The key equity barometers traded with significant gains in morning trade. The Nifty traded above the 19,350 mark. Realty stocks gained for the seventh consecutive trading session.
The barometer index, the S&P BSE Sensex, was up 405.50 points or 0.63% to 64,769.28. The Nifty 50 index added 127.30 points or 0.66% to 19,357.90.
In the broader market, the S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index gained 1.03%.
The market breadth was strong. On the BSE, 2,443 shares rose and 945 shares fell. A total of 225 shares were unchanged.
Buzzing Index:
The Nifty Realty index rose 1.74% to 654.95. The index surged 14.53% in seven trading sessions.
Brigade Enterprises (up 6.21%), Mahindra Lifespace Developers (up 3.41%), Phoenix Mills (up 2.76%), Macrotech Developers (up 2.48%), Sobha (up 2.07%), Godrej Properties (up 1.69%), Prestige Estates Projects (up 1.63%), Swan Energy (up 1.04%), Oberoi Realty (up 0.56%) and DLF (up 0.15%) advanced.
Stocks in Spotlight:
Punjab & Sind Bank declined 2.34% after the bank?s standalone net profit declined 32% to Rs 189.09 crore on 26.13% increase in total income to Rs 2,674.15 crore in Q2 FY24 over Q2 FY23.
Shipping Corporation of India slipped 4.17% after the company?s consolidated net profit tumbled 42.53% to Rs 65.73 crore on 22.88% decline in revenue from operations to Rs 1,093.20 crore in Q2 FY24 over Q2 FY23.
Indigo Paints fell 2.56% after the company's consolidated net profit declined 31.66% to Rs 25.34 crore in Q2 FY24 from Rs 37.08 crore posted in Q2 FY23. Revenue from operations jumped 15.01% year on year to Rs 279.01 crore during the period under review.
SBI fell 0.21%. The largest PSU bank?s standalone net profit increased 8.03% to Rs 14,330.02 crore in Q2 FY24 on 26.41% jump in total income to Rs 1,12,169.43 crore in Q2 FY24 over Q2 FY23.
Vedanta shed 0.06%. The company reported a consolidated net loss of Rs 915 crore in Q2 FY24 as against a net profit of Rs 3,308 crore in Q2 FY23. Income from operations increased by 16% year-over-year (YoY) to Rs 38,546 crore during the quarter, driven by higher sales volume and favorable arbitration award in oil and gas, partially offset by a slip in output commodity prices.
Bank of Baroda declined 2.85%. The public sector bank's net profit jumped 28.35% to Rs 4,252.89 crore in Q2 FY24 as compared with Rs 3,313.42 crore in Q2 FY23. Total income increased by 38.79% to Rs 32,032.75 crore during the quarter as compared with Rs 23,080.03 crore recorded in corresponding quarter last year.
Crompton Greaves consumer Electricals fell 1.29%. The company reported a 23% decline in consolidated net profit to Rs 100.87 crore despite of 4.87% rise in net sales to Rs 1,782.27 crore in Q2 FY24 over Q2 FY23.
JSW Infrastructure rallied 5.07%. The company reported 88.95% jump in consolidated net profit to Rs 254.40 crore in Q2 FY24 as against Rs 134.64 crore recorded in Q2 FY23. The company?s revenue from operations stood at Rs 848.31 crore, up 28.14% YoY in Q2 FY24.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper shed 0.22% to 7.301 from its previous close of 7.317.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1675, compared with its close of 83.2050 during the previous trading session.
MCX Gold futures for 5 December 2023 settlement declined 0.30% to Rs 60,835.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 105.08.
The United States 10-year bond yield rose 0.48% to 4.579.
In the commodities market, Brent crude for January 2024 settlement gained 31 cents or 0.37% to $85.20 a barrel.
Global Markets:
Asian stocks are trading higher on Monday after a soft monthly jobs report from the US helped ease bets that the Federal Reserve will continue to hike interest rates.
US stocks closed higher on Friday after a soft jobs report drove bond yields lower. The October jobs report on Friday came in weaker than expectations, showing the Fed?s attempt to cool the economy and stifle inflation could be working. The U.S. economy last month added 150,000 jobs, lower than September?s blowout of 297,000 jobs added. The unemployment rate rose to 3.9%.
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