Indices reverse losses, realty shares under pressure

The equity benchmarks pared early losses and traded with minor gains in morning trade. The Nifty traded above the 24,700 level after hitting day's low of 24,654.50 in early trade. Realty shares declined after advancing in the three previous consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, rose 51.81 points or 0.06% to 80,851.81. The Nifty 50 index added 44.65 points or 0.18% to 24,743.50.

In the broader market, the S&P BSE Mid-Cap index added 0.26% and the S&P BSE Small-Cap index rose 0.62%.

The market breadth was strong. On the BSE, 2,250 shares rose and 1,022 shares fell. A total of 104 shares were unchanged.

Buzzing Index:

The Nifty Realty index declined 1.05% to 1,041.25. The index advanced 2.49% in the past three trading session.

Phoenix Mills (down 1.9%), Macrotech Developers (down 1.49%), Prestige Estates Projects (down 1.43%), Godrej Properties (down 1.22%), DLF (down 0.79%), Sobha (down 0.74%), Brigade Enterprises (down 0.4%), Mahindra Lifespace Developers (down 0.33%), Oberoi Realty (down 0.32%) declined.

Stocks in Spotlight:

Sansera Engineering fell 0.70%. The company informed that its board has approved raising of funds of upto Rs 1,200 crore in one or more tranches through qualified institutions placements (QIP), or any other method.

Exide Industries gained 2.21% the company has invested Rs 74.99 crore in its wholly owned subsidiary, Exide Energy Solutions (EESL) by way of subscription to share capital on right basis.

EESL has allotted 2,08,33,333 equity shares of Rs 10 each were acquired at a premium of Rs 26 each aggregating to Rs 74.99 crore on right basis to the company. The said transaction is at arm's length.

As on date, the total investment by Exide Industries in the equity share capital of EESL stood at Rs 2,652.24 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.

CESC advanced 2.33% after the company's wholly owned subsidiary, Purvah Green Power incorporated a wholly owned subsidiary company named, Ecofusion Power (EPPL) to enter into renewable sector.