The real estate sector is facing the brunt of the Monday's market meltdown with realty major DLF suffering the most, falling 6.43 per cent to its lifetime low in the early morning trade.
DLF opened on a weak note in the Bombay Stock Exchange on Monday at Rs 500.05 and then declined further and hit an intra-day low of Rs 488.60, a 6.43 per cent fall from its previous close.
The realty major was quoted at Rs 490, down 5.76 per cent at 10.41 am and over 3.54 lakh shares exchanged hands on the BSE.
"The decline is because of higher inflation, that can only be checked by higher interest rate and this will eventually hurt real estate and financial sector the most," SMC Global Vice President Rajesh Jain said.
The realty index of the BSE hit an intra-day low of 5,785.45 points and later quoted at 5,787.37 points at 10.45 am.
"Realty sector is under-performing for the last five to six months and this scenario is likely to continue because of weakening global cues and fears of a further rise in inflation," Jain added.
The other major losers in the morning trade were Jaiprakash Association, Reliance Infrastructure, Housing Development and Finance Corporation and Tata Motors which registered a fall of 7.01 per cent, 6.01 per cent, 5.34 per cent and 5.18 per cent respectively.
The Bombay Stock Exchange benchmark index Sensex fell 513.20 points to 15,058.98 points in the first five minutes of trade on Monday, triggered by weak global markets.
The wide-based National Stock Exchange index's Nifty dipped below 4,500 points level by losing 141.15 points to 4,476.65.
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