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A maturing market amid the mayhem
Weakness in realty stocks on Tuesday sent the BSE Realty Index down 1.75 percent and to the top of the list of sectoral losers.
Top listed realty firms Unitech and DLF posted losses of 2.9 percent and 1.8 percent respectively. Sobha Developers, which dropped 3.8 percent, was the top loser in the index.
Mahindra Lifespace was the only stock in the index that closed in the green.
The realty index has gained around 4 percent in 2010, while firms like DLF and Unitech have gained 5.2 percent and 3.7 percent respectively in the same period.
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Realty stocks closed the week on a positive note even as the market ended in the red. The BSE Realty Index gained over 3 percent in trade and was the top sectoral performer.
All shares in the index, except Phoenix Mills, ended positive with Peninsula Land gaining nearly 10 percent.
Realty stocks posted smart gains on Tuesday with the realty index gaining 3.2 percent and ending as the top sectoral performer.
The Sensex ended nearly 250 points higher at 17,228.
Ansal Properties was the star performer among realty index stocks with a jump of over 12 percent, followed by Parsvnath which gained a bit over 7 percent.
Indiabulls Real Estate, HDIL and Unitech slipped over 5 percent each and ended as the top losers in the index. Phoenix Mills was the only counter on the index that closed in the green.
The 50-share Nifty index gained over 3 percent on Wednesday to close above the 4,700 mark led by gains in stocks like Reliance Industries, ICICI and Infosys.
Realty majors Unitech and DLF ended the day with losses of over 9 percent each. DLF shares have dropped more than 30 percent since October.
A lacklustre day for the market, but a good day for realty stocks.
The BSE real estate index made smart gains of nearly 4.6 percent on Tuesday, a day after the finance minister made additional budget proposals that could benefit the common man.
Pranab Mukherjee proposed a 1 percent interest subsidy on home loans up to one million rupees for one year and tax breaks for developers if they complete real estate projects by March 2012.
The benchmark’s rise was led by Infosys Technologies, ONGC and Tata Steel, which were up in the range 2-6 percent.
Engineering and construction firm Larsen & Toubro fell 3.6 percent and was the main stock that pushed the benchmark lower. Earlier in the day the company had announced its Q1 net profit had risen to 15.98 billion rupees.