Equity Alert: Realty shares down 2-5%; DLF plunges 5%
MUMBAI--12:45PM--Shares of real estate companies were down 2-5% as
sentiment
for the sector worsened after global crude oil prices rose, dealers
said.
High crude oil prices lead to a rise in domestic inflation and
thereby
exert upward pressure on interest rates.
NYMEX crude oil for October delivery rose $16 to close at $120.92
per
barrel.
November contract was trading at $108.86 per barrel.
DLF tumbled 5% to 400 rupees, while Unitech shed over 3% at 124
rupees.
Indiabulls Real Estate plunged 5% to 215 rupees, and Parsvnath
Developers
was down 2% at 105 rupees.
"Realty stocks are not good options to look at in the present
scenario.
With demand and sales volumes falling, high cost of borrowings and
inadequacy of funds, there are no positive triggers for the stock in
short to
medium-term," a dealer said, recommending exit from these stocks at
every
rise.
These shares are likely to shed 10-15% in next 3-4 months, he
said.
He pegs intraday support for DLF at 385 rupees and for Unitech at
120
rupees.
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