Benchmarks are trading with strong gains; real estate stocks in demand
Major equity barometers traded with solid mid-morning gains after the RBI kept the key rate unchanged. The Nifty was trading above the 17,550 mark. Real estate stocks advanced for the second day in a row.
As of 11:21 a.m. IST, the barometer index, the S&P BSE Sensex, was up 386.09 points or 0.66% at 58,852.06. The Nifty 50 index added 118.75 points or 0.68% to 17,582.55.
In the broader market, the S&P BSE Mid-Cap Index gained 0.35% while the S&P BSE Small-Cap Index traded flat.
Market breadth was positive. On the BSE, 1556 shares rose and 1626 shares fell. A total of 115 stocks remained unchanged.
Reserve Bank Governor Shaktikanta Das, who heads the six-member Monetary Policy Committee (MPC), announced the policy resolution today. RBI kept the repo rate unchanged at 4%. The repo rate is 3.35%. The Marginal Standing Facility (MSF) rate is 4.25%. The MPC said the policy stance will remain “accommodating” for as long as necessary. Real GDP growth is projected at 7.8% for fiscal year 2022-23. The inflation target for FY23 is reduced to 4.5%.
The Nifty Realty Index rose 1.03% to 471.80. The index gained 1.63% in two sessions.
Indiabulls Real Estate (+2.09%), Macrotech Developers (+2.08%), Sobha Developers (+1.43%), Sunteck Realty (+1.67%), DLF (+1.29%), Godrej Properties (+1.21%), Oberoi Realty (+1.09%) and Brigade Enterprises (+0.75%) are progressing.
Actions in the spotlight:
ACC added 0.10% to Rs 2,312.30. The company’s consolidated net profit fell by 40.6% to Rs 280.85 crore on a 1.8% increase in net sales to Rs 4,137.42 crore in Q4 FY22 compared to Q4 FY21. Cement sales volume decreased 2.85% year-on-year to 7.49 million tons in the fourth quarter of December 2021. Ready-mix concrete sales volume remained stable at 0.73 million cubic meters in the fourth quarter of fiscal 22.
SKF India fell 1.70% to Rs 3,540.35. The company reported a 30.7% drop in its consolidated net profit to Rs 88.79 crore in Q3 FY22 from Rs 128.11 crore posted in Q3 FY21. Net sales increased by 18.1% to Rs 966.98 crore in Q3 FY22 from Rs 818.7 crore recorded in Q3 FY21.
Larsen & Toubro rose 0.73% to Rs 1,902.65 after the company’s hydrocarbons business secured two offshore projects from a prestigious overseas client. The company has categorized it as a “large” contract, which means the value of the order is between Rs 1,000 crore and Rs 2,500 crore. The scope of work includes engineering, procurement, construction, installation and commissioning for the expansion of a marine terminal.
Asian stocks were trading higher on Thursday as investors awaited the release of consumer inflation data from the United States.
U.S. stocks rose on Wednesday as tech stocks led a broad rally, recouping some of their losses after a tough start to the year.
Meanwhile, investors are awaiting the release of U.S. consumer inflation data due Thursday for clues as to how the Federal Reserve might react to mounting price pressures.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)