Market Now: Realty Stocks Crack – IB Real Estate plunges 4%

Balrampur Chini Mills, Idea Cellular, HCC, HDIL and IDFC Bank were among the stocks that hit fresh 52-week lows on NSE.

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Most realty stocks including Indiabulls Real EstateNSE -3.23 % (down 3.96 per cent), HDILNSE -4.81 % (down 3.76 per cent) and Oberoi RealtyNSE -3.26 % (down 3.71 per cent) were suffering heavy losses during Thursday’s trade.

The Nifty Realty index was trading 2.34 per cent down at 308 around 11:15 am (IST).

Unitech (down 2.61 per cent), DLF (down 2.43 per cent) and Brigade EnterprisesNSE -1.25 % (down 2.12 per cent) tanked over 2 per cent.

On the other hand, Godrej PropertiesNSE -0.94 % (down 1.72 per cent), Prestige Estates ProjectsNSE -0.79 % (down 1.26 per cent) and Sobha (down 1.08 per cent) fell over 1 per cent.

The equity benchmarks Sensex and Nifty50 were in the red on weak Asian cues as tariff woes between the US and China returned, ahead of trade talks between the two countries.

Market participants booked profits tracking a weak trend in other Asian bourses, following overnight losses on the Wall Street after the US Federal Reserve kept its benchmark interest rate unchanged at 1.5 per cent to 1.75 per cent.

The NSE Nifty50 index was down 64 points at 10,654, while the BSE Sensex was 140 points down at 35,036.

Among the 50 stocks in the Nifty index, 12 were trading in the green, while 38 were in the red.

Balrampur Chini Mills, Idea Cellular, HCC, HDIL and IDFC Bank were among the stocks that hit fresh 52-week lows on NSE.

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