Realty stocks firm up on rate cut hopes
Prestige Estates (up 3.28%), Phoenix Mills (up 2.59%), Sobha Developers (up 2.21%), DLF (up 1.64%), Unitech (up 1.51%), Indiabulls Real Estate (up 1.24%), Anant Raj Industries (up 1.15%), Godrej Properties (up 1.04%), D B Realty (up 0.67%), Peninsula Land (up 0.65%), Parsvnath Developers (up 0.26%) and Sunteck Realty (up 0.22%), edged higher.
The BSE Realty index was up 1.18% at 2,209.44. It outperformed the Sensex, which was down 0.08% at 20,087.08.
The BSE Realty index had outperformed the market over the past one month till 25 January 2013, rising 5.64% compared with the Sensex's 4.41% rise. The scrip had also outperformed the market in past one quarter, jumping 20.20% as against Sensex's 7.17% rise.
The Reserve Bank of India (RBI) is seen cutting its key policy rate viz. the repo rate by 25 basis points at Third Quarter Review of Monetary Policy 2012-13 tomorrow, 29 January 2013.
Lower interest rates may revive property demand. Purchases of both residential and commercial property are largely driven by finance.
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