Mumbai: Shares of real estate firms, led by DLF, steered the rally in morning trade today by surging as much as 10% on the BSE on heavy buying at lower levels.
The 14-share BSE realty index surged 6.71% to a high of 1,755.73 points. It was later quoting at 1,751.63 points, up 6.46% from its previous close on the BSE.
Marketmen said the surge in the sector stocks shows that the broader market is in bull momentum.
Real estate major DLF surged 9.90% to a high of Rs194.20 on the BSE. It was later trading at Rs194, up 9.79% over its last close.
“Realty stocks are trying to bottom out at this level. They are gradually moving from weak to strong hands,” SMC Global Vice President Rajesh Jain said.
Housing Development Infrastructure Ltd gained 7.34% to touch a high of Rs96.50. Besides, Unitech rose 5.07% to Rs39.40 on the BSE. Indiabulls Real Estate jumped 6.33% to a high of Rs107.45.
Other major gainers on the BSE realty index include Ansal Infrastructure (3.41%), Omaxe (3.80%), Sobha Developers (4.35%) and Pasrvnath Developers (4.5%).