Markets extend losses, realty stocks drop
Markets were consolidating at lower levels in noon trades as global cus and political uncertainties weighed on the sentiments of the investors.
The Sensex touched a low of18,113 - down 379 points. Nifty shed 103 points at 5435.
BSE realty index shed 2.5% at 2,025. DMK's withdrawal from the UPA government led the stocks down in the space.
"With the political risks rising we believe that the government machinery will be less inclined to take decision, the direct of impact of which will be on a lot of infrastructure projects that needs green signals", said an Emkay Global report.
Among realty stocks, Peninsula Land, Unitech, Orbit Corp, Indiabulls Real Estate and Sobha Developers tumbled 3-4% each. Other losers included HDIL, Phoenix Mills, D B Realty and Anant Raj Industries.
BSE capital goods, auto, bankex and metal indices were down over 2% each.