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Indian market faced selling pressure and closed with moderate losses. IT-sector may appear as major loser while Realty and Metals showed strength. The Sensex closed at 18978, down 113 points from its previous close, and Nifty closed at 5691, down 33 points.

Superlative Performance; Robust Guidance

Environment ministry in its report submitted to the Bombay High Court has mentioned that Lavasa Corporation has violated international environmental laws in building its hill station. It is situated near Pune.

But even after that the ministry has not given any orders for any kind of demolition of the so-called illegal construction. Instead of that they have just suggested that a hefty penalty should be paid by the company and creation of a fund should be done by Lavasa itself so that the damages are fully covered by that.

Economists are pessimistic regarding the projection for the housing market in spite of the fact that activity rebounded in January after the standstill in December.

Just about two-thirds of estate agents stated the number of probable buyers with them in the initial two weeks of January was greater than they might generally wait for the time of year, whereas 26% expressed that the stages were steady with the average in the month.

Simultaneously, 45% of estate agents stated a boost in queries from people who wish to sell their home, as per the National Association of Estate Agents.