Realty shares rebounds on heavy buying
Real estate stocks today bounced back in early trade on the Bombay Stock Exchange gaining up to 2.2 per cent as investors snapped up the stocks available at lower levels after sharp previous week losses.business Updated: Aug 30, 2010 12:10 IST
Real estate stocks on Monday bounced back in early trade on the Bombay Stock Exchange gaining up to 2.2 per cent as investors snapped up the stocks available at lower levels after sharp previous week losses.
Realty major DLF witnessed an upsurge of 2.21 per cent to Rs 314.40 on BSE in morning trade. The scrip had lost 3.3 per cent to close at Rs 307.60 in the last trading session on Friday.
"The realty stocks had not performed in the recent trading sessions, so the investors are trying to catch the bottom and are buying at lower prices," SMC Global Vice-President Rajesh Jain said.
Another real estate giant Unitech moved up to 2.53 per cent to Rs 78.95 while JP Associates gained as much as 2.32 per cent to Rs 114.50. Both the counters had lost up to nearly 3 per cent in the previous session.
The positive movement in the real estate stocks helped the BSE realty index rise by over 64 points to 3,444.02 points in the start of the trade.
Among other realty gainers, Ansal Housing & Construction rose by 2.73 per cent, Godrej Properties by 1.32 per cent and Era Infra Engineering by 1.97 per cent.
Meanwhile, the 30-share benchmark Sensex was also trading firm at 18,054.32 points, up 0.31 per cent from previous close.