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The benchmark indices traded with significant gains in morning trade. The Nifty traded above the 19,800 level. Realty shares extended gains for the second consecutive trading session.
The barometer index, the S&P BSE Sensex, was up 431.19 points or 0.65% to 66,510.55. The Nifty 50 index added 126.35 points or 0.64% to 19,816.20.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.98% while the S&P BSE Small-Cap index gained 1.01%.
Buyers outnumbered sellers. On the BSE, 2,527 shares rose and 818 shares fell. A total of 181 shares were unchanged.
Buzzing Index:
The Nifty Realty index rose 0.91% to 611.70. The index jumped nearly 5% in two trading sessions.
Prestige Estates Projects (up 2.61%), Phoenix Mills (up 2.55%), Macrotech Developers (up 2.26%), Mahindra Lifespace Developers (up 1.58%) Godrej Properties (up 0.47%), Swan Energy (up 0.31%) and DLF (up 0.12%) edged higher.
On the other hand, Sobha (down 0.96%), Brigade Enterprises (down 0.19%) and Oberoi Realty (down 0.05%) declined.
Stocks in Spotlight:
Laxmi Organic Industries surged 11.01% after the specialty chemicals maker announced the successful conclusion of its qualified institutions placement (QIP) for the company's equity shares. The QIP, which commenced on 5 October 2023, concluded on 10 October 2023, with a total of 9,625,579 equity shares being allotted. The shares were priced at Rs 269.20 per share, resulting in an issue size of approximately Rs 259.12 crore.
The issue price of Rs 269.20 is at a discount of Rs 14.07 or 4.97%, to the floor price of Rs 283.27 per equity share set for the QIP issue.
NCL Industries advanced 2.48% after the company announced that its cement production for the second quarter of FY24 was 659,300 MT, registering a growth of 9% on YoY basis. Cement dispatches increased by 11% to 669,587 in Q2 FY24 as compared with Q2 FY23.
Shiva Cement jumped 5.28% after the company announced the receipt of approval from Odisha's pollution control board for doubling its existing production capacity.
Tata Consultancy Services (TCS) added 0.13%. Country's largest software services firm TCS will announce its Q2 results today, 11 October 2023. Moreover, TCS board will also consider a proposal for share buyback in its meeting.
Titan Company rose 0.34%. The meeting of the board of directors of the company is scheduled on 17 October 2023 to consider and approve the proposal for issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures on a private placement basis, within the permissible borrowing limits under Section 180 of the Companies Act 2013.
Wipro gained 0.87%. The IT major had signed a definitive agreement to subscribe to equity share capital in FPEL Ujwal Private Limited (FPEL), engaged in the business of developing, building, and managing a portfolio of solar power assets. The company has completed its subscription in equity share capital of FPEL on 10 October 2023.
Bank of Baroda slipped 2.01%. The Reserve Bank of India has directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto its 'bob World' mobile application, based on certain supervisory concerns that RBI had observed in the Bank's mobile banking onboarding processes. Further onboarding of customers on the ?bob World? application will be subject to further strengthening of related processes by the Bank to the satisfaction of RBI.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper declined 0.34% to 7.326 from its previous close of 7.351.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2250, compared with its close of 83.2500 during the previous trading session.
MCX Gold futures for 5 December 2023 settlement added 0.04% to Rs 57,652.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 105.77.
The United States 10-year bond yield fell 0.39% to 4.635.
In the commodities market, Brent crude for December 2023 settlement gained 25 cents or 0.29% to $87.90 a barrel.
Global Markets:
Asian stocks were trading higher on Wednesday mirroring moves on Wall Street as U.S. Treasury yields fell and oil prices slightly eased.
US stocks climbed on Tuesday as investors awaited key inflation data out of the world's largest economy, with the producer price index and consumer price index readings for September out Wednesday and Thursday, respectively.
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