Infrastructure shares rally on heavy volumes

Adani Enterprises, Srei Infra, Indiabulls Real Estate, BEML, IVRCL, HCC, Prestige Estates and HDIL are up more than 4% each on BSE.

Shares of infrastructure and real estate companies are in demand with many of them trading at their 52-week high on back of heavy volumes amid expectations that a new government at the centre would give the much-needed thrust to economy recovery.

Adani Enterprises, Reliance Industrial Infrastructure, Srei Infrastructure, Indiabulls Real Estate, BEML, IVRCL, Hindustan Construction Company, Prestige Estates, HDIL and Unitech have rallied more than 4% each on the Bombay Stock Exchange (BSE). The benchmark S&P BSE Sensex is down 0.11% or 25 points at 23,846 at 1100 hours.

Strong buying was witnessed across the markets on hopes of a strong government coming to power after various exit polls conducted projected a clear win for Narendra Modi led NDA in Lok Sabha elections.

Adani Enterprises has surged 8% to Rs 517, also its fresh 52-week high on the BSE. The counter has seen almost two-fold jump in trading volumes with a combined 11.3 million shares changing hands so far on the BSE and NSE.

Reliance Industrial Infrastructure, BEML and Indiabulls Real Estate have rallied 7% each, while Prestige Estates, Hindustan Construction Company and HDIL are up 5% each.