Markets

Stock market update: Realty stocks firm after RBI hikes repo rate, keeps stance neutral

NEW DELHI: Most realty stocks were trading with gains after the Reserve Bank of India hiked repo rate post its second bimonthly policy meet of the current fiscal.

The six-member monetary policy committee of RBI headed by Governor Urjit Patel on Wednesday bit the bullet and hiked the repo – the short-term lending rate – by 25 basis points to 6.25 per cent.

The MPC kept its policy stance to 'neutral'.

The BSE Realty index was trading 1.41 per cent up at 2,147 around 02:55 pm on Wednesday.

Shares of Phoenix Mills (up 2.94 per cent), Godrej Properties (up 2.93 per cent) and Oberoi Realty (up 2.03 per cent) were the top gainers in the index.

Indiabulls Real Estate (up 1.74 per cent), Unitech (up 1.72 per cent), Sobha (up 0.61 per cent), Omaxe (up 0.52 per cent) and DLF (up 0.48 per cent) were also pocketing decent gains.

However, Housing Development & Infrastructure (HDIL) (down 4.85 per cent) and Prestige Estates Projects (down 0.78 per cent) were the two stocks that were down around that time.

Benchmark BSE Sensex was up 236 points at 35,139, while the NSE Nifty50 index was up 79 points at 10,672.

Among the 50 stocks in Nifty index, 39 were trading in the green, while 11 were in the red.

In the Sensex index, 29 stocks were up while 2 were down.

Original Article

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