Money on the markets
A maturing market amid the mayhem
The BSE Realty index ended lower on Tuesday on concerns of increasing interest rates and as rising input costs weighed on investors.
Analysts said with foreign funds pulling out more than $1 billion from Indian equities since the start of January, the outlook for the near term remained subdued.
The BSE Realty index was down 3 percent, underperforming the benchmark index, which was down 1.5 percent. Shares of DLF, Unitech, Indiabulls Real Estate and Sobha Developers were down between 1 and 7 percent.
The Realty index has slipped over 20 percent in 2011. Do you see a further downside in real estate shares?
Shares in Unitech, one of India’s leading real estate firm, fell 10.6 percent on Tuesday to close at 43.05 rupees. The stock ended as the top loser in the BSE Realty Index.
Rival DLF shares ended 1.4 pct lower. DLF said it was cautious on the near-term outlook as rising interest rates could weigh on demand after the firm reported a marginal drop in quarterly earnings.
It was a tough day for those who invest in real estate stocks as the BSE Realty index fell 4.76 percent on Friday, in a Mumbai market that fell more than 400 points.
Sobha Developers was worst hit in the sector, ending down 6 percent. Unitech shares fell 5.9 percent, while DLF slipped 5.46 percent.
The BSE Realty Index gained 2.7 percent on Friday and ended as the top sectoral gainer, with stocks such as DLF and Unitech posting smart gains.
DLF, India’s top listed firm, ended 5.2 percent higher at 365.65 rupees, while Unitech gained 3.14 percent. Sobha Developers topped the index with gains of 6.5 percent.
The BSE Realty Index closed 1.2 percent higher on Thursday while the broader market remained volatile and closed 0.4 percent lower at 19417.
Shares that boosted the sectoral index were DLF (up 2.6 percent), Unitech (up 1.5 percent) and Ansal Properties (up 2.1 percent). However, Omaxe dropped over 2 percent.
The BSE Realty Index gained 2.5 percent on Monday, with Unitech and DLF posting good gains in a broader market that closed over 400 points up on strong factory data and global cues.
Unitech was the top gainer in the index, rising 3.5 percent to 84.8 rupees, followed by DLF which gained 3.4 percent.
Realty counters posted decent gains in Friday trade, pushing the realty index up 1.8 percent in a weak Mumbai market that closed 53 points lower.
Sobha Developers topped the index with gains of 4 percent, followed by DLF, India’s top listed realty firm, which closed 3.55 percent up. Unitech shares ended 1.5 percent higher.
Thursday proved to be a good day for realty counters with many, including Unitech, posting decent gains.
The star performer in the index was Phoenix Mills, which gained 6.4 percent.
Unitech, one of India’s top listed real estate firms, rose 2.8 percent while rival DLF ended marginally in the green.