Money on the markets
A maturing market amid the mayhem
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.
Credit Suisse on Friday downgraded DLFto underperform from neutral, citing continued weak operating performance in the September quarter.
Will you take advantage of this fall and invest in this sector?
It was a tough day for real estate counters as the sectoral index dropped more than 3 percent and ended as the top loser among BSE indices.
All but one stock in the index closed in red, with Orbit Corp shares ending down 5 percent as the top loser. Indiabulls Real Estate slipped 3.8 percent.
The BSE real estate index gained nearly 1 percent on Wednesday even as the overall market ended 30 points lower.
Indiabulls Real Estate led the realty index and posted gains of over 4 percent. Parsvnath ended nearly 3 percent higher.
The BSE real estate index jumped 3.8 percent on Friday and emerged as the best sectoral performer of the day as shares of top realty firms rose.
Unitech gained 5.7 percent to end at 99.1 rupees and was the most traded counter on the BSE with volumes of over 31 million shares.
Selling pressure pulled the BSE Sensex below 14,000 on Wednesday as concerns over global economic recovery spooked financial markets all around.
Trade was volatile and the 30-share sensitive index touched an intra-day low of 13,701 before closing 401 points lower at 13,769. The fifty-share Nifty ended 2.93 percent down at 4,078.
The Sensex managed to close 2 percent higher today despite short covering, helped by increased buying by funds and strong Asian markets.
The Sensex closed 4.9 percent higher on Friday to post its biggest rise in three months, as investor confidence was bolstered by a jump in other Asian markets following positive news from the United States.
The benchmark closed 412.86 points up at 8756.61, supported by index heavyweights Reliance Industries (up 6.6percent), ICICI Bank (up 8.6 percent) and Infosys (up 5.6 percent).
The benchmark index shed 0.7 pct on Friday as disappointing growth data for the third quarter dampened investor sentiments.
For the second day in a row, the Sensex registered small gains after a volatile session.
A surge in Asian markets helped the benchmark add over 2 percent by late morning, but the gains could not be sustained and the index ended marginally higher at 9202 as investors booked profits in stocks such as Reliance Industries.