Mumbai: Realty firms rallied on the bourses gaining as much as 19% after the government and the RBI dropped clear hints of reviving the sagging demand in the sector.
Led by DLF which surged 18.93%, shares of other major real estate firms rose in the range of 3-13% on the Bombay Stock Exchange (BSE).
Country’s largest developer DLF settled the day at Rs262.65. During the day the scrip had touched an intra-day high of Rs272.50, up 23.39%.
Also Housing Development Infrastructure Ltd surged 13.43% at Rs101.35. During the day it had touched a high of Rs103.80. Indiabulls Real estate ended the trade with a gain of 10.62% at Rs116.10.
Mirroring the gain, the 14 share BSE Realty index gained 12.56% to settle at 2,005.09 points.
Marketmen said the realty stocks are witnessing some fresh buying following the government’s stimulus package on Sunday, which extended attractive sops to the housing sector.
Besides, the RBI had announced that banks can classify housing loans up to Rs20 lakh as ‘priority sector’ advances.
Unitech gained 6.54% to Rs35, and Phoenix Mills gained 7.78% at Rs63.75 on the BSE.
Other major sectoral gainers include — Parsvnath Developers (4.92%), Omaxe (4.14%) and Ansal Infrastructure (5.67%).