Realty, IT Stocks Tumble as Indian Markets Extend Downturn
Overview
Indian stock markets faced selling pressure as the Nifty Realty extended its fall for a seventh straight session, down 1.46%. The IT sector also declined 1.29%, with major players like TCS and Mphasis seeing significant losses. The broader Nifty50 and Sensex indices traded lower, reflecting widespread investor caution.
Stocks Mentioned
Indian Markets Face Broad Sell-Off as Realty and IT Sectors Decline
Indian stock markets extended their losses today, with the Nifty Realty index continuing its downward trajectory for a seventh consecutive session. The sector shed 1.46% during trading.
Several key real estate developers contributed to the decline. DLF fell 0.78%, Oberoi Realty slipped 1.06%, and Godrej Properties dropped 1.29%. More significant losses were seen in Macrotech Developers, which declined 2.34%, Signature Global shedding 2.22%, and Prestige Group falling 2.10%. Sobha was a rare exception, bucking the trend with a 0.93% gain.
The Information Technology (IT) sector also traded lower, with the Nifty IT index declining by 1.29%. Heavyweight stocks experienced notable drops; Tata Consultancy Services (TCS) fell 2.48%, and Mphasis saw the steepest decline among listed names, losing 3.14%. Wipro fell 1.44%, Coforge was down 1.46%, and Persistent Systems declined by 1.66%. Tech Mahindra lost 1.67%, while Oracle Financial Services Software shed 1.94%.
The broader market sentiment remained subdued. The Nifty50 index slipped 0.31% to 25,651.30, and the Sensex declined by 140 points, or 0.31%, to 83,373.07. Major losers on the benchmark indices included Kotak Mahindra Bank, TCS, Asian Paints, Sun Pharma, and HUL. Conversely, Tata Steel, NTPC, ONGC, Axis Bank, and Hindalco Industries emerged as top gainers.
