Market Now: Realty stocks hit as GST rate hiked to 18%
NEW DELHI: Most of the realty stocks came under pressure in early trade on Friday after the government revised the goods and services tax (GST) for construction of real estate to 18 per cent from 12 per cent announced earlier.
Barring Prestige Estates Projects (up 1.18 per cent) and Phoenix Mills (up 0.09 per cent), other stocks in the Nifty Realty index were trading in the red. The index was trading 1.61 per cent down at 260 in Friday’s early trade.
Indiabulls Real Estate (down 3.06 per cent), Housing Development & Infrastructure (down 3.03 per cent), DLF (down 2.52 per cent), Sobha (down 2.40 per cent), Unitech (down 1.64 per cent), Oberoi Realty (down 0.77 per cent) and Godrej Properties (down 0.75 per cent) were among the top losers in the index.
Besides realty stocks, metals, bank and auto stocks were also dragging the market down amid the apprehensions about the outcome of GST rollout.
Benchmark Nifty50 index was down 34 points at 9,470, while the 30-share Sensex was 107 points down at 30,750 around 10.15 am (IST). In the Nifty50 pack, 15 stocks were trading in the green, while 36 were in the red.
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More than 25 stocks, including Rasoya Proteins, Lanco Infratech, Religare, OCL Iron Steel and Orient Green Power hit fresh 52-week low levels on the National Stock Exchange in the early trade on Friday.
On the other hand, 12 stocks, including Jaypee Infra, Venkys (India), Magnum Ventures, Aditya Birla Money, Aditya Birla Nuvo, Grasim Industries and Tejas Networks hit their fresh 52-week highs.
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Via:: Economic Times – Stocks