The Nifty Realty index witnessed steep selling pressure on Wednesday due to broader bearish markets tone. Except metal, all other sectoral indices are trading in the red with auto and pharma indices fall 1% each.
As the festive season is ahead, the real estate sector has come out with multiple offers to set further confidence in the market. Realtors feel that after the second wave it requires extra efforts from the developer community to ensure that buyers have something to celebrate in these challenging times which may boost investors sentiments to trade in the market.
During early trading hours, Nifty 50 was struggling below 16,300 levels. Benchmark indices were also on a negative note ahead of major economic data.
Realty Index dropped nearly 3% on at around 10:50 AM, it was trading at 381.60 down 10.80 points or 2.75%, after touching a high of 393.25 and low of 376.45 during intraday trade.
9 scrips were on a declining note whereas Phoenix Mills was the only gainer struggling to support the index.
Prestige emerged as top bear tumbling nearly 7% at Rs329 per piece followed by
Sunteck shed over 6% at Rs357.45 per piece.
Hemisphere Properties also witness steep selling pressure plunging by 5%.
Sobha and
Brigade dropped nearly 4% to emerge the biggest laggards in the sector.
Oberoi Realty and
Indiabulls Real Estate down 3.32% and 3.21% respectively. Major Company
Godrej Properties was tumbled by 2.41% at Rs1511.40 per piece on the index.
DLF was also trading lower by 1.82% at Rs328.15 per piece to drag the sector most.
However, on the upside
Phoenix Mills was the only performer struggling by adding marginal gains to support the sector.
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