Barometers trim losses; realty stocks decline

The key equity barometers sharply pared losses and traded with minor cuts in early afternoon trade. The Nifty traded above 16,500 mark. Realty shares, however, witnessed some bit of selling pressure for second day in a row.

At 12:23 IST, the barometer index, S&P BSE Sensex was down 159.74 points or 0.29% to 55,609.49. The Nifty 50 index lost 44.95 points or 0.27% to 16,539.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.65% while the S&P BSE Small-Cap index declined 0.74%.

The market breadth was weak. On the BSE, 1,215 shares rose while 2,094 shares fell. A total of 175 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.72% to 20.12. The Nifty 30 June 2022 futures were trading at 16,551.60 at a premium of 12.25 points as compared with the spot at 16,539.35.

The Nifty option chain for the 30 June 2022 expiry showed maximum Call OI of 23.5 lakh contracts at the 17,500 strike price. Maximum Put OI of 40.2 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Realty index fell 1.01% to 402.75. The index has declined 1.96% in two sessions.

Macrotech Developers (down 3.34%), Indiabulls Real Estate (down 2.52%), Sobha (down 2.41%), Prestige Estates Projects (down 1.38%) and DLF (down 1.3%) were the top losers.

Further, Godrej Properties (down 1.25%), Phoenix Mills (down 0.83%) and Sunteck Realty (down 0.71%) edged lower.

Stocks in Spotlight:

Larsen & Toubro lost 0.38%. The company's construction arm received a 'large' contract from the Brihanmumbai Municipal Corporation (BMC) to execute the Bandra Wastewater Treatment Facility. As per L&T's classification, the value of the 'large' contract lies between Rs 2,500 crore to Rs 5,000 crore.

Solar Industries India shed 0.16%. The company's board has decided to do a strategic investment, along with its subsidiaries, in Rajasthan Explosives and Chemicals, for the expansion of its manufacturing footprints in north India and has signed a non-binding term sheet in this regards.

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