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Sensex Falls On Weak Global Cues, Real Estate Stocks Rally
After having rallied sharply on the back of a hopes of a stimulus package, the Sensex and the Nifty fell in trade, due to profit booking, following the announcement of a stimulus package.
Worries over rising Covid-19 cases also dampened sentiments. Cases in India have now crossed the 78,000 mark.
The Sensex was trading with losses of 541 points, while the Nifty was trading with losses of 163 points. NBFC stocks, which had much to gain from the Finance Minister's stimulus package rallied, due to renewed liquidity. This was largely on account of the fact that these stocks had rallied substantially ahead of the announcements.
Banking stocks like ICICI Bank, Axis Bank and HDFC Bank too saw a drop in their share prices. NBFC stocks, like L&T Finance, which had rallied substantially ahead of the Finance Minister's economic package continued to gain ground. The stock was up marginally, despite weak market conditions.
Real estate stocks, which had a fair bit of recommendations in the recent economic package, managed to gain ground. Sobha, Prestige Real Estate and Brigade were all among the gainers in trade.
Shares in ABB fell after net profits dropped to Rs 66 crores as against Rs 89 crores. Meanwhile, most Asian markets were trading lower, following a weak handover from the US markets.
