Mumbai: Battered heavily in the past five trading sessions, shares of real estate companies on Monday rebounded in early trade on the bourses with DLF gaining over 3%.
The country’s largest developer DLF Ltd surged 3.11% to a high of Rs362 in the intra-day trade on the Bombay Stock Exchange (BSE).
Unitech also witnessed a high of Rs81.70, up by over 3% on the BSE.
Shares of Indiabulls Realestate jumped nearly 4.71% at Rs210.80. Besides, HDIL gained 5.18% to a high of Rs324.85 in the morning trade on the BSE.
Analysts feel investors are buying scrips which they had sold in the last few trading sessions in the hope that the prices will rise further.
“The stocks are moving in the sideways zone and there is no substantial new buying of the scrip in the market,” SMC Global vice president Rajesh Jain said.
Mirroring the gains in the sector stocks, the BSE Realty index moved up nearly 3% to 3,719.40 points.
The index, which lost 6.34% in the past five trading sessions, witnessed heavy selling pressure after the Dubai debt repayment crisis unfolded on Wednesday.
The BSE barometer Sensex moved up 295 points, or 1.77%, in opening trade at 16,927.97 points.