Nifty Realty Index Plunge Over 1.25%; Indiabulls, Phoenix Mills Top Losers

Following the market's record highs yesterday, the Nifty Realty stocks joined the losers on Thursday. The Nifty 50 was battling around 16,200 levels due to volatility amid mixed global cues. Investors are focusing on the RBI's monetary policy announcement this week, therefore benchmark indices are down.

The NIFTY Realty Index is intended to reflect the performance of real estate companies principally engaged in residential and commercial property building.

On Thursday at 11:45 a.m., the Realty Index was trading at 406 down 5.20 points or 1.25 percent, after hitting a high of 413.10 and a low of 402.90 during the intraday session.

In today's session, Nifty Realty was a slaughter, with all scrips falling, with Indiabulls Real Estate emerging as the top bear, plunging roughly 4% to Rs145.05 per piece.

Oberoi Realty and Sobha Realty both fell more than 3%, making them the sector's top laggards.

Sunteck fell 2.87 percent to Rs390.35 per share, while Phoenix and Prestige fell 2.53 percent and 2.39 percent on the index, respectively. Sunteck's revenue increased by 52 percent to Rs96 crore, with a profit of Rs3 crore in the first quarter.

Following the release of the Q1 results, heavyweight Godrej Properties fell 2% to Rs1604.90 per piece.