Realty Stocks Rise As RBI Status Quo For Now
Analysts anticipate sustained demand, especially in the mid-tire and high-income segments, given the predictability of the interest rate outlook.
Shares of most realty stocks gained after the Reserve Bank of India kept its key lending rate unchanged for the seventh consecutive meeting.
The Monetary Policy Committee voted by a five-to-one majority to keep the benchmark repo rate unchanged at 6.5%. The stance, too, was kept unchanged at the end of its two-day policy meeting.
RBI Monetary Policy: MPC Keeps Repo Rate Unchanged; Inflation To Ease But Headwinds Remain, Says Das
Nifty Realty index rose over 1% led by sharp gains in Mahindra Lifespace Developers Ltd. and Godrej Properties Ltd.
Market cap of realty stocks on NSE increased Rs 9,816.98 crore to Rs 6.2 lakh crore as of 12:40 p.m.
Mahindra Lifespace's shares surged 7.15% to hit an all time high of Rs 669.50 since its listing on May 10, 2000.
Shares of Godrej Properties Ltd. and Oberoi Realty Ltd. rose 3.94% and 3.25% respectively during the day, which supported the index's upward movement.