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Nifty Realty extends gaining amid RBI policy outcome; DLF, Lodha, Godrej Properties led the charge

DLF, Lodha Developers zoomed the index by 3% gains while other stocks join bullish bandwagon to lift the index.

June 08, 2022 11:23 IST | India Infoline News Service
Nifty Realty index triggered the bull run in an expeditious manner to hit the charts on Wednesday's session. The realty stocks sprinted upward in the late morning trade reacting to RBI monetary policy outcome.

The Reserve Bank of India (RBI) has raised the repo rate by 50 basis points, an increase for the second time in five weeks at the conclusion of the monetary policy committee's three-day meeting on June 8. The increase in repo rate is to tackle the inflationary woes around the globe.

Realty stocks sparked rally after RBI announced several measures to improve credit flow to the sector and boost demand. RBI Governor Shaktikanta Das during the monetary policy statement announced measures such as enhancing individual housing loans limits for cooperative banks and allowing rural cooperative banks to lend to commercial real estate projects.

At around 11:25 AM, Nifty Realty was trading at 405.05 up 830 points or 2.09%, as all the stocks were in the green state.

Meanwhile, the BSE Sensex was trading at 55,179.09 up 71.75 points or 0.13% and the Nifty50 at 16,431.45 up 15.10 points or 0.09%.

DLF, Lodha Developers zoomed the index by 3% gains while other stocks join bullish bandwagon to lift the index.

DLF surged over 3.5% at Rs329 per piece. Lodha Developers also jumped over 3% with Oberoi Realty and heavyweight Godrej Properties climbed more than 2.5% each. Sobha led the rally by spurting over 2% at Rs537.30 per piece in an upbeat market.

Brigade also gained around 2% at Rs461 per piece while Indiabulls Real Estate and Phoenix were on the upside by 1.6% and 1.06% respectively. Prestige and Sunteck surged marginally to support the index reaching new highs.

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