Realty shares rally on retail FDI action

Phoenix Mills gains 11% on hopes the govt move might lead to increased occupancy in its existing facilities

Shares of Indian property developers rally on hopes the government's move to allow foreign direct investment in multi-brand retail chains will boost demand for commercial property.

Property developer DLF rises 5.3 percent, while mall operator Phoenix Mills gains 10.6 percent on hopes the government move might lead to increased occupancy in its existing facilities.

Real estate companies Nitesh Estate , Unitech and Oberoi Realty advance between 2-5 percent each.