The domestic indices pared some losses and traded with limited losses in early afternoon trade. The Nifty traded tad above 22,300 level after hitting day?s low of 22,232.05 in mid-morning trade. Realty shares declined after advancing for the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex slipped 416.18 points or 0.56% to 73,474.63. The Nifty 50 declined 140.70 points or 0.63% to 22,302.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.65% and the S&P BSE Small-Cap index declined 1.42%.

The market breadth was weak. On the BSE, 993 shares rose and 2,685 shares fell. A total of 136 shares were unchanged.

Politics:

On 7 May 2024, the Lok Sabha elections will enter their third phase with voting in 96 parliamentary constituencies across 12 states such as Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh, and West Bengal. The BJP is seeking a third consecutive term, facing opposition from a coalition named the Indian National Developmental Inclusive Alliance (INDIA), which includes the Congress party. This round is part of a seven-phase election process running from April 19 to June 1, with the final election results scheduled to be revealed on June 4.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.15% to 17.29. The Nifty 30 May 2024 futures were trading at 22,378.95, at a premium of 112.95 points as compared with the spot at 22,493.05.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 26.8 lakh contracts at the 22,500 strike price. Maximum Put OI of 36.1 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Realty index declined 3.34% to 956.15. The index advanced in the past trading session.

DLF (down 4.53%), Prestige Estates Projects (down 4.31%), Phoenix Mills (down 3.76%), Sobha (down 3.72%) and Macrotech Developers (down 3.65%) were the top losers.

Among the other losers were Oberoi Realty (down 2.3%), Sunteck Realty (down 2.12%), Godrej Properties (down 1.4%), Brigade Enterprises (down 1.29%) and Mahindra Lifespace Developers (down 0.39%).

Stock in Spotlight:

Godrej Consumer Products (GCPL) rallied 6.57%. The FMCG company reported consolidated net loss of Rs 1,893.21 crore in Q4 FY24 as compared with net profit to Rs 452.14 crore in Q4 FY23. Revenue from operations increased 5.8% YoY to Rs 3,385.61 crore in Q4 FY24.

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