Worst over? Sensex rides high on auto, banking and realty stocks
The BSE Sensex ended the day at 19,170.91, up 328.83 points or 1.75% from close Wednesday, while the Nifty settled at 5,825.00, up 97.55 points or 1.70% from the previous close. As per BSE data, 1,681 stocks advanced compared to 1,264 decline, thereby pushing the market capitalisation higher by R80,000 crore from Tuesday's close. Market experts were of the view that massive short covering ahead of Thursday's expiry also lent support to Indian equities. Interest rate sensitives and high beta stocks like realty, banks, and automobiles advanced in the range of 2-4% on the back of revival in investor risk appetite.
According to Bloomberg data, realty stocks continued to be the biggest gainer in the last three months, with the BSE Realty index rising nearly 35% since September 1. Realty was badly beaten in 2011, and that's one reason for the upmove in 2012, said analysts. Improved sales and clearing of a backlog of projects has also helped, they said. Within the realty pack, a host of housing finance companies such as HDFC have gained on improved loan books.
Banking is another rate-sensitive sector that has seen a significant upmove in the last three months. “The
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