Nifty Realty index plummets 1% amid volatility; Phoenix Mills, Lodha worst hit

The index was performing in the red where 8 scrips were on a declining note.

November 29, 2021 10:35 IST | India Infoline News Service
On Monday, Nifty Realty stocks joined the markets bears due to volatility amid mixed global cues. During early trading hours, Nifty 50 was struggling around the 16,800 levels. Indian Markets continued its volatile trade amid fears of omicron Covid variant which added swirling concerns about the future situation for investors.

However, the WHO said that it is not yet clear if the new Omicron coronavirus variant is more transmissible compared to other variants, including Delta. But globally, investors started to monitor the developments of the variant as many countries including India, released new guidelines for the states which might act as a bigger concern for investors in respect of the economy.

Renewed lockdown restrictions are expected if the new variant spreads rapidly which could lead to further slow down in business activities. Realty industry has started to witness uptick in their sales with lockdown curbs eased and business back on track to recovery, however, another Covid-19 related restrictions could dampen demand. 

On the sectoral front, Realty Index dropped nearly 2% so far in the opening bell on Monday. At around 10:35 AM, it was trading at 489.60 down 3.20 points or 0.65%, hovered between intraday high of 491.10 and low of 470.65 during volatile trade.

The index was performing in the red where 8 scrips were on a  declining note.

Realty-major Phoenix Mills shed over 4% to emerge as the biggest laggard in the sector.

Lodha Developers also shed 3.46% at Rs1312.40 per piece while Brigade was tumbled by 3% at Rs461 per piece to drag the sector.

Sunteck Realty was 1.67% on the downside at Rs433.90 per piece. Index heavyweight Godrej Properties was also lower by nearly 1%. However, Oberoi Realty, Prestige and Sobha were under pressure as well to trade marginally lower. 

On the upside Indiabulls Real Estate and DLF contributed some gains to lift the sector a little. Indiabulls Real Estate surged 4% being the top performer in the index followed by DLF soaring 1.5% at Rs382.50 per piece.

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