Domestic benchmarks hit fresh intraday high in morning trade, extended gains for the fourth straight session. Positive Asian cues supported the gains. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 387.92 points or 1.08% at 36,409.34. The Nifty 50 index added 127.95 points or 1.21% at 10,735.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.82%. The S&P BSE Small-Cap index gained 0.93%. Both these indices trailed the benchmark Sensex.
The market breadth favored the buyers as 1397 shares rose and 819 shares fell. A total of 148 shares were unchanged on the BSE.
The Nifty Realty index rose 1.23% to 205.60, rising for second day. The index has added 2.3% in two sessions.
Sobha Developers (up 5.39%), Indiabulls Real Estate (up 4.96%), Oberoi Realty (up 2.24%), Brigade Enterprises (up 1.78%), Prestige Estates (up 2.15%), The Phoenix Mills (up 2.08%), DLF (up 1.19%) and Sunteck Realty (up 0.69%) advanced.
Meanwhile, Omaxe (down 4.95%) and Godrej Properties (down 0.36%) declined.
Gati shed 0.23% to Rs 42.50 after the company reported a consolidated net loss of Rs 62.91 crore in Q4 March 2020 as compared to a net profit of Rs 8.28 crore in Q4 March 2019. Net sales during the quarter fell 19.4% year-on-year (YoY) to Rs 370.09 crore. Among segments, 'Express Distribution & Supply Chain' revenues were at Rs 280.72 crore (down 21.3% YoY) while 'Fuel Station' revenues came in at Rs 62.83 crore (down 12.4% YoY) in Q4 FY20.
"The Operating loss for quarter ended March, 2020 and for the Financial year ended March, 2020 in case of the Company is mainly attributable to a drop in cross border E commerce and TV commerce business, coinciding with a shift in domestic E commerce market dynamics with increased price competitiveness due to key customers increasing investment in their own in-house logistics capacity," Gati said in a statement.
Indiabulls Housing Finance rose 0.95% to Rs 233.15, paring early losses. The housing financier reported 86.4% drop in consolidated net profit to Rs 137.06 crore on 32% fall in total income to Rs 2954.20 crore in Q4 March 2020 over Q4 March 2019.
Indiabulls Housing (IBH) reported total provisions of Rs 3741 crore (5.4% of the loan book), nearly Rs 700 crore out of which were set aside as COVID-19 related provisions. It also made additional provisions of Rs 1798 crore, from the profits it received on sale of its investments in OakNorth Bank.
The loan book declined 24% to Rs 69,676 crore in Q4 FY20 from Rs 91,530 crore Q4 FY19, a drop of nearly Rs 22,000 crore.
In line with the RBI's guidelines and as per policy approved by the Board, the Company has extended the benefit of moratorium to all customers, retail as well as wholesale. As at the end of June, 20% of IBH's customers have availed of the moratorium. Customers opting for moratorium have declined from the peak of 35%.