Money on the markets
A maturing market amid the mayhem
Only three stocks in the realty index closed in the green, with Parsvanath and Unitech ending as top losers with an over 5 percent fall each.
Top listed realty firm DLF was also under pressure and fell 3.4 percent. Both DLF and Unitech were among top traded counters on BSE.
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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.
The BSE Realty Index slid nearly 8 percent to a two-month low on Tuesday after the Reserve Bank of India (RBI) withdraws some liquidity measures.
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.
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 Nifty index rallied 122 points to close above the 4,200 mark.
Reliance Industries led the benchmark’s rise with a 3.5 percent jump. L&T’s rise of 4.1 percent also gave support.
Reliance Industries, which has an over 14 percent weight in the benchmark, led the fall, slipping over 2 percent to 1,959 rupees. ITC, ONGC and BHEL were the other contributors.
Weak global cues also dampened sentiments and the Sensex ended 2.9 percent down at 14, 666. The Nifty closed 3.4 percent lower.