Nifty Realty erases record level gains; index sheds 3% as Prestige, Sobha tumbles 6% each

Yesterday, real estate major Sobha hit 52-week high at Rs848 per piece.

Sep 07, 2021 10:09 IST India Infoline News Service

On Tuesday, the Nifty Realty pulls back from record level highs as benchmark indices were trading with marginal losses in the volatile session. Nifty Realty stocks joined the markets bears to drop nearly 3% after recording fresh high at 433.60 during early trading hours.

9 scrips were on a declining note whereas Sunteck was the only gainer struggling to lift the index.

At around 10:35 AM, the Nifty realty was trading at 416.25 down 11.80 points or 2.74%, touching a high of 433.60 and low of 419.25 during intraday trade. 

On the sectoral front, all the indices are trading in the red with Realty, PSU Bank, Power indices down 1-2% as concerns on the third wave of the pandemic still hovers to affect the markets.

Sobha and Prestige emerged as top bears tumbling by nearly 6% each. Yesterday, real estate major Sobha hit 52-week high at Rs848 per piece while Prestige remains in downside to drag the sector.

Oberoi Realty shed over 3.5% at Rs788 per piece to emerge the biggest laggard in the sector.

Brigade and index heavyweight Godrej Properties also shed 2.27% and 2.30% on the sector while DLF was tumbled by 2.24% at Rs337.75 per piece on the index.

Hemisphere, Indiabulls Real Estate and Phoenix Mills were also trading in the red tumbling by around 1.5-2%. However, on the upside Sunteck Realty was the only performer maintains to add some marginal gains to the sector.

As for Indian markets, the consumer demand will be closely monitored as its expected to pick up given the festive season beginning from next month and the restrictions continuing to ease which can push market sentiments.

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