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NEW DELHI: Shares of real estate stocks rallied in Monday s trade ahead of the Budget 2021.
At 10.15 am, shares of Prestige Estates were ruling 4.19 per cent higher at Rs 278.20. Phoenix climbed 3.54 per cent to Rs 774.30. Oberoi Realty advanced 3.19 per cent to Rs 543.50. DLF rose 1.92 per cent to Rs 260.30. Sobha, Godrej Properties and Indiabulls Real Estate added up to 1 per cent.
The BSE Realty index rose 47.69 points or 1.97 per cent to 2,466.21 and was the top performing sectoral index on BSE, thanks to high expectations from the Budget.
In case of real estate, a Rs 2 lakh rebate is available on housing loan interest rates under section 24 of the IT Act. There are expectations that this rebate could be increased to at least Rs 5 lakhs. If that happens, real estate stocks such as DLF, Godrej Properties, Prestige Estates, Brigade Enterprise, Ashiana Housing would be in focus. It would also be positive for building material players such as Kajaria Ceramics, Century
Stocks like Grasim Industries rallied more than 6%, Century Plyboards rose more than 4%, and Bajaj Auto which hit a 52-week high closed with gains of about 2% were some of the stocks in focus on Monday.
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Benchmark NSE Nifty index closed 271.40 points down at 13967.50 on Wednesday on account of selling in frontline bluechip counters.
Among the stocks that touched their 52-week highs on NSE were: Bajaj Auto, IFB Industries, Apollo Hospitals, Tata Teleservices (Maharashtra), Procter & Gamble Health, Rohit Ferro-Tech, Orchid Pharma, TVS Motor Company, Wealth First Portfolio Managers, Raj Oil Mills and Jash Engineering.
Overall, 10 shares were trading in green in Nifty50 index, while 40 were trading in red in the afternoon trade.
In the Nifty 50 index, Tech Mahindra, SBI Life, Wipro, ITC and PowerGrid were among top gainers, while Tata Motors, Axis Bank, Tata Steel, GAIL and Titan Company were trading in red.
Synopsis
Analysts expect volatility to remain high in the coming two sessions as the January derivatives contracts are scheduled to expire on Thursday.
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NEW DELHI: Nifty had a gap-up opening on Monday but ended up shedding almost a per cent in intraday trade. The headline index formed a long bearish candle on the daily charts as the 50 pack continued it s losing streak in the third consecutive session.
Analysts expect volatility to remain high in the coming two sessions as the January derivatives contracts are scheduled to expire on Thursday.
Rohit Singre, Senior Technical Analyst at LKP Securities said: The index has breached all good support which means if the index manages to sustain below today’s (Monday’s) low, then the index may hit 14,000 mark soon which is a strong support on the downside. On the higher side, the index found good resistance in the 14350-14440 zone and it would be the profit booking level for longs.