Stocks of real estate companies suffered widespread losses on the BSE today dragging down the sectoral index by 3.14 per cent on all-round selling by funds on fears of rate hike by RBI to curb inflation. Besides, a weak trend in the global markets on threat of nuclear concerns in tsunami-hit Japan also fuelled selling.
DLF Ltd, HDIL, Unitech Ltd, and DB Realty were among the major losers. The 15-share realty index of the Bombay Stock Exchange suffered the most among sectoral indices recording a steep fall of 66.50 points, or 3.14 per cent, to 2,053.69 after touching an intra-day low of 2,043.23.
Meanwhile, the BSE-30 benchmark Sensex tumbled by 271.84 points, or 1.47 per cent to close at 18,167.64 after dipping to 17,920.55 points. Analysts said trading sentiment, in rate sensitive realty stocks, turned extremely bearish on fears that the Reserve Bank of India may increase key interest rates in its credit policy, to be announced on March 17.
Besides, a weak trend on the other Asian bourses and lower opening on the European markets also dampened the trading sentiments here, they said. Stocks of DLF Ltd, the country”s biggest realty developer, declined 3.15 per cent to Rs. 221.10, while Unitech fell by 3.28 per cent to Rs. 36.85.
Other losers in the segment were HDIL, which fell by 5.51 per cent to Rs. 156.95, Sobha Developers by 2.15 per cent to Rs. 256.60, Parsvanath Developers by 10.41 per cent to Rs. 33.95, Ananat Raj Industries by 3.06 per cent to Rs. 74.40, Orbit Corp by 4.70 per cent to Rs. 48.70 and DB Realty by 3.94 per cent to Rs. 110.95 and Indiabull Real Estate by 3.81 per cent to Rs. 109.75.
