Sensex down 156 pts; Realty stocks post smart gains

The market, which opened sharply lower this morning on weak global cues, continues to languish deep down in the red as selling continues unabated in several blue chip stocks. Meanwhile, the GDP figures are in line with market expectations.

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• India's Gross Domestic Product grew 6.1% in the first quarter of this fiscal as compared to 7.8% during the same period last year. In the final quarter of the previous year, GDP rose 5.8%. While the industrial sector saw a growth of 5% as against 6% in the previous corresponding period, mining growth was at 7.9%, versus 4.6% in the same quarter last year.

The Sensex, which had plunged to 15,696.66 in early trade this morning, is down with a loss of 155.99 points 0.98% at 15,764.66. The Nifty has posted a loss of 47.10 points or 1% at 4685.25. Information technology stocks are among the major losers this morning. Mirroring their fall, the BSE IT index has lost over 2%. The Teck index is down by around 1.5%. Metal, capital goods, FMCG, pharma and bank stocks are also seen struggling to make a headway today.

Sterlite Industries, Tata Consultancy Services, Infosys Technologies, Larsen & Toubro, Hindalco, Wipro, HCL Technologies , Reliance Industries and Maruti Suzuki are down by 1.5% - 3%. GAIL India Tata Communications, SAIL, BHEL, ITC, Reliance Communications, Jindal Steel, Suzlon Energy, Reliance Infrastructure and Bharti Airtel have also declined sharply. Realty stocks have rallied sharply. With key stocks from this space recording impressive gains, the BSE Realty index has advanced by 2.17% now.

Select PSU, power and oil stocks have also posted notable gains. The market breadth is positive thanks to fairly strong buying at several counters in midcap and smallcap segments. Out of 2420 stocks seen in action on BSE, 1416 stocks are up in the positive territory. 933 stocks have declined and 71 stocks trade flat. Realty stock DLF is up by 2.15% at Rs 422.10.

Unitech, a Nifty component, has gained 4.85% at Rs 104. Ackruti City and Parsvnath Developers have also moved up by over 4%. Orbit Corporation, Ansal Infrastructure, Sobha Developers, Phoenix Mills, HDIL, Omaxe and Mahindra Lifespace have also gained significant ground in the positive territory this morning. Godrej Industries, IRB Infrastructure, Thermax, Jet Airways, Cairn India, MphasiS, Tech Mahindra, Jain Irrigation Systems, Alstom Projects, Sintex Industries, Aban Offshore, Aditya Birla Nuvo, Balrampur Chini and Mangalore Refineries & Petrochemicals are among the other stocks that have gained in strength today.

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