Thirteen realty shares rose by 0.33% to 3.92% at 12:10 IST on BSE after the Reserve Bank of India left key interest rates unchanged at mid-quarter monetary policy review today, 18 December 2013.
D B Realty (up 3.92%), HDIL (up 3.77%), Indiabulls Real Estate (up 3.5%), DLF (up 3.49%), Unitech (up 2.68%), Peninsula Land (up 1.89%), Godrej Properties (up 1.82%), Anant Raj Industries (up 1.68%), Parsvnath Developers (up 1.23%), Sobha Developers (up 1.18%), Oberoi Realty (up 0.94%), Prestige Estates (up 0.59%) and Phoenix Mills (up 0.33%), edged higher.
The S&P BSE Realty index was up 2.39% at 1,364.62. It outperformed the Sensex, which was up 1% at 20,817.41.
The S&P BSE Realty index had outperformed the market over the past one month till 17 December 2013, rising 2.16% compared with the Sensex's 1.04% rise. The index had, however, underperformed the market in past one quarter, rising 4.03% as against Sensex's 4.08% rise.
The Reserve Bank of India (RBI) kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.75%. The cash reserve ratio (CRR) of scheduled banks was also left unchanged at 4% of net demand and time liability (NDTL).
Consequently, the reverse repo rate under the LAF will remain unchanged at 6.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 8.75%.
Purchases of both residential and commercial property are largely driven by finance.
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