Shares of real estate firms, led by DLF, steered the rally in morning trade today by surging as much as 10 per cent on the Bombay Stock Exchange on heavy buying at lower levels.
The 14-share BSE realty index surged 6.71 per cent to a high of 1,755.73 points. It was later quoting at 1,751.63 points, up 6.46 per cent from its previous close on the BSE.
Marketmen said the surge in the sector stocks shows that the broader market is in bull momentum.
Real estate major DLF surged 9.90 per cent to a high of Rs 194.20 on the BSE. It was later trading at Rs 194, up 9.79 per cent over its last close.
"Realty stocks are trying to bottom out at this level. They are gradually moving from weak to strong hands," SMC Global Vice President Rajesh Jain said.
Housing Development Infrastructure Ltd gained 7.34 per cent to touch a high of Rs 96.50. Besides, Unitech rose 5.07 per cent to Rs 39.40 on the BSE. Indiabulls Real Estate jumped 6.33 per cent to a high of Rs 107.45.
Other major gainers on the BSE realty index include Ansal Infrastructure (3.41 per cent), Omaxe (3.80 per cent), Sobha Developers (4.35 per cent) and Parshvnath Developers (4.5 per cent).
