Realty stocks salute RBI's rate cut!
By
Research Desk
about 9 years ago
Realty stocks are currently the top gainers on the bourses, led by HDIL which is around 12% at Rs.73.55, followed by DLF up almost 7.5% at Rs.143, India Bulls Real Estate is next, up again around 7.5% at Rs.68.70 and so is Unitech, up 7% at Rs.16.70.
The surprise 25 bps rate cut today morning by RBI has bowled over the market, which is celebrating with an over 450 points jump. Rate sensitive stocks, especially realty companies are up as there is hope that this rate cut today marks the turn of the interest rate downwards, which in turn would mean lower EMIs and once again buying of flats will come into the market. The realty sector has been the hardest hit in this entire high interest regime.