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Sensex Climbs 550 Points; SBI & IndusInd Bank Top Gainers

Thu, 9 Jan 12:30 pm

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Share markets in India have extended early gains and are presently trading on a strong note. Benchmark indices jumped sharply today amid no further fresh escalation in geopolitical conflicts in the Middle East.

All sectoral indices are trading in green with stocks in the realty sector, banking sector and automobile sector witnessing most of the buying interest.

The BSE Sensex is trading up by 553 points, up 1.4%, while the NSE Nifty is trading up by 164 points.

The <>BSE MidCap Index and the <>BSE SmallCap Index are trading higher by 1.4% and 1.5%, respectively.

In news from the realty sector, shares of Sunteck Realty surged over 6% today after the real estate developer entered into a memorandum of understanding (MoU) with State Bank of India (SBI) to safeguard home buyers financially under Residential Builder Finance with Buyer Guarantee programme.

Under the scheme, SBI will issue guarantee for completion of projects to customers availing SBI Home Loans.

The programme focuses on house segments with home price of up to Rs 25 million in seven Indian geographies.

In a statement to exchanges, the real estate developer said that all reputed builders fulfilling the prescribed criteria, including meeting Star rating and CIBIL score, by the bank can avail loan between Rs 0.5 billion to Rs 4 billion.

Under the MoU, the state lender would refund the buyer's amount invested in an under-construction project if the builder fails to handover the occupancy certificate within the agreed time period.

This time-period cut-off is based on the timeline submitted to RERA (Real Estate Regulation and Development Authority), making it an additional cover over and above RERA.

Sunteck Realty share price is presently trading up by 4.6%.

Speaking of real estate sector, note that this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

The government recently announced a Rs 250 billion package to bailout stalled housing projects. It's a much-needed relief for homeowners.

The government plans to revive over 1,600 stalled housing projects covering 4.6 lakh units.

Announcing the decision, Finance Minister Nirmala Sitharaman had said the government will put in Rs 100 billion in this alternative investment fund (AIF) while SBI and LIC would provide Rs 150 billion, taking the total size to Rs 250 billion.

Is the Real Estate Sector Set for a Turnaround?

The BSE Realty Index has seen a sharp bounce post this announcement.

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

Moving on to news from the pharma sector, Alembic Pharma share price is in focus today.

The company's joint venture firm, Aleor Dermaceuticals has completed United States Food and Drug Administration (USFDA) inspection at its formulation manufacturing facility located at Karakhadi, Gujarat without any observations.

Shares of the company surged around 3% on back of the above news.

The inspection was carried out from January 6 to January 8.

Aleor Dermaceuticals is a 60:40 joint venture between Alembic Pharmaceuticals and Orbicular Pharmaceutical Technologies.

In other news, shares of Aster DM Healthcare jumped 6% intraday ahead of its board's meeting on a proposed share buyback later in the day.

Aster DM Healthcare share price is presently trading up by 2%.

Speaking of the pharma sector, in the video below, Tanushree talks in great detail about the pharma sector.

She tells us where the sector stands now and also about the potential for a rebound.

Tune in to find out more...

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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