Just a day ahead of real-estate developer DLF Ltd?s first quarterly results to be declared on Thursday, reality stocks witnessed high action on bourses during the last hours of trading session on Wednesday. BSE Reality Index was the top gainer among all the sectoral indices, even as the benchmark indices ended flat after a volatile session. The BSE Realty index touched an all time high of 8,144.94 points. The index closed 1.62% or 128.68 points higher at 8,077.67 points.
After swinging widely in the negative and positive terrain the 30-share Sensex of the Bombay Stock Exchange (BSE) managed to close the day flat in green. Before closing at 15,301.17 points it was up by 11.35 points or 0.07%. The broader index S&P CNX Nifty of the National Stock Exchange (NSE) ended flat up 2.20 points or 0.06% at 4,499.55.
The DLF counter surged 5.78% or Rs 35.25 before closing at Rs 645.50 on reports that the company has bagged a Rs 6,000-crore project from Delhi Development Authority (DDA) for design, development and operation of an international convention center to be developed in Dwarka, New Delhi. Other realty stocks too marched forward. Akruti Nirman was up by 4.34% or Rs 22.45 at Rs 539.20 followed by Sobha Developers up 2.71% or Rs 24.50 to close at Rs 929.80 and Mahendra Gesco Developers up 2.50% or Rs 13.60 to close at Rs 558.10. However, major loser in the index was Indiabulls Real estate down 2.15% or Rs 12.80 to close at Rs 581.45.
Joy Sanyal, head Strategic development initiatives, Jones Lang LaSalle Meghraj is of the view that even though there is a fear in the markets that the real-estate prices may see some correction in big cities, it may not happen. ?I feel the reality prices may stabilise and may not see any correction and stocks markets are reacting to it,? he said.
The market breadth saw 1,490 stocks (55.06%) declining against the advances of 1,141 (42.17%) shares indicating weakness in the markets on Wednesday. As per the provisional data provided by the stock exchanges Foreign Institutional Investors (FIIs) were net buyers to the tune of Rs 198.31 crore.
Shares on Wall Street surged on Tuesday, with the Dow hitting 14,000 for the first time as several blue-chip companies reported better-than-expected quarterly earnings. The Dow Jones rose 20.57 points, or 0.15%, to close at 13,971.55. Meanwhile, having set its own record highs in recent sessions, the S&P?s 500 index slipped 0.15 points, or 0.01%, to 1,549.37.
Except Shanghai Composite, which was up by 0.87% or 33.87 points at 3,930.06, all the other indices closed the day in red. Nikkei was down by 1.11% or 201.69 points at 18,015.58 points, Hang Seng was down 0.93% or 215.38 points at 22,814.92 and Taiwan Weighted ended the day at 9,485.35 points down 0.36% or 24.38 points.