Here's how the Real Estate stocks are doing at the Markets
Sep 3, 2015, 11:24 IST
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Real Estate stocks, some of whom were battered beyond recognition, were the best performing sectoral assets on Thursday as traders fished for bargains at a time when short positions were being covered. Sentiment on the cash-starved sector, which is facing huge inventory pile up and a fall in prices as well as demand, perked up a bit on Wednesday after sector giant DLF announced a project-specific tie up with Singapore's sovereign fund GIC to the tune of 1,990 crore rupees.
As a consequence, all five real estate stock futures in the derivatives space showed smart gains, led by DLF.
Futures of DLF surged 8 percent to 118.80 rupees. They were the second best performing futures in the F&O space. HDIL rose 7.1 percent to 63.20 rupees; I B Real Estate added 6.7 percent to 64.75 rupees; JP Associates was up 2.7 percent to 9.50 rupees and Unitech added 2.5 percent to 6.15 rupees.
In the past, traders have used a rise in prices of such stocks to go short on the counters.
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Image credit: Indiatimes