Weak Start to the Week, BSE Realty Index Falls by 4.7%

Indian share market continued to remain under pressure in the afternoon session. At the closing bell, the BSE Sensex stood lower by 385 points (down 1.5%), while the NSE Nifty finished lower by 151 points (down 1.8%). The S&P BSE Mid Cap & the S&P BSE Small Cap finished lower by 2.8% and 3.2% respectively.

Stocks in the realty sector were the worst affected in today’s trade. Certain stocks in this sector such as DLF (DLF share price) and India Bulls Real Estate (India Bulls share price) witnessed immense selling pressure. Since, the announcement of demonetization of 500 and 1,000 rupee notes, the S&P BSE Realty sector has witnessed a sharp fall of around 20%.

In another news update, Shree Cements has submitted a preliminary report to buy a majority stake in Odhisa based Shiva Cements Ltd.

Reportedly, Shree Cements is offering around Rs 15 for every share held by the shareholders. At the time of writing share market news, Shiva Cement share price was trading at Rs 7.9 (up 4.9%).

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Rupee was trading at 68.25 against the US$ in the afternoon session.

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