Stock Market soars with housing gains, realty rises

Bombay Stock Exchange (Image credit @BSE)

Bombay Stock Exchange (Image credit @BSE)

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Metal, realty lead broad-based rally in stock market

By S Jha

New Delhi, April 1: Nifty once more attempted to scale the high wall of 22500 on Monday. Bank Nifty also strongly rallied while Sensex went past 74000 level. The stock market rallied strongly in the Monday session with broad-based gains.

Nifty posted a gain of over 130 points. In the early session, Nifty even went past the level of 22500. Gains in Nifty were helped by strong rally in metal, banking, realty sector.

Bank Nifty was strong with index heavy weight HDFC Bank trending in the early parts of the session. Bank Nifty closed above the level of 47500 on Tuesday. It posted gains of more than 450 points during the day.

A positive manufacturing data brought good tides in the metal sector. JSW Steel gained over five per cent. Tata Steel also went above the level of Rs 160 during the day. The strong rally in the metal sector has been seen for the last few days.

Tata Steel and JSW Steel have been trending in tandem. Both the scrips are making new highs on the street. Even Hindustan Copper was in high demand. It may be noted that copper prices are firming up due to high demand fuelled by the electric vehicle manufacturing.

But the showstopper of the day was the housing sector. The realty index gained the most. It posted gains of over four per cent. Prestige Estate, DLF, Sobha, and others made strong gains on the street. It may be noted the anticipation of the rate cuts is fuelling a rally in the realty sector.

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The housing finance companies also gained strongly on monday. A rating upgrade of the PNB Housing Finance brought gains of 20 per cent for the scrip. Awas Financiers, Aptus Value Housing Finance, Repco Home Finance, and others from the sector made strong gains on the street.

Amid reports of healthy growth in export of defence goods from India, the companies made strong gains. Cochin Shipyard, Mazgaon Dockyard, Data Patterns, and others witnessed strong demands from the investors. Marine Electrical which works with Mazgaon Dock Shipyard also made strong gains on Monday.

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The market was helped by positive global cues on the first trading day of the April quarter. The global equity market is also rallying amid flow of fresh institutional funds. Also, the key economy data numbers from the US and China are helping the equity markets.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)

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