Mid-Stock Market News: Realty, Auto Stocks Rise; M&M, Sobha Top Gainers (09-11-2023)
by mydhanush on 9 November 2023, 3 min read
Among the auto names, Mahindra & Mahindra was the top Nifty as well as the sectoral gainer which jumped over 3.5 percent while among realty names, Sobha added over 5 percent.
The Indian stock market continued to trade flat at 12:30 hours with Sensex up 2 points at 64978 level while the Nifty was marginally lower and was trading at 19440 mark.
Amid a flat market individual sectors have edged higher with the realty index adding 2 percent followed by the auto index which was up a percent.
The top gainers from the real estate space included Sobha and Prestige Estates which were up 4-5 percent each followed by Oberoi Realty, Godrej Properties and Brigade Enterprises which jumped over 3 percent each. DLF and Lodha edged higher by a percent each.
The Nifty Realty is up 49 percent this year, outperforming the equity benchmark Nifty 50. The outperformance is largely due to high sales momentum amid a resurgence in end-user-driven pre-sales growth.
Among the auto names, Mahindra & Mahindra was the top Nifty as well as the sectoral gainer which jumped over 3.5 percent followed by Hero MotoCorp, Tata Motors and Maruti Suzuki which were up over 1 percent each. The other gainers included Bajaj Auto, Eicher Motors and Ashok Leyland.
M&M stock has been in focus after the auto firm said its total wholesales increased 32 percent YoY to 80,679 units in October, its highest-ever sales in a month. The Mumbai-based auto major had dispatched 61,114 units to dealers in October 2022, according to a PTI report.
In a statement, the company said it recorded its best-ever monthly sales performance for both — sports utility vehicles and commercial vehicles — in October. The utility vehicle dispatches rose by 36 per cent year-on-year to 43,708 units in October compared to 32,226 units in the year-ago period, it added.
However, on the other hand, FMCG stocks came under pressure with the top losers being Proctor & Gamble Healthcare which shed 1.5 percent followed by Tata Consumer Products and Godrej Consumer Products. The other losers were Hindustan Unilever, Dabur India and ITC.
The top losers from the Nifty50 index were Tech Mahindra which was down 1.6 percent followed by Tata Consumer, Adani Enterprises, Hindustan Unilever and Bajaj Finance.
The most active stocks in terms of volumes included NTPC followed by Tata Steel, Coal India, State Bank of India and Power Grid Corporation of India.
India VIX was down 0.82 percent and was trading at 10.95 level.
Around 1115 stocks advanced while 1181 declined and 102 stocks remained unchanged.
The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
Image Credit: Freepik
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