Nifty Index Falls Below 24,000 as Realty Shares Decline
Nifty trades below 24,000 level; realty shares tumble
Business Standard
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The Nifty 50 index has dropped below the 24,000 mark, falling 157.40 points to 23,961.15 amid significant losses in the realty sector. The S&P BSE Sensex also fell by 506.27 points, reflecting a negative market breadth with more shares declining than advancing.
- 01Nifty 50 index fell to 23,961.15, down 0.64%.
- 02S&P BSE Sensex dropped 506.27 points, or 0.66%.
- 03Realty shares, including Godrej Properties and Oberoi Realty, saw significant declines.
- 04Wockhardt and Quess Corp reported strong earnings, boosting their stock prices.
- 05Market breadth was negative with 2,016 shares declining.
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In morning trade, the Nifty 50 index fell below the 24,000 mark, closing at 23,961.15, down 157.40 points or 0.64%. The S&P BSE Sensex also experienced a decline, dropping 506.27 points or 0.66% to reach 76,763.13. The broader market reflected a negative trend, with the BSE 150 MidCap Index down 0.21% and the BSE 250 SmallCap Index down 0.19%. Realty shares faced significant losses, with the Nifty Realty index declining 1.45% to 800.90 after a previous gain. Notable losers included Godrej Properties (down 3.54%) and Oberoi Realty (down 1.42%). Conversely, Wockhardt's stock surged 9.07% following a strong earnings report, while Quess Corp rose 7.83% after reporting a net profit turnaround. The overall market breadth was negative, with 1,644 shares advancing and 2,016 shares declining.
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The decline in the Nifty index and realty shares may affect investor confidence and market sentiment, particularly among those invested in the real estate sector.
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