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A maturing market amid the mayhem
Indiabulls Real Estate, HDIL and Unitech slipped over 5 percent each and ended as the top losers in the index. Phoenix Mills was the only counter on the index that closed in the green.
Shares in DLF, India’s top listed realty firm, fell 3.7 percent.
Manish Kumar, head of investments at ICICI Prudential Life Insurance, told Reuters he was shying away from the real estate sector given its sharp rise and valuations that are pricing in significant increase in execution.
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Top IT stocks Infosys, Wipro and TCS touched their 1-year highs as the BSE IT index closed 0.7 percent higher.
Top IT firms Infosys Technologies and TCS were among the top Sensex losers, falling 0.83 percent and 0.63 percent respectively. Patni Computer dropped over 3 percent.
Hero Honda and Maruti Suzuki rose 4 percent each in trade, ending as the top gainers among the Sensex components. Exide Industries surged 8.6 percent.
Only three stocks in the realty index closed in the green, with Parsvanath and Unitech ending as top losers with an over 5 percent fall each.
All stocks in the metal index closed in the green, with Gujarat NRE Coke and Sesa Goa leading the pack with gains of over 7 percent each.
The Economic Times said the company was close to a nearly $6 billion acquisition and the likely target was the assets of petrochemicals firm LyondellBasell.
Realty majors Unitech and DLF ended the day with losses of over 9 percent each. DLF shares have dropped more than 30 percent since October.