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Indices trade lower as Nifty Realty plunges

Benchmark indices made a weak start on Thursday. The Sensex is down 116 points at 36,943, while the Nifty is down 38 points at 10,880. (at 9.24 AM)

Sectorally, Nifty Metal & Realty are the top losers, falling 1.14% and ~5%, respectively.

The Realty index's plunge is being led by DLF, down ~15% and Oberoi Realty, down ~5%. 

A media report said that the Supreme Court has issued a notice to DLF based on a petition that alleged how DLF had suppressed key information regarding judicial proceedings against its largest chunk of land-bank in Haryana.

Oberoi Realty fell on news that its premises were raided by tax officials yesterday.

All indices are in the red, except Nifty FMCG, which is up 0.38%.

Yes Bank (+2%), Britannia (~+4%), Dr. Reddy's, ITC, Sun Pharma, and M&M are the top gainers, while Indiabulls Housing Finance (-5%), LIC Housing, Tata Steel, and Hindalco are the top losers.

The advance/decline ratio for the Nifty50 index is 2:3.

The broader market is also underperforming.

India Vix is up 2.4% at 17.42.

Elsewhere, Asian markets are trading lower.

The Fed released its minutes of the July meeting on Wednesday. The minutes said that the officials viewed the July interest rate cut as a “recalibration” of monetary policy and not the beginning of a long string of rate cuts.

On the currency front, the Indian rupee opened flat at 71.56 per dollar on Thursday vs. its previous close of 71.55/USD.

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