The Nifty Realty index climbed more than 3 percent. It bounced back from yesterday’s drop. Investors liked Jerome Powell’s words from the Fed. He suggested easing money policy soon.
Sobha, DLF, and other real estate stocks jumped as much as 6 percent. Hopes grew for a Fed rate cut.
Real estate company shares surged up to 6 percent on Wednesday. Traders felt upbeat about more US Federal Reserve rate cuts this year.
The Nifty Realty index gained over 3 percent. It recovered from the day before’s losses. Investors welcomed Fed Chair Jerome Powell’s remarks on possible easing.
“Fed Chair Jerome Powell said the quick drop in hiring hurts the US economy more now. He pointed to two more rate cuts this year,” Jigar Trivedi said. He is a senior research analyst at Reliance Securities. He spoke to PTI.
Lower US interest rates boost global cash flow and risk appetite. This often draws more foreign money to places like India. People also think India’s Reserve Bank will follow the Fed and cut rates.
India’s yearly retail inflation fell to 1.54 percent in September. That’s the lowest in eight years. This gives the RBI space for one more rate cut at its December meeting.
Welspun Enterprises plans to raise Rs 1,000 crore through preferential warrants. Its shares rose over 8 percent.
Ola Electric shares hit the 5 percent upper limit. This came before the EV scooter’s first non-vehicle product launch.
All 10 stocks in the Nifty Realty index traded higher.
Sobha Ltd led the gains with a rise of more than 6 percent. Prestige Estates Projects and Lodha Developers each added about 4 percent. DLF and Anant Raj also stood out. They gained up to 3 percent.