Indian indices hold gains, realty stocks in demand1 min read . Updated: 11 Sep 2019, 01:51 PM IST
- State-owned Bharat Heavy Electricals was up 3.88%
- Market breadth was positive, with 1,681 stocks on BSE up, and 582 stocks down
Mumbai: Key domestic equity indices eased from the day's high in afternoon trade on Wednesday. Having risen as much as 0.4% earlier in the day, the benchmark S&P BSE Sensex, at 12:45 pm, was up 87.31 points or 0.24% at 37,341.97 points. The Nifty 50 was up 29.15 points or 0.26% at 11,032.20.
The S&P BSE Mid-Cap index was up 0.65%, while the BSE Small-Cap index was up 1.24%, both outperforming the Sensex. Market breadth was positive, with 1,681 stocks on BSE up, and 582 stocks down. About 118 stocks were unchanged.
Realty stocks were in demand as investors took hope from consolidation and government initiatives. DLF Ltd was up 6.16%, Godrej Properties 4.45%, Oberoi Realty rose 4.17%, Mahindra Lifespace Developers 2.38%, and Indiabulls Real Estate up 1.32%. The S&P BSE Realty index was up 3.47% at 2,030.59.
State-owned Bharat Heavy Electricals (Bhel) was up 3.88% after the company successfully commissioned a 1320 MW IB thermal power station. The supercritical power plant is located in Jharsuguda, Odisha. BHEL's work in the project encompassed design, engineering, manufacturing, supply, erection and commissioning of steam turbines, generators, boiler, associated auxiliaries and electrical.
Shares of state-run oil marketing companies also surged after media reports said national carrier Air India would settle its dues with the PSU OMCs through easy monthly installments. HPCL was up 1.83%, BPCL rose 1.27%, and Indian Oil Corporation advanced 0.63%.
JSW Steel rose 3.12%, despite the company reporting a decline in its crude steel output. The company’s steel output declined 13% year-on-year to 12.53 lakh tonne in August.
Pharmaceutical major Sanofi India was down 2.71%. The company has announced selling its Ankleshwar unit in Gujarat to Zentiva for ₹261.7 crore.