Investors lost Rs 24.69 lakh crore in market valuation in the last four days of severe drubbing in the equity market. Spike in global crude prices, unabated foreign fund outflows, a strong US jobs data diminishing early rate cut expectations, and the rupee logging its steepest single-day fall in nearly two years dampened investors' sentiment.
Rated as one of the best real estate destinations by a number of agencies, Pune's realty market is fast losing its charm as developers are being forced to construct low-end schemes to increase sales. While more than 260 real estate developers are willing to pay three EMIs of home loans taken by their clients and some have offered to rent apartments to future clients, Pune's top developer Goel Ganga group has launched four low-end affordable housing projects in the city.
The NSE Nifty ended at 4,079, down 123 points. The market breadth remained extremely negative -- out of 2,598 shares, 1,979 declined and only 563 advanced.
This time the targets were the colonial style bungalows in the southern tip of the country's financial capital.
Total income increased to Rs 4,942.31 crore (Rs 49.42 billion) from Rs 3,821.6 crore during the year ago quarter," HDFC chairman Deepak S Parekh told the shareholders at the annual general meeting in Mumbai on Wednesday afternoon.
The drive to cut costs is becoming critical as key input costs - steel, cement and labour - that account for 40 per cent of project costs have escalated 50 per cent over the past year.
Reliance Industries and ONGC were down 4-6% each contributing the most to the Sensex losses
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