Realty stocks collapse, Index plunges over 5%

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Realty stocks collapse, Index plunges over 5%

Market was trying to hit a new milestone of 18000 mark in early trade, bulls also grappling with bears for that but bears started strengthening power and remained charged up through the day. Real Estate stocks hit badly during the day.

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Hubtown BSE | NSE 25/05/12 Are Mutual Funds betting on Hubtown? Other Stocks in this news Ansal Properties & Infrastructure | Anant Raj Industries | DLF | Housing Development and Infrastructure | Indiabulls Real Estate | Mahindra Lifespace Developers | Omaxe | Parsvnath Developers | Peninsula Land | Puravankara Projects | Sobha Developers | Unitech |

Market was trying to hit a new milestone of 18000 mark in early trade, bulls also grappling with bears for that but bears started strengthening power and remained charged up through the day. Sensex touched a low of 17,322.14 (down nearly 451 points or 2.5%), ended lower by 1.6% or 282 points at 17,491.39. Nifty also closed down 100 points.

Real estate sector has beaten very badly today. The BSE Realty Index closed at 9,283.22, down 3.6% after touching an intraday low of 9,096.26 (down 535 points or 5.56%) against previous close.

HDIL lost nearly 9% during an intraday trade and ended at Rs 693.95, down 3.56%. Anant Raj Industries, which goes ex-split from today (from Rs 10 to Rs 2), also slipped 8.6% during the day. It closed lower by 7.73% at Rs 302.85.

DLF will be included in the Sensex from November 19, 2007. Even this news did not help the stock and it fell more than 6% during the day. But it recovered some loss in late trade and closed down just by 1.5% at Rs 839.1.

Unitech, second largest real estate player, finished at Rs 308.5, down 5.61% as against previous close.