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Realty stocks nosedive
Mon, 27 Oct Closing

After remaining close to the dotted line for the most part of the day, the Indian equity markets saw a sharp fall in final hours of trade. While the BSE Sensex today closed lower by 98 points, the NSE-Nifty closed lower by 23 points. Midcaps and Smallcaps bucked the trend today. While the BSE Mid Cap index closed the day higher by 0.18%, the BSE Small Cap index closed the day higher by 0.24%. Many sectoral indices too closed the day on a negative note, with realty and energy stocks being the top losers today.

As regards global markets, Asian indices closed on a mixed note today with Hong Kong leading the list of losers. The rupee was trading at Rs 61.22 to the dollar at the time of writing.

Banking stocks have closed the day on a mixed note with the gainers being led by the stocks of Union Bank and Dena Bank. As per a leading business daily, banking behemoth SBI has set a target of disbursing Rs 2.5 bn of home loans every day during the ongoing festive season. It current pace of disbursal stands at close to Rs 2 bn. This uptick in the rate of disbursal has been achieved after it waived off the loan processing fee in late September as part of its festive offering. It stood at Rs 1.3 bn just before the processing fee was waived off. The company plans to focus on high value loans to achieve its target as outlined above.

Energy stocks have ended the day on a negative note with the losers being led by Cairn India and Chennai Petroleum. As per a leading business daily, oil and gas major ONGC plans to take advantage of falling international crude oil prices by more than doubling its overseas output to about 400,000 barrels per day of oil by the year 2018. To be able to meet this medium term target by 2018, the company plans to adopt the strategy of aggressively going in for acquiring producing assets. This would become necessary as it would be difficult to acquire an exploration block and then make it produce in such a short span of time.

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