The benchmark indices traded near the flat line in morning trade. The Nifty traded a tad above the 17,600 level. Realty stocks rallied for the sixth consecutive trading session.
The barometer index, the S&P BSE Sensex, was down 16.63 points or 0.03% to 59,816.34. The Nifty 50 index added 12.70 points or 0.07% to 17,611.85.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index gained 0.14%.
The market breadth was positive. On the BSE, 1,924 shares rose and 1,314 shares fell. A total of 167 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 475.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 997.08 crore in the Indian equity market on 6 April, provisional data showed.
Buzzing Index:
The Nifty Realty index gained 2.95% to 415.90, extending gains for the sixth straight session. The index surged 11.8% in six trading sessions.
Godrej Properties (up 7.81%), Sobha (up 5.08%), Prestige Estates Projects (up 4.11%), DLF Ltd (up 3.64%), Brigade Enterprises (up 2.86%), Oberoi Realty (up 2.67%), Indiabulls Real Estate (up 2.65%), Macrotech Developers (up 2.55%) and Mahindra Lifespace Developers (up 0.53%) advanced.
Godrej Properties (GPL) jumped 7.81% after the real estate developer's sales volumes for the quarter grew by 19% QoQ in area terms from 4.42 million square feet (sq. ft) to 5.25 million sq. ft. GPL's sales volumes for the full financial year grew by 40% in area terms from 10.84 million sq. ft. to 15.21 million sq. ft. GPL's cash collections for FY23 grew 41% to Rs 8,991 crore. Q4 FY23 collections stood at Rs 3,822 crore representing QoQ growth of 127% and YoY growth of 52%.
Sobha rallied 5.08% after the company said that its total sales value in Q4 FY23 was Rs 1,463.4 crore, which is higher by 26% as compared with Rs 1,164.2 crore recorded in the corresponding quarter last fiscal. The company's share in the sales value was Rs 1,207.4 crore (up 26% YoY).
Stocks in Spotlight:
CreditAccess Grameen gained 3.51% after the micro finance lender's disbursements improved to Rs 7,171 crore in Q4 FY23, registering a growth of 24% as against Rs 5,792 crore reported in Q4 FY22. Sequentially, disbursements surged 48% in Q4 FY23 from Rs 4,847 crore posted in Q3 FY23. Assets under management (AUM) jumped 27% to Rs 21,032 crore in the quarter ended 31 March 2023 as compared to Rs 16,599 crore recorded in Q4 FY22 and 18% increase from Rs 17,786 crore in Q3 FY23.
Mahindra & Mahindra Financial Services shed 0.67%. The Reserve Bank of India (RBI) on Thursday (6 April 2023) imposed a monetary penalty of Rs 6.77 crore on Mahindra & Mahindra Financial Services for non-compliance with regulatory norms.
Alkem Laboratories added 0.55%. The pharmaceutical compnay said that the US FDA had conducted a good manufacturing practices (GMP) and pre-approval inspection at the company's API manufacturing facility located at Ankleshwar, Gujarat, from 03 April 2023 to 07 April 2023.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.220 from 7.219 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.8150, compared with its close of 82.02 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement fell 0.84% to Rs 60,001.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.9% to 102.18.
The United States 10-year bond yield declined 0.27% to 3.374.
In the commodities market, Brent crude for June 2023 settlement shed 20 cents or 0.23% to $84.92 a barrel.
Global Markets:
Asian stocks were trading mixed on Monday as some investors returned from a long Easter weekend. Australian and Hong Kong markets remained closed due to a four day Easter holiday till Monday.
The US Stock Market, including the Nasdaq and New York Stock Exchange (NYSE), remained closed on Good Friday.
Investors are in for a busy week of economic data, including the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.
Employment data for March indicated the labor market remained tight last month. Nonfarm payrolls increased by 236,000 jobs in March, the Labor Department said. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. The unemployment rate dipped to 3.5% from 3.6% in the prior month.
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