Indiabulls Real Estate (up 4.33%), Unitech (up 4.07%), D B Realty (up 4.95%), DLF (up 0.37%), HDIL (up 4.05%), Oberoi Realty (up 1.48%) and Godrej Properties (up 1.17%) edged higher.
The BSE Realty index was up 1.51% at 1,830.74. It underperformed the Sensex, which was up 1.64% at 18,659.63.
The BSE Realty index had underperformed the market over the past one month till 15 April 2013, sliding 11.96% compared with the Sensex's 5.51% fall. The index had also underperformed the market in past one quarter, falling 20.76% as against Sensex's 8.15% fall.
Realty stocks gained as slowing wholesale price inflation raised rate cut expectations. Purchases of both residential and commercial property are largely driven by finance.
Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on Monday, 15 April 2013, showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the latest data showed. The government revised upwards WPI inflation for January 2013 to 7.31% from 6.62% reported earlier. Build up inflation rate in the financial year so far was 5.96% compared to a build up rate of 7.69% in the corresponding period of the previous year, the Ministry of Commerce & Industry said in a statement.
The combined consumer price inflation for rural and urban India stood at 10.39% in March 2013, lower than 10.91% in February 2013, data released on 12 April 2013 showed. Inflation under the category 'food and beverages' stood at 12.42%, the data showed.
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