Nifty crosses 24,400 level; Realty shares rally for 2nd day

The key domestic indices pared all losses and traded with minor gains in mid-morning trade. The Nifty scaled above the 24,400 level after hitting day’s low of 24,212.10 in morning trade. Realty shares jumped for second consecutive trading sessions.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 273.62 points or 0.34% to 79,979.53 The Nifty 50 index advanced 70.40 points or 0.29% to 24,437.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.20% and the S&P BSE Small-Cap index added 0.48%.

The market breadth was negative. On the BSE, 1,925 shares rose and 1,952 shares fell. A total of 140 shares were unchanged.

IPO update:

The initial public offer (IPO) of Saraswati Saree Depot received 69,14,880 bids for shares as against 100,00,800 shares on offer, according to stock exchange data at 11:21 IST on Monday (12 August 2024). The issue was subscribed 0.69 times.

The issue opened for bidding on 12 August 2024 and it will close on 14 August 2024. The price band of the IPO was fixed at Rs 152 to 160 per share.

Buzzing Index:

The Nifty Realty index jumped 0.89% to 1,031.35. The index increased 2.45% for the second trading session.

Macrotech Developers (up 5.03%), Sobha (up 0.97%), Brigade Enterprises (up 0.92%), Sunteck Realty (up 0.74%) and Phoenix Mills (up 0.25%), Prestige Estates Projects (up 0.17%) and DLF (up 0.05%) advanced.

Stocks in Spotlight:

Jubilant Foodworks jumped 6.88% after the company’s consolidated net profit surged to Rs 60.80 crore in Q1 FY25 as compared with Rs 28.91 crore in Q1 FY24. Revenue from operations jumped 44.85% YoY to Rs 1,933.06 crore during the quarter.

Voltas surged 8.77% after the company reported consolidated net profit of Rs 334.23 crore in Q1 FY25, significantly higher from Rs 129.29 crore in Q1 FY24. Total income for the quarter ended 30 June 2024 increased 45.82% year on year (YoY) to Rs 5,001.27 crore.

Inox Wind rallied 6.06% after the company reported a consolidated net profit (from continuing operations) of Rs 47.17 crore in Q1 FY25 as against a net loss of Rs 64.88 crore posted in Q1 FY24. Revenue from operations surged 83.18% year on year to Rs 638.81 crore in the quarter ended 30 June 2024.