Manoj Ceramic Limited, 473rd company on BSE SME Platform gets listed.
By S Jha
New Delhi, January 4: Shrugging off fears that January is not good for equity market as per trends, indices climbed sharply on track of the release of the minutes of the US Federal Reserve. With investors sensing that the US Fed has conclusively come to the conclusion that the inflation is now moderating, the bulls chased the realty sector with adrenaline rushing in the veins of the buyers on the street.
The realty sector posted a massive 6.6 per cent gain on Thursday. There was an all-round buying interest on the street after two days of sharp declines in the indices which had brought commentaries in the pink paper of the equity market having become over valued. In some quarters, it was also suggested that Nifty is over valued by 20 per cent and an impending correction is on the card. There has also been suggestions that the foreign portfolio investors may look at China as an alternative for being cheaper than India in tyerm of valuation of the equity markets.
But the bulls staged a strong comeback on Thursday to shrug off the fear. They chased the realty sector with full energy. In the course, the realty heavyweights went flying on the bourses. DLF posted a gain of 6.42 per cent. Bengaluru-based Sobha was the showstopper of the day. The scrip posted a gain of 16 per cent. Godrej Properties which has not rallied for a long time also posted a gain of almost eight per cent. Mumbai-based Lodha group also posted a gain of almost 10 per cent. Several others in the realty sector went flying amid anticipation that the rate cuts are on the cards.
Reports suggest that India reported the best bookings of the housing units in 2023, which beat records of several years. The Bengaluru-based realty firms are seen favourite among the investors. Bengaluru being the IT capital is witnessing record housing bookings. The investors are also keeping their eyes on the housing finance firms, which have also lagged behind the market rally for a long time.
The power sector was once more in the demand on the street. NTPC signed a pact with Nepal for renewable energy as a part of an agreement with India to buy 10,000 MW of electricity in the next 10 years from the Himalayan nation in the presence of the visiting Eternal Affairs Minister S Jaishankar. NTPC sharply climbed on the bourses on Thursday. The likes of Powergrid Corporation, Power Finance Corporation, and Rural Electrification were also in high demand among the investors on Thursday.
(Disclaimer: The article in no way suggests buy or sell of shares of any company, and one must consult SEBI-registered advisors for investment decisions)
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