Read more about Benchmarks trade lower; breadth remains positive on Business Standard. The domestic equity indices continued trading with modest losses in afternoon trade. The Nifty hovered above 14,750 mark.
Real estate: A significant contributor to the Indian economy
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8% decline in unsold inventory in Mumbai in last quarter ushers the probability of price rise. The
real estate sector is one of the most recognised sectors across the world and a significant contributor to the
Indian economy. India’s real estate sector has witnessed immense growth over the years due to infrastructure development in the form of residential, office spaces, commercial real estate, retail growth and factory spaces.
It is not only pent-up demand that will push growth but the country is going through a structural transformation in housing demand. This is because of a combination of first-time homebuyers, and customers moving up the property ladder to shift to larger homes or acquiring a second home in another location, that is at play.
The domestic equities indices were trading in a narrow range in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 328.66 points or 0.67% at 49,535.13. The Nifty 50 index gained 116 points or 0.78% at 14,939.15.
Housing Development Finance Corporation (HDFC) (up 1.48%), ICICI Bank (up 1.33%) and Larsen & Toubro (L&T) (up 3.52%) supported the indices.
The broader indices outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.83%. The S&P BSE Small-Cap index added 0.96%.
Buyers outpaced sellers. On the BSE, 2,005 shares rose and 997 shares fell. A total of 218 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,142.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,468.09 crore in the Indian equity market on 7 May 2021, provisional data showed.
Housing Development Finance Corporation (HDFC), in accordance with the direction of Reserve Bank of India to reduce its shareholding in HDFC ERGO to 50% or below, has on 08 May 2021 entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO.
Subsequent to the above sale, HDFC ERGO would cease to be a subsidiary company of HDFC under the provisions of the Companies Act, 2013.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 367.74 points or 0.75% at 49,574.21. The Nifty 50 index was up 119.80 points or 0.81% at 14,942.95. The Sensex regained the key 49,500 mark in early trade.
The S&P BSE Mid-Cap index was up 0.51%. The S&P BSE Small-Cap index was up 0.91%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1624 shares rose and 515 shares fell. A total of 110 shares were unchanged.
Stocks in news:
Avenue Supermarts rose 1.32%. The company s consolidated net profit surged 52.7% to Rs 414 crore on 18.4% rise in net sales to Rs 7412 crore in Q4 FY21 over Q4 FY20.