Realty, capital goods stocks gain; Indiabulls, Oberoi ReaIty rise 5%

At 11:03 am, the S&P BSE Capital Goods index, the top gainer among sectoral indices, was trading nearly 4 per cent higher at 12,071 points.

Shares of real estate companies, capital goods players and select industrial stocks rose after the government unveiled revised set of guidelines on the nationwide lockdown to arrest the spread of coronavirus (Covid-19) impact.

It must be noted that the Prime Minister Narendra Modi Tuesday announced the extension of lockdown until May 3.

At 11:03 am, the S&P BSE Capital Goods index, the top gainer among sectoral indices, was trading nearly 4 per cent higher at 12,070.86, with NBCC (up 7 per cent) being the top gainer, followed by HEG (up 5 per cent) and Graphite India (up 5 per cent). Other leading gainers on the index were Finolex Cables, L&T, and GMR infra.

Among industrial stocks, Ramky Infrastructure was trading over 18 per cent higher at Rs 30.80. IRB Infrastructure Developers rallied 15 per cent while Walchandnagar Industries jumped around 12 per cent. The S&P BSE Industrials and the S&P BSE Realty index, on the other hand, were trading 3 per cent higher on the BSE. In comparison, the S&P BSE Sensex was trading 2.56 per cent higher at 31,476 levels.

In the realty space, Sobha hit a 5 per cent upper circuit of Rs 193.60. Indiabulls Real Estate, too, was frozen at the upper circuit limit of 5 per cent at Rs 47.35 on the BSE. Prestige Estate Projects, Oberoi Realty, and DLF were also trading with decent gains. Most of these stocks had hit their respective 52-week lows in the month of March after nationwide lockdown announced by the government.

In its revised guidelines, the thome minstry has issued guidelines regarding permission to certain economic activities from April 20, 2020 onwards.

"The permitted activities from April 20, 2020 are aimed at ensuring that agricultural and related activities remain fully functional; the rural economy functions with maximum efficiency; employment opportunities are created for daily wage earners and other members of the labour force; select industrial activities are allowed to resume their operations, with adequate safeguards and mandatory standard operating protocols (SOPs); and the digital economy," the statement said.

Courtesy : Business Standard