65 at 10:12 IST on the BSE, representing a premium of 2.22% as compared with the issue price of Rs 390.

The scrip was listed at Rs 412, exhibiting a premium of 5.64% to the issue price.

So far, the stock has hit a high of 419.95 and a low of 390.70. On the BSE, over 21.39 lakh shares of the company were traded in the counter so far.

Shares of ACME Solar Holdings were currently at Rs 275.05 at 10:20 IST on the BSE, representing a discount of 4.83% as compared with the issue price of Rs 289.

The scrip was listed at Rs 259, exhibiting a discount of 10.38% to the issue price.

So far, the stock has hit a high of 279 and a low of 255. On the BSE, over 7.51 lakh shares of the company were traded in the counter so far.

Result Today:

Astrazeneca Pharma India (down 2.31%), Century Plyboards (down 1.33%), Deepak Nitrite (down 0.86%), Dredging Corporation Of India (down 1.54%), FIEM Industries (down 2.28%), Garden Reach Shipbuilders and Engineers (down 3.91%), Happiest Minds Technologies (down 1.06%), HEG (down 2.74%), Vodafone Idea (down 1.30%), IFCI (down 2.96%), ISGEC Heavy Engineering (down 2.33%), Kalyan Jewellers India, (down 3.40%) KSB, Kaveri Seed Company (down 2.06%), Mishra Dhatu Nigam (down 2.77%), NBCC (India) (down 3.06%), PI Industries (down 1.68%), Pitti Engineering (down 1.08%), Precision Camshafts (down 4.16%), Prism Johnson (down 2.11%) and Shilpa Medicare (down 1.55%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Realty index lost 2.39% to 944.85. The index tumbled 6.54% in the five consecutive trading sessions.

Brigade Enterprises (down 5.22%), Sobha (down 3.07%), Raymond (down 3.02%), Phoenix Mills (down 2.53%) and Mahindra Lifespace Developers (down 2.38%), Prestige Estates Projects (down 1.91%), DLF (down 1.7%), Oberoi Realty (down 1.13%), Macrotech Developers (down 1.1%) and Godrej Properties (down 0.8%) declined.

Stocks in Spotlight:

Ashoka Buildcon added 3.61% after the company's consolidated net profit surged 307% to Rs 457.04 crore on 15.5% increase in revenue from operations to Rs 2,488.93 crore in Q2 FY25 over Q2 FY24.

FSN E-Commerce Ventures (NYkaa) shed 0.58%. The company's consolidate net profit jumped 66.28% to Rs 12.97 crore on 24.4% increase in revenue from operations to Rs 1,874.74 crore in Q2 FY25 over Q2 FY24.

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