Share market update: Realty shares advance; Indiabulls Real Estate surges 9%


NEW DELHI: Realty shares were trading with gains in Wednesday’s morning session.

Shares of Indiabulls Real Estate (up 9.01 per cent), Oberoi RealtyNSE 4.26 % (up 4.20 per cent), Godrej PropertiesNSE 3.05 % (up 3.30 per cent) and Sunteck Realty (up 2.10 per cent) were trading with gains.

Sobha (up 1.21 per cent), DLF (up 0.93 per cent), Phoenix Mills (up 0.91 per cent) and Brigade Enterprises (up 0.60 per cent) too were trading higher.

The Nifty Realty index was trading 2.37 per cent up at 280.25 around 10:10 am.

“Indiabulls Real Estate is up in trade because of promoter’s statement that he is willing to exit the real estate business. Selling it off to a pure play developer may unlock value,” says Amar Ambani President and Head of Research at YES Securities.

Benchmark NSE Nifty50 index was down 12.75 points at 11,659.20 while the BSE Sensex was down 48.99 points at 38,890.23.

Among the 50 stocks in the Nifty index, 32 were trading in the green, while 18 were in the red.

Shares of Vodafone Idea, Tata Motors, YES Bank, Ashok Leyland, Wipro, DLF, SBI, SAIL, Indiabulls Housing Finance and ICICI Bank were among the most traded shares on the National Stock Exchange on Wednesday.