Realty stocks extended their losing streak for the fifth straight session on July 2, with the Nifty Realty index slipping further in line with broader market weakness. Raymond Realty, Prestige Estates Projects and DLF were among the major laggards.
The Nifty Realty index declined nearly 2 percent in today’s session and has lost up to 6 percent over the last five trading days.
The fall comes amid concerns over rising unsold housing inventory. According to a report by property consultant Anarock, there are about 5.59 lakh unsold residential units across seven major cities.
Raymond Realty was the top loser in the segment, falling as much as 5 percent. The company made its stock market debut on Tuesday, listing at Rs 1,000 per share on the NSE following its demerger from parent Raymond Ltd. The listing price was at a 3.78 percent discount to the discovered price of Rs 1,039 per share.
Raymond Realty shares debut at 4% discount on NSE after demerger from Raymond
Shares of The Phoenix Mills and Brigade Enterprises also fell, slipping up to 4 percent. DLF, Oberoi Realty and Godrej Properties were down up to 2 percent during the day.
The equity benchmarks Sensex and Nifty gave up early gains and traded lower on Wednesday after US President Donald Trump said he won’t delay the July 9 deadline for imposing higher levies on trading partners.
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