Nifty slips below 11,000 mark as realty, auto stocks decline

At 11:10AM, the Sensex was trading 159 points down, at 36,682 levels, while Nifty slipped 55 points to 11,087 levels.

After giving a steady-to-positive opening, equity benchmarks turned red in Monday’s late morning session. This is probably due to a sharp selloff in Nifty Realty, Auto, and Financial Services.

At 11:10AM, the Sensex was trading 159 points down at 36,682 levels, while Nifty dropped 55 points to trade at 11,087 levels.

Nifty Realty index was the biggest loser, declining ~4%. The index’s loss was led by HDIL, DLF, Oberoi Realty (-6%, each), and The Phoenix Mills.

Nifty Auto index also slipped ~2% led by Motherson Sumi Systems (5.5%), Mahindra & Mahindra, Eicher Motors, Maruti, and Bharat Forge.

Apart from domestic cues of rupee volatility, auto stocks were dragged by global cues as well. An escalating trade war between the US and China, especially with the latter calling off trade talks with the White House has kept investors away from auto shares.

Nifty Financial Services index was also trading ~2% down, probably owing to sharp selling in Indiabulls Housing Finance, Edelweiss, Bajaj Finance, IIFL Holdings, and Housing Development Finance Corporation.

However, the Nifty IT index rallied 2% led by Infibeam Avenues, Tech Mahindra, Infosys, and TCS.

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