Sensex almost unchanged; realty index jumps 11 pc
After oscillating between positive and negative terrains throughout the day, the Sensex closed almost unchanged but the realty stocks beat the bellwether index by surging an impressive 10.57 per cent.business Updated: Dec 19, 2008 17:22 IST
After oscillating between positive and negative terrains throughout the day, the Bombay Stock Exchange benchmark Sensex on Friday closed almost unchanged but the realty stocks beat the bellwether index by surging an impressive 10.57 per cent.
This is the second straight surge in the realty index which in the last two days have advanced by nearly 18 per cent. The real estate shares have been on a winning streak throughout the week except for Wednesday when it lost 7.36 per cent.
After dipping below the 10,000 level in the opening trade, the BSE barometer swung wildly on intermittent bouts of selling and buying. Finally, it settled the day at 10,099.91, up a marginal 23.48 points.
Yesterday, the Sensex had closed above the crucial 10,000-point level for the first time in six weeks.
The wide-based National Stock Exchange index Nifty also rose today by 16.75 points at 3077.50.
Real estate major DLF Ltd rose by 10.80 per cent at Rs 307.35, pushing the sectoral index up to 2525.34 points. Unitech also gained 16.14 per cent at Rs 44.25.
Marketmen said strong anticipation of interest rate cut by banks after a steady fall in inflation boosted sentiment on realty shares. The sector which has been struggling in the face of fall in sales due to high interest rates have been clamouring for lower rates.
Reports of government raising the cap for tax rebate on interest paid on home loans in the second stimulus package made realty stocks attractive.