Benchmarks trade sideways; realty shares climb

The key equity indices traded in range bound in the mid-morning trade, investors remained cautious amid global headwinds. The Nifty traded above the 25,000 level. Market participants are expected to keep a close watch on key economic data and Q4 earnings results across various sectors this week, which could provide further direction to the indices.

Realty shares rallied for the fourth consecutive trading session.

At 11:27 IST, the barometer index, the S&P BSE Sensex, shed 10.96 points or 0.01% to 82,319.63. The Nifty 50 index added 5.75 points or 0.02% to 25,025.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.64% and the S&P BSE Small-Cap index jumped 1.08%.

The market breadth was strong. On the BSE, 2,662 shares rose and 1,198 shares fell. A total of 194 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 2.30% to 933.50. The index jumped 7.76% in the past four consecutive trading sessions.

Raymond (up 4.99%), Godrej Properties (up 3.75%), Oberoi Realty (up 2.92%), Phoenix Mills (up 2.86%) DLF (up 2.26%), Anant Raj (up 2.23%), Macrotech Developers (up 2.12%), Sobha (up 0.91%) and Prestige Estates Projects (up 0.21%) surged.

Stocks in Spotlight:

Protean eGov Technologies hit a lower circuit of 20% after the company announced that it has not been shortlisted for the next round of bidding in the Income Tax Department's PAN 2.0 project.

Sun Pharmaceutical rose 0.68% after the company announced that it has received approval from the US Food and Drug Administration (USFDA) for its next-generation BLU-U Blue Light Photodynamic Therapy (PDT) device.

Nesco slipped 4.14% after the company reported 15.70% fall in consolidated net profit to Rs 88.61 crore in Q4 FY25 as against Rs 105.12 crore posted in Q4 FY24. Revenue from operations rose 1.60% YoY to Rs 192.01 crore in the quarter ended 31 March 2025.

Global Market:

Dow Jones futures were down 330 points on Monday, indicating a weak opening for U.S. equities. The decline followed Moody's decision to downgrade the U.S. sovereign credit rating from AAA to AA1 on Friday, citing concerns over the country's rising debt burden, which currently stands at approximately $36 trillion. The ratings agency also noted that proposed tax cuts by President Donald Trump could further strain fiscal conditions.

The downgrade was met with criticism from the Trump administration, which pointed to initiatives aimed at reducing government spending. Among them is the Department of Government Efficiency, led by Elon Musk. However, progress on these initiatives has been limited so far.

European markets on Monday are likely to be focused on a number of geopolitical events that affect the region. First, there's the much-anticipated U.K.-EU summit taking place in London on Monday. Later, U.S. President Donald Trump will be holding a call with Russia's President Vladimir Putin

Asian markets traded mostly lower on Monday, influenced by the U.S. credit downgrade and mixed economic data from China. The momentum from last week's rally, driven by easing tensions in the U.S.-China tariff dispute, faded toward the end of the week.

Recent data from China showed: Industrial production increased by 6.1% year-on-year in April, surpassing expectations but slowing from the previous month's 7.7% growth. Retail sales rose by 5.1% y-o-y, below the 5.9% growth seen in March. Fixed asset investment grew by 4.0% y-o-y, missing expectations due to continued business uncertainty amid trade tensions.

On Friday, U.S. equities ended higher. The Dow Jones Industrial Average rose 0.78%, reaching a one-month high. The S&P 500 gained 0.70%, and the NASDAQ Composite added 0.52%. Gains were led by the healthcare, utilities, and telecommunications sectors.

However, sentiment data released the same day showed weakness. The University of Michigan's preliminary consumer sentiment index for May came in at 50.8, down from 52.2 in April and below the forecasted increase to 53.4.

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