Nifty Realty plummets 1.5% tracking weak cues; Godrej Properties stock tanks 10%, Lodha, Phoenix Mills drag too; Oberoi Realty top bull

4 Feb 2022 , 10:43 AM

Nifty Realty shed over 1.5% amid volatile markets on Friday. The heavyweight stocks were broadly under pressure tracking weak global cues. Godrej Properties dragged the most following its board approval for acquisition of a portion of stake of DB Realty and Q3 financial performance. Oberoi Realty was the only biggest gainer on the index.

Indian equities slumped on Friday following a sharp sell-off in technology shares in US markets after Meta Platforms falls over 25% as social media & digital fintech stocks lead the fall.

At around 10:40 AM, BSE Sensex was trading at 58,761.31 down 26.71 points or 0.05% and Nifty50 at 17,540.20 down 20 points or 0.11%.

Realty Index dropped 1.5% so far today. The index was trading at 479.60 down 7.30 points or 1.5% after clocked an intraday low of 477.40 and high of 484.24.

Godrej Properties tank 10% so far today as the index heavyweight company board approved to invest Rs400cr in DB Realty to pick up 10% stake. Macrotech Developers (Lodha) was over 1.7% lower at Rs1310 per piece. Prestige was under pressure at Rs485.05 per piece, down 1.24%.

Stocks like Phoenix Mills, Brigade, Sobha and DLF were trading marginally down to drag the index. Brigade has released its Q3 earnings where its revenue rises 43% yoy to Rs921cr and net profit stood at Rs78cr.

Oberoi Realty was the only stock logs buying sentiments from the investors, up 2% at Rs968.50 per piece, rest Indiabulls Real Estate and Sunteck were trading flat but in the green.