The key equity barometers traded with strong gains in mid-afternoon trade. The Nifty hovered near the 18,600 mark after hitting the day's low of 18,536.95 in early trade. Realty shares extended losses for third consecutive session.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 127 points or 0.20% to 62,537.68. The Nifty 50 index added 36.05 points or 0.19% to 18,596.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.29% while the S&P BSE Small-Cap index advanced 0.31%.

The market breadth was positive. On the BSE, 1,837 shares rose and 1,576 shares fell. A total of 164 shares were unchanged.

Politics:

The votes polled in assembly elections in Himachal Pradesh and Gujarat are being counted by the Election Commission of India (ECI) today, 08 December 2022.

The ruling Bharatiya Janata Party (BJP) is leading in 18 seats, while the Congress is leading in 33 seats and the independent is ahead in 1 seat in Himachal Pradesh, according to ECI. So far, the Congress has won 6 seats, the BJP has won 8 seats and the independent has won 2 in the 68 assembly state.

Early trends point to a sweeping victory for the ruling BJP in Gujarat that has not lost an election in the state since 1995. The BJP was leading in 136 seats, while Congress was ahead in 14 and the Aam Aadmi Party (AAP) was leading in 5 seats, according to early trends reported by ECI. Others were leading in three seats. So far, the BJP has won 22 seats and the Congress has won 2 in the 182 assembly state.

The assembly elections in Himachal Pradesh were held in a single phase on 12 November 2022. The assembly elections in Gujarat were held in two phases - on 1st and 5th of December 2022.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.282 as compared with 7.269 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3825, compared with its close of 82.4700 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement added 0.06% to Rs 54,017.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 105.21.

The United States 10-year bond yield rose 1.58% to 3.462.

In the commodities market, Brent crude for February 2023 settlement rose 50 cents or 0.65% to $77.67 a barrel.

Buzzing Index:

The Nifty Realty index fell 1.03% to 453.20. The index has declined 2.86% in three sessions.

Sobha (down 3.22%), Phoenix Mills (down 3.21%), Godrej Properties (down 1.29%), Sunteck Realty (down 1.28%) and DLF (down 1.18%) were the top losers.

Among the other losers were Oberoi Realty (down 1.1%), Prestige Estates Projects (down 0.87%), Indiabulls Real Estate (down 0.82%), Brigade Enterprises (down 0.22%).

Macrotech Developers gained 2.26%. The company announced that the committee has approved the opening of the qualified institutional placement (QIP) issue on 7 December 2022. The real estate developer said that it launched a QIP consisting of an offer for sale to achieve minimum public shareholding.

The floor price of the QIP issue is fixed at Rs 1,022.75 per equity share. The floor price is set at a discount of 4.17% to Wednesday's closing price of Rs 1067.30 per share.

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