Nifty Realty plunges by 2%; Indiabulls, Sunteck under pressure; Brigade only gainer

Indiabulls Real Estate emerged as top bear tumbling by 5% at Rs148.70 per piece.

Jul 28, 2021 11:07 IST India Infoline News Service

The Nifty Realty index witness steep selling pressure on Wednesday due to bearish markets amid weak global cues.

During early trading hours, Nifty 50 was struggling below 15,600 levels. Benchmark indices were on a negative note amid mixed global cues. All the sectoral indices were trading in the red, BSE midcap and smallcap indices down over percent each.

The market's focus is on corporate earnings while keeping a tab on macro events throughout the day. US markets ended lower ahead of quarterly earnings results of tech companies and Federal Monetary policy decision which shifts investors sentiments.

Realty Index dropped nearly 2% on at around 11:15 AM, it was trading at 387.60 down 6.70 points or 1.70%, touching a high of 397.45 and low of 387.30 during intraday trade on Wednesday.

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

Indiabulls Real Estate emerged as top bear tumbling by 5% at Rs148.70 per piece.

Sunteck and Phoenix Mills shed nearly 3% to emerge the biggest laggards in the sector.

DLF dropped 2.49% at Rs328.60 per piece while Sobha was tumbled by 1.86% at Rs574.45 per piece on the index.

Stocks like Oberoi Realty (-1.48%), Prestige (-1.16%), Hemisphere Properties (-0.77%), and Godrej Properties (-0.46%) were in a bloodbath, dragging the sector most.

However, on the upside Brigade was the only performer surging by 1.71% at Rs323.50 per piece. 

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