Breadth strong; realty stocks rally

23 Feb 2022 , 10:30 AM

Indices pare some opening gains in morning trade. The Nifty slipped below 17,150. All sectoral indices traded in the green.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 153.05 points or 0.27% to 56,453.65. The Nifty 50 index added 47.45 points or 0.28% to 17,139.20.

In the broader market, the S&P BSE Mid-Cap index rose 1.13% while the S&P BSE Small-Cap index gained 1.55%.

The market breadth was strong. On the BSE, 2396 shares rose and 696 shares fell. A total of 108 shares were unchanged.

Australia announced sanctions on eight of President Vladimir Putins top security advisors on Wednesday following Russias unwarranted, unprovoked, unacceptable invasion of Ukraine. Meanwhile, Japan also issued santions on Russia, terming its move unacceptable violation of Ukraines sovereignty. Japans sanctions include prohibiting the issuance of Russian bonds in Japan and freezing the assets of certain Russian individuals as well as restricting travel to Japan, Kishida said.

Buzzing Index:

The Nifty Realty index added 2.28% to 439.8 snapping its four day losing streak. The realty index saw bargain hunting after dropping 3.5% in four days.

Sobha (up 5%), Oberoi Realty (up 3.81%), Prestige Estate Project (up 3.68%), Sunteck Realty (up 3.18%), DLF (up 3%) and Indiabulls Real Estate (up 2.73%) were top gainers in realty space.

Stocks in Spotlight:

Hero MotoCorp rose 0.13% while Bharat Petroleum Corporation added 1.13%. The two-wheel manufacturer collaborated with the PSU OMC to set up charging infrastructure for two-wheeled electric vehicles (EVs) across the country. Hero MotoCorp is the first automotive OEM to tie up with the leading Public Sector Undertaking (PSU) to set up charging infrastructure across India. BPCL, accelerating its focus on new business segments for sustainable growth, announced in September 2021 that it is converting 7,000 conventional retail outlets into energy stations providing multiple fuelling options, which will include EV charging facility also, in the medium to long term.

SIS rose 1.58% to Rs 488.40 after the company said that it has won a two-year contract worth approximately Rs 225 crore to provide security solutions at 18 sites of Mahanadi Coalfields in India. The contract has an option to renew for a further one-year period. As part of the contract, SIS will deploy security personnel in different categories to provide security services across 18 sites of Mahanadi Coalfields at Sambalpur, Bhubaneshwar, IB Valley Coalfields and Talcher Coalfields.

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