The frontline indices continued to trade near the flat line with tiny gains in early afternoon trade. The traded above the 17,600 level after hitting the day's low of 17,590.10 mid-morning trade. Realty stocks witnessed profit booking after advancing in the past five trading sessions.
The barometer index, the S&P BSE Sensex, was up 71.7 points or 0.12% to 59,639.50. The Nifty 50 index added 4.95 points or 0.03% to 17,623.70.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index advanced 0.26%.
The market breadth was positive. On the BSE, 1,888 shares rose and 1,446 shares fell. A total of 147 shares were unchanged.
Cautiousness among investors was on the rise after strong inflation readings from the UK and Euro Zone cemented expectations of continued rate hikes by the Bank of England and the European Central Bank going forward. Hawkish remarks from Federal Reserve officials exacerbated the likelihood that the American central bank will pause its rate hike cycle as soon as June.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.22% to 12.13. The Nifty 27 April 2023 futures were trading at 17,655, at a premium of 31.3 points as compared with the spot at 17,623.70.
The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 92.1 lakh contracts at the 17,700 strike price. Maximum Put OI of 74.6 lakh contracts were seen at 17,700 strike price.
Buzzing Index:
The Nifty Realty index fell 0.41% to 432.75, snapping a five-day gaining streak. The index rallied 3.43% in five sessions.
DLF (down 1.35%), Godrej Properties (down 0.9%), Oberoi Realty (down 0.82%), Macrotech Developers (down 0.8%), Sobha (down 0.61%), Mahindra Lifespace Developers (down 0.22%) declined.
On the other hand, Indiabulls Real Estate (up 2.6%) ,Prestige Estates Projects (up 1.4%) and Phoenix Mills (up 0.72%) edged higher.
Buzzing Index:
The Nifty Private Bank index rose 0.34% to 21,408.90. The index had declined 0.28% to end at 21,336.20 yesterday.
Bandhan Bank (up 1.59%), RBL Bank (up 1.57%), City Union Bank (up 1.01%), IDFC First Bank (up 0.89%) and Kotak Mahindra Bank (up 0.78%) were the top gainers.
Concurrently, Federal Bank (up 0.57%), HDFC Bank (up 0.21%), ICICI Bank (up 0.11%), IndusInd Bank (up 0.09%) advanced while Axis Bank declined 0.47%.
Stocks in Spotlight:
Emkay Global Financial Services was locked in 20% upper circuit after the company announced the recipt of in-principle approval from SEBI for sponsoring a mutual fund
Torrent Power rose 0.99% after the company announced that it has incorporated a wholly owned subsidiary named 'Torrent Urja 12 (TU12)' on 18 April 20
Zydus Lifesciences declined 1.64%. The drug maker announced that it has received final approval from US Food and Drug Administration (USFDA) to manufacture and market Metoprolol Tartrate tablets USP, 25 mg, 50 mg, and 100 mg.
Global Markets:
Asian stocks mostly advanced on Thursday as investors on Wall Street digest more earnings reports from names like Netflix, IBM and Morgan Stanley.
Japan posted a trade deficit for a 20th consecutive month in March. The country's trade deficit reached a record high of 21.7 trillion yen ($161.14 billion) for the twelve months ending March, a sharp spike from the 5.59 trillion yen recorded in the same period a month ago.
US stocks closed mostly flat on Wednesday after earnings reports from Netflix and Morgan Stanley as investors worried about the Federal Reserve's next move on interest rates.
The banking crisis in March took its toll on financial activity, particularly in the New York and San Francisco regions, according to the Federal Reserve's periodic economic review released Wednesday.
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