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The fact that stock futures of many Nifty stocks were trading at a huge discount to their spot prices an unusual phenomenon lends some credence to this theory. A spiralling inflation and interest rate has already cast a shadow on several sectors such as banking, auto and real estate. On Friday, there was more bad news in the property space, with a downgrade of the debt papers issued by Sobha Developers. This is one of the first downgrades in the sector.
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