Realty stocks surge over 3 pc on more tax sops hope

MUMBAI: Shares of interest-sensitive realty firms today soared by over 3 per cent on the Bombay Stock Exchange on expectations of a second stimulus package by the government to boost the economy.

The sectoral barometer, BSE Realty Index, surged by 76.79 points, or 3.48 per cent, to 2,283.52 points. It touched an intra-day high of 2,303.47 and a low of 2,213.05 points.

Marketmen said sentiments turned better after buying activity picked up momentum in realty and developer stocks on expectations that government may announce more sops for the sector in the second stimulus package, which is likely to be announced soon.

They said hopes that the Reserve Bank of India may also cut interest rates again after inflation continued to decline, also generated buying interest in realty stocks.

Shares of the country's largest realty firm, DLF Ltd, closed higher by 3.16 per cent at Rs 285.30. Over 50.07 lakh shares changed hands on the BSE.

Unitech, the country's second biggest realty firm, also evoked good buying support and ended up by 4.35 per cent at Rs 39.60. During the session, nearly 2.71 crore shares transacted on the BSE.

Further, Akruti city rose by 6.53 per cent to Rs 659.80, Ansal Infra rose 4.09 per cent at Rs 33.10, HDIL by 4.86 per cent at Rs 134.75, Sobha Developers by 2.80 per cent at Rs 1044.65, Omxe Ltd by 4.60 per cent to Rs 63.65, Parsvnath by 3.99 per cent at Rs 46.95 and Orbitco by 2.13 per cent at Rs 62.35.