Realty stocks up 2.90% higher ahead of RBI monetary policy

Realty stocks up 2.90% higher ahead of RBI monetary policy

Mumbai: The rate-sensitive realty and developers stocks, led by DLF Ltd, hogged the limelight on the bourses today with the BSE realty sector stocks rising by 2.90% ahead of second quarter monetary policy review by the Reserve Bank of India, and amid strong corporate earnings.

With the upbeat mood in realty sector stocks, the 13-share BSE realty index was the third top performer among the sectoral indices, rising by 105.51 points, or 2.90% to 3,740.63. It shuttled between 3,653.32 and 3,748.06 points during the session.

Analysts said sentiment remained bullish on the back of encouraging earnings by developers for the second quarter, shrugging-off fears that the RBI may hike short-term lending and borrowing rates in its monetary policy on Tuesday.

DLF Ltd, the country’s largest realty developer, closed 3.10% higher at Rs360.95 after moving between Rs353.60 and Rs362.50. During the session, over 2.41 lakh shares of the company changed hands on the BSE.

Unitech also settled 3% higher at Rs89.20 after touching the day’s high of Rs89.70 on the bourse, while HDIL gained 2.71% to Rs253.95.

Further, Ackruti City surged 4.22% to Rs493.80; Sobha Developers by 1.83% to Rs366.30; Indiabull Real Estate by 4.20% to Rs199.70; Orbit Corp by 1.98% to Rs118.35; Parsvnath by 3.83% to Rs69.05 and DB Realty by 2.85% to Rs430.75.

Meanwhile, the BSE-30 share benchmark Sensex ended 323.29 points to 20,355.63 points.