The key equity barometers continued to trade with major gains in the mid-afternoon trade, following the Reserve Bank of India's announcement of several measures to boost liquidity in the banking system. The Nifty hovered above the 23,100 level. Realty shares advanced after declining in the past two consecutive trading sessions.
At 14:29 IST, the barometer index, the S&P BSE Sensex, surged 1069.60 points or 1.42% to 76,435.77. The Nifty 50 index advanced 288.75 points or 1.26% to 23,117.90.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index slipped 1.06%.
The market breadth was weak. On the BSE, 1,458 shares rose and 2,463 shares fell. A total of 122 shares were unchanged.
Economy:
The Reserve Bank of India on Monday said it will purchase government securities worth Rs 60,000 crore in three tranches and announced several other steps to inject liquidity into the banking system. As part of measures to manage liquidity conditions, the central bank also announced a USD/INR buy/sell swap auction of USD 5 billion for a period of six months to be held on January 31, 2025. To inject liquidity, RBI said open market operations (OMO) purchase auctions of Government of India securities for an aggregate amount of Rs 60,000 crore in three tranches of Rs 20,000 crore each will be held on January 30, February 13, and February 20.
Buzzing Index:
The Nifty Realty index rallied 3.30% to 872.50. The index shed 0.14% in two consecutive trading sessions.
Godrej Properties (up 4.82%), DLF (up 4.7%), Prestige Estates Projects (up 4.31%), Sobha (up 4.09%), Macrotech Developers (up 3.38%), Phoenix Mills (up 1.6%), Oberoi Realty (up 0.82%), Raymond (up 0.78%), Mahindra Lifespace Developers (up 0.63%) advanced.
On the other hand, Brigade Enterprises (down 0.02%) edged lower.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.57% to 6.780 as compared with the previous close of 6.784.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.5250, compared with its close of 86.3100 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement were shed 0.30% to Rs 79,820.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.59% to 107.97.
The United States 10-year bond yield rose 0.84% to 4.566.
In the commodities market, Brent crude for March 2025 settlement declined 38 cents or 0.49% to $77.46 a barrel.