Shares of eight real estate companies rose by 0.13% to 2.82% at 12:15 IST on BSE after the Reserve Bank of India in its monetary policy meeting today, 7 June 2016, kept key policy rates unchanged.
Purchases of both residential and commercial property are largely driven by finance. The Reserve Bank of India (RBI) announced its second bi-monthly monetary policy during market hours today, 7 June 2016.Godrej Properties (up 2.82%), Indiabulls Real Estate (up 1.07%), DLF (up 0.94%), Oberoi Realty (up 0.29%), D B Realty (up 0.13%), Prestige Estates Projects (up 1.77%), Housing Development and Infrastructure (HDIL) (up 0.36%), Sobha (up 1.67%) edged higher. Orbit Corporation fell 0.54%. Shares of Unitech were unchanged at Rs 3.84.
The BSE Realty index was up 0.88% at 1,436.05. It outperformed the Sensex, which was up 0.53% at 26,919.63.
The BSE Realty index had outperformed the market over the past one month till 6 June 2016, rising 6.7% compared with 6.14% rise in the Sensex. The index also outperformed the market in past one quarter, advancing 21.97% as against Sensex's 8.65% rise.
The Reserve Bank of India (RBI) in its second bi-monthly monetary policy meeting today, 7 June 2016, kept its benchmark interest rate viz. the repo rate unchanged at 6.5%. The central bank also kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL). The central bank said it continues to provide liquidity as required and will progressively lower the liquidity deficit in the banking system from 1% of NDTL to a position closer to neutrality.
RBI Governor Raghuram Rajan indicated in his monetary policy statement that the central bank will monitor macroeconomic and financial developments for scope for reduction in the repo rate.
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