Nine realty stocks rose 0.26% to 4.38% at 15:13 IST on BSE after the Reserve Bank of India decided to keep the policy repo rate under the liquidity adjustment facility unchanged at 6%.
Indiabulls Real Estate (up 3.79%), Housing Development and Infrastructure (up 1.58%), Unitech (up 4.38%), Godrej Properties (up 3.41%), Phoenix Mills (up 2.86%), Peninsula Land (up 2.64%), DLF (up 1.13%), Prestige Estates Projects (up 0.26%) and Oberoi Realty (up 2.32%) edged higher. Sunteck Realty (down 0.16%) fell.
The S&P BSE Realty index was up 30.94 points or 1.31% at 2,395.56. It outperformed the Sensex, which was down 132.77 points or 0.39% at 34,063.17
Purchases of both residential and commercial property are largely driven by finance.
The Reserve Bank of India (RBI), after the conclusion of its two-day Monetary Policy Committee (MPC) meeting today, 7 February 2018, left the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25%.
The decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.
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