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Realty stocks decline

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Stocks gyrated in negative zone in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 275.56 points or 0.72% at 38,001.07. The Nifty 50 index was down 86.80 points or 0.75% at 11,411.10. Realty stocks fell. The Sensex regained the psychological 38,000 level after falling below that level in morning trade. The sentiment was impacted by negative Asian stocks.

Key indices edged lower in early trade on negative Asian stocks. Indices extended fall in morning trade.

The S&P BSE Mid-Cap index was down 0.96%. The S&P BSE Small-Cap index was down 0.82%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 583 shares rose and 1454 shares fell. A total of 99 shares were unchanged.

Index heavyweight Reliance Industries dropped 2.57% to Rs 1,310

Realty stocks fell. DLF (down 2.3%), Indiabulls Real Estate (down 4.69%), Housing Development and Infrastructure (down 1.58%), D B Realty (down 3.18%), Sobha (down 4.99%), Godrej Properties (down 1.27%), Prestige Estates Projects (down 0.49%), and Oberoi Realty (down 2.94%) declined.

Overseas, Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth.

U.S. stocks dropped sharply Tuesday, building on the previous day's decline after U.S. officials confirmed that tariffs on imported goods from China could be raised by the end of the week.

U.S. Trade Representative Robert Lighthizer reportedly said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday from 10% to 25%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 08 2019. 11:34 IST