Nifty Falls Below 23,200; Realty Sector Takes a Hit
The key equity benchmarks in India experienced a significant drop in morning trade, reflecting a broad selloff across Asian markets. This downturn is attributed to escalating geopolitical tensions in the Middle East and a sharp rise in crude oil prices. Additionally, concerns over a potential interest rate hike in the United States further pressured investor sentiment. As a result, the Nifty traded below the 23,200 level.
At 10:30 IST, the S&P BSE Sensex plummeted by 596.85 points, or 0.80%, to 73,636.95. The Nifty 50 index also fell by 173.95 points, or 0.74%, to 23,190.45.
In the broader market, the BSE 150 MidCap Index declined by 0.85%, and the BSE 250 SmallCap Index shed 0.91%. The market breadth was weak, with 1,431 shares rising and 2,416 shares falling. A total of 229 shares remained unchanged.
The NSE's India VIX, a gauge of market volatility, surged by 7.64% to 17, indicating increased uncertainty and risk aversion among investors.
In the commodities market, Brent crude for August 2026 settlement rose by $4.19, or 4.50%, to $97.28 a barrel. This increase was driven by Israel's fresh attacks on Lebanon, despite a ceasefire, which raised concerns over regional stability and the smooth flow of oil shipments through the strategically important Strait of Hormuz.
The Nifty Realty index, which had seen gains in the past two trading sessions, fell by 1.54% to 757.05. Several major real estate companies experienced declines, including Anant Raj (down 3.24%), DLF (down 2.43%), Godrej Properties (down 2.36%), Lodha Developers (down 1.91%), Brigade Enterprises (down 1.54%), Prestige Estates Projects (down 1.51%), Sobha (down 1.39%), Aditya Birla Real Estate (down 1.28%), Oberoi Realty (down 0.9%), and Phoenix Mills (down 0.36%).
Despite the overall market downturn, some stocks stood out. Creative Newtech saw a significant jump of 17.40% after the company, along with its consortium partner, received an advance work order (AWO) from Bharat Sanchar Nigam (BSNL), acting on behalf of Digital Bharat Nidhi, Government of India.
On the other hand, Sigma Advanced Systems declined by 4.59% after securing an export contract worth $21.97 million (around Rs 208 crore) for the manufacture and supply of 40,000 units of 155 mm M107 artillery shell bodies to a North American customer.
Overall, the market's performance highlights the ongoing volatility and the impact of global events on investor sentiment in the Indian equity market.
