India; US rate cuts hint at India rise..

Business
Realty stocks take Sensex to new peak

Mumbai, Sept. 20 (PTI): Realty index today gained 579.86 points on the BSE on expectations that RBI would cut home loan rates following the US Federal Reserve's decision to reduce the benchmark interest rates by 50 basis points.

The steep rise in realty and heavy machinery stocks supported the Sensex rise by 25.20 points or 0.15 per cent to 16,347.95.
The realty segment index rose 1,120 points in the last four trading sessions to touch 9,044.40 points at the end of trade today.
The realty stocks maintained their upward march, on expectations that interest rates may go down in line with the reduction in the key rate announced by the US Federal Reserve on Tuesday night, marketmen said.
The maximum gainers on the realty stocks included DLF, Unitech and Indiabull Real. DLF moved up by Rs 36.60 to Rs 749.85, Unitech by Rs 36.40 to Rs.329.15 and IndiaBull Real by Rs 49.40 to Rs 573.90 on heavy purchases by foreign and domestic funds.
Shares of Soba developers also shot up by Rs 30.25 to Rs 826.25.
Other prominent gainers were Akruti Nirman by Rs.10.85 to Rs 728.55, Ansal Infra by Rs 8.70 to Rs.299.55, Omaxe Ltd by Rs 3.85 to Rs 360.80, Penland Ltd by Rs 15.15 at Rs 602.00, Puravankara by Rs 9.05 at Rs.424.05 and Housing development by Rs 2.05 to Rs 647.45.