Realty Stocks Surge in Afternoon Trading
Realty stocks, initially opening on a subdued note, experienced a significant surge during afternoon trade, captivating investor interest. The BSE Realty index saw a substantial jump of 3.7%.
Prominent Gainers
Sector heavyweight DLF spearheaded the rally, exhibiting gains of nearly 7%, reaching Rs 715. Unitech, a Nifty component, wasn't far behind, posting a commendable gain of 4.6%. Other prominent players in the realty sector also witnessed considerable upward movement. Penland, HDIL, Sobha Developers, Ansal Infrastructure, Omaxe, Parsvnath Developers, and Mahindra Lifespace all registered gains ranging from 2.5% to 4.5%. India Bulls Real Estate also joined the upward trend, gaining 1.5% to reach Rs 548.90. Anant Raj Industries experienced a more modest gain of 0.65%, reaching Rs 298.
Broader Market Trends
Beyond the realty sector, the broader market also witnessed notable activity. Hindalco demonstrated robust growth, jumping by 5.8% to Rs 197. HDFC, while slightly off its high of Rs 2881, maintained a strong position at Rs 2846, exhibiting an impressive gain of 4.65%. Jaiprakash Associates also climbed upwards with a gain of 4.25%.
IT Sector Performance
The IT sector contributed significantly to the market's positive momentum. Satyam Computer Services, after reaching a high of Rs 486.90, settled with a handsome gain of 7.75% at Rs 477.15. Infosys Technologies notched up a gain of 4.4%, while Wipro and Tata Consultancy Services recorded gains of around 4.25% and 3.5%, respectively. Several other IT stocks also witnessed handsome gains, adding to the sector's overall positive performance.
Market Overview
Reliance Industries, State Bank of India, Tata Steel, Larsen & Toubro, and Grasim Industries each saw their share prices increase by 2% to 3%. Additionally, Ranbaxy Laboratories, Reliance Energy, Hindustan Unilever, ICICI Bank, Ambuja Cements, NTPC, and ACC also moved sharply upwards. Of the 2663 stocks traded on the BSE, 1546 advanced into positive territory, while 1058 stocks declined, and 59 stocks remained flat. This suggests a predominantly bullish sentiment during the trading session.