Realty stocks bounce back; DLF, Unitech up 3 pct

Written by Agencies | Mumbai | Updated: Nov 30 2009, 16:41pm hrs
Battered heavily in the past five trading sessions, shares of real estate companies rebounded in early trade on the bourses with DLF gaining over 3 per cent.

The country's largest developer DLF Ltd surged 3.11 per cent to a high of Rs 362 in the intra-day trade on the Bombay Stock Exchange.

Unitech also witnessed a high of Rs 81.70, up by over 3 per cent on the BSE.

Shares of Indiabulls Realestate jumped nearly 4.71 per cent at Rs 210.80. Besides, HDIL gained 5.18 per cent to a high of Rs 324.85 in the morning trade on the BSE.

Analysts feel investors are buying scrips which they had sold in the last few trading sessions in the hope that the prices will rise further.

"The stocks are moving in the sideways zone and there is no substantial new buying of the scrip in the market," SMC Global Vice President Rajesh Jain said.

Mirroring the gains in the sector stocks, the BSE Realty index moved up nearly 3 per cent to 3,719.40 points.

The index, which lost 6.34 per cent in the past five trading sessions, witnessed heavy selling pressure after the Dubai debt repayment crisis unfolded on Wednesday.

The BSE barometer Sensex moved up 295 points or 1.77 per cent in opening trade at 16,927.97 points.