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Realty index climbs 7%

Realty index climbs 7%
PTI
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First Published: Mon, Nov 03 2008. 11 23 AM IST
Updated: Mon, Nov 03 2008. 11 23 AM IST
Mumbai: Realty sector stocks were back in the limelight on the bourses today after the Reserve Bank of India (RBI) on Saturday unexpectedly cut its main short-term lending rate to infuse liquidity into the financial system, even as realty majors posted disappointing earnings.
The BSE Realty sector index rebounded to quote 158.61 points, or 6.5% higher at 2,136.85, after all components were trading in positive zone.
As the realty index remained the second-best performer, after banking sector, Akruti City, DLF Ltd, Unitech and Parsvnath stocks recovered sharply.
Trading sentiment turned better after the Reserve Bank of India (RBI) slashed key interest rates to infuse more liquidity into the banking system and ease credit.
DLF Ltd, despite disappointing earnings, shot up by Rs18.65 at Rs238.90 on the Bombay Stock Exchange (BSE) and nearly 2.50 lakh shares changed hands.
“Cut in interest rates by the central bank will bring more funds into the system, triggering buying in interest-sensitive, recently, battered realty sector stocks,” said Manoj Choraria, a Delhi-based stock broker.
Akruti City stocks too were in good demand and traded Rs7.1 higher at Rs688, while Unitech Ltd gained Rs2.55 at Rs50.6 after real estate major’s net profit declined by 12.48 per cent for the July-September quarter.
Other gainers were Ansal Infra by Rs3.65 at Rs47.20, India bull Realty by Rs5 at Rs124.70, Omax by Rs4.30 at Rs62.15, Sobha Developers by Rs5.20 at Rs117.05, Parsvnath by Rs2.45 at Rs43.
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First Published: Mon, Nov 03 2008. 11 23 AM IST